## Global Financial Stability Report: Getting the Policy Mix Right _Global Financial Stability Report, April 2017_ ## Source details **Canonical URL:** [Global Financial Stability Report: Getting the Policy Mix Right](https://www.imf.org/en/publications/gfsr/issues/2017/03/30/global-financial-stability-report-april-2017) ## Other formats - [Markdown version](/en/publications/gfsr/issues/2017/03/30/global-financial-stability-report-april-2017/index.md) - [Structured JSON version](/en/publications/gfsr/issues/2017/03/30/global-financial-stability-report-april-2017/index.json) - [Bundle manifest](/en/publications/gfsr/issues/2017/03/30/global-financial-stability-report-april-2017/bundle-manifest.json) ## Bibliographic details - Published: April 6, 2017 --- ### Overview - The April 2017 Global Financial Stability Report (GFSR) finds that financial stability has continued to improve since last October. - Economic activity has gained momentum and longer-term interest rates have risen, helping to boost the earnings of banks and insurance companies. - Emerging threats: elevated political and policy uncertainty around the globe; potential for higher risk premiums and volatility if policy in advanced economies leads to a less benign path for growth and debt; a shift toward protectionism in advanced economies could reduce global growth and trade, impede capital flows, and dampen market sentiment. - Report includes chapters on: policy mix (Chapter 1), effects of prolonged low-growth/low-interest environment on financial intermediation (Chapter 2), and the ability of country authorities to influence domestic financial conditions in a financially integrated world (Chapter 3). ### Chapter 1 — Getting the Policy Mix Right: Key findings - Financial stability improvement since the October 2016 GFSR: stronger economic activity and higher longer-term interest rates have improved bank and insurer earnings and appetite for risk. - New risks to financial stability stem from elevated political and policy uncertainty globally. - Potential adverse scenarios: - Policy developments in advanced economies that lead to a less benign path for growth and debt could sharply raise risk premiums and volatility. - A shift toward protectionism in advanced economies could reduce global growth and trade, impede capital flows, and dampen market sentiment. - Policy guidance by region: - United States: provide incentives for economic risk taking while guarding against excessive financial risk taking that could undermine financial stability. - Emerging market economies: address domestic imbalances and protect against external shocks. - Europe: tackle structural challenges in domestic banking systems; avoid rollback of postcrisis reforms that have strengthened oversight, raised capital and liquidity buffers, and improved cooperation among regulators. - Boxes and special topics include: fragilities in offshore dollar funding, implications of Brexit for financial stability and efficiency. - Figures and diagnostics: multiple charts on global financial stability map, U.S. corporate sector and valuations, capital flows to emerging market economies, and banking-sector metrics (see listed figure titles). ### Chapter 2 — Low Growth, Low Interest Rates, and Financial Intermediation: Key findings - Analyzes long-term impact of a sustained low-growth, low real and nominal rate scenario on financial institutions and products. - Context: advanced economies have experienced low interest rates and growth since the global financial crisis; recent increases in longer-term yields do not guarantee an imminent exit from low rates. - Structural factors sustaining low rates: demographic aging and stagnation in productivity growth. - Likely effects in a low-for-long environment: - Yield curves would likely flatten. - Lower credit demand combined with flatter yield curves would lower bank earnings, particularly for smaller, deposit-funded, and less diversified institutions. - Long-lasting challenges for life insurers and defined-benefit pension funds. - Banking may evolve toward fee-based services as household demand for transaction services rises and credit demand falls. - Aging increases demand for health and long-term-care insurance; low asset returns accelerate transition to defined-contribution private pension plans. - Demand likely to weaken for long-term savings products offered by insurers in favor of passive index funds. - Policy implication: policies could help ease adjustment by providing incentives to ensure longer-term stability rather than merely attenuating short-term pain. - Sections and analytic elements include: Term Structure of Interest Rates; Banking with Low Natural Rates of Interest; Insurance and Pensions in a Low Natural Rate Economy; Asset Allocation, Market Finance, and Financial Stability; Policy Implications and Conclusions; empirical and theoretical annex figures. ### Chapter 3 — Are Countries Losing Control of Domestic Financial Conditions? Key findings - Developed financial conditions indices for a large set of advanced and emerging market economies. - Global financial conditions account for 20 to 40 percent of the variation in countries’ domestic financial conditions, with notable differences among economies. - The importance of the global factor does not seem to have increased much over the past two decades. - Despite significant global influence, countries retain influence to achieve domestic objectives—specifically, through monetary policy. - Challenges and recommendations: - Domestic financial conditions react strongly and rapidly to global financial shocks, complicating timely policy responses. - Emerging market economies are more sensitive to global financial conditions and should prepare for tighter external financial conditions. - Governments can promote domestic financial deepening to enhance resilience: develop a local investor base and foster greater equity- and bond-market depth and liquidity to dampen the impact of global shocks. - Empirical elements include: financial conditions indices, variance decomposition showing share attributable to global financial and monetary policy shocks, and responses of domestic financial conditions to shocks. ### Key statistics and diagnostics (as presented) - Global financial conditions account for 20 to 40 percent of the variation in countries’ domestic financial conditions. - The report references multiple figure and box identifiers (e.g., Figures 1.1–1.26; Boxes 1.1 and 1.3; Annex Figures in Chapter 2; Tables and figures in Chapter 3) for detailed diagnostics and empirical results. ### Policy recommendations (summarized) - United States: incentivize economic risk taking while guarding against excessive financial risk taking. - Emerging market economies: address domestic imbalances and build resilience to external shocks; prepare for tighter external financial conditions. - Europe: tackle structural challenges in banking systems; do not roll back postcrisis financial reforms that strengthened oversight, capital, liquidity, and regulatory cooperation. - Cross-cutting: implement policies that facilitate adjustment to a low-growth, low-interest environment by favoring measures that enhance long-term stability over short-term relief; strengthen domestic financial deepening (local investor base, equity- and bond-market depth and liquidity) to mitigate global shock transmission. *International Monetary Fund — Global Financial Stability Report: Getting the Policy Mix Right (April 2017).* --- ## Content in this bundle - **世界の金融安定性が改善; その維持に向けた正しいポリシーミックスとは** - [世界の金融安定性が改善; その維持に向けた正しいポリシーミックスとは (Markdown version)](/external/japanese/np/blog/2017/041917j.pdf.md){rel="alternate" type="text/markdown"} - [世界の金融安定性が改善; その維持に向けた正しいポリシーミックスとは (PDF)](/external/japanese/np/blog/2017/041917j.pdf){rel="external" type="application/pdf"} - **Annex Figure 2.1.1. Impulse Responses Outside of a Low-for-Long Scenario** - [Annex Figure 2.1.1. Impulse Responses Outside of a Low-for-Long Scenario (Markdown version)](/-/media/files/publications/gfsr/2017/april/annexfigure2-1-1d.csv.md){rel="alternate" type="text/markdown"} - [Annex Figure 2.1.1. Impulse Responses Outside of a Low-for-Long Scenario (CSV)](/-/media/files/publications/gfsr/2017/april/annexfigure2-1-1d.csv){rel="external" type="application/octet-stream"} - **104579 Annex Figure 2.1.1** - [104579 Annex Figure 2.1.1 (Markdown version)](/-/media/files/publications/gfsr/2017/april/annexfigure2-1-1r3.pdf.md){rel="alternate" type="text/markdown"} - [104579 Annex Figure 2.1.1 (PDF)](/-/media/files/publications/gfsr/2017/april/annexfigure2-1-1r3.pdf){rel="external" type="application/pdf"} - **104579 Annex Figure 2.1.2** - [104579 Annex Figure 2.1.2 (Markdown version)](/-/media/files/publications/gfsr/2017/april/annexfigure2-1-2.pdf.md){rel="alternate" type="text/markdown"} - [104579 Annex Figure 2.1.2 (PDF)](/-/media/files/publications/gfsr/2017/april/annexfigure2-1-2.pdf){rel="external" type="application/pdf"} - **Annex Figure 2.1.2. Impulse Responses in Low-for-Long Economies** - [Annex Figure 2.1.2. Impulse Responses in Low-for-Long Economies (Markdown version)](/-/media/files/publications/gfsr/2017/april/annexfigure2-1-2d.csv.md){rel="alternate" type="text/markdown"} - [Annex Figure 2.1.2. Impulse Responses in Low-for-Long Economies (CSV)](/-/media/files/publications/gfsr/2017/april/annexfigure2-1-2d.csv){rel="external" type="application/octet-stream"} - **ملخص واف: تقرير الاستقرار المالي العالمي** - [ملخص واف: تقرير الاستقرار المالي العالمي (Markdown version)](/-/media/files/publications/gfsr/2017/april/arabic/pdf/suma.pdf.md){rel="alternate" type="text/markdown"} - [ملخص واف: تقرير الاستقرار المالي العالمي (PDF)](/-/media/files/publications/gfsr/2017/april/arabic/pdf/suma.pdf){rel="external" type="application/pdf"} - **boxfigure2-1d** - [boxfigure2-1d (Markdown version)](/-/media/files/publications/gfsr/2017/april/boxfigure2-1d.csv.md){rel="alternate" type="text/markdown"} - [boxfigure2-1d (CSV)](/-/media/files/publications/gfsr/2017/april/boxfigure2-1d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 2.2.1** - [104579 Figure 2.2.1 (Markdown version)](/-/media/files/publications/gfsr/2017/april/boxfigure2-2-1.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 2.2.1 (PDF)](/-/media/files/publications/gfsr/2017/april/boxfigure2-2-1.pdf){rel="external" type="application/pdf"} - **104579 Figure 2.2.2** - [104579 Figure 2.2.2 (Markdown version)](/-/media/files/publications/gfsr/2017/april/boxfigure2-2-2.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 2.2.2 (PDF)](/-/media/files/publications/gfsr/2017/april/boxfigure2-2-2.pdf){rel="external" type="application/pdf"} - **104579 Figure 2.3.1** - [104579 Figure 2.3.1 (Markdown version)](/-/media/files/publications/gfsr/2017/april/boxfigure2-3-1r3.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 2.3.1 (PDF)](/-/media/files/publications/gfsr/2017/april/boxfigure2-3-1r3.pdf){rel="external" type="application/pdf"} - **Figure 2.3.1. Risk-Return Trade-off and Expected Times to Exit Underfunding** - [Figure 2.3.1. Risk-Return Trade-off and Expected Times to Exit Underfunding (Markdown version)](/-/media/files/publications/gfsr/2017/april/boxfigure2-3d.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.3.1. Risk-Return Trade-off and Expected Times to Exit Underfunding (CSV)](/-/media/files/publications/gfsr/2017/april/boxfigure2-3d.csv){rel="external" type="application/octet-stream"} - **Ch02 4thproofs 040517 V2** - [Ch02 4thproofs 040517 V2 (Markdown version)](/-/media/files/publications/gfsr/2017/april/ch02-4thproofs-040517-v2.pdf.md){rel="alternate" type="text/markdown"} - [Ch02 4thproofs 040517 V2 (PDF)](/-/media/files/publications/gfsr/2017/april/ch02-4thproofs-040517-v2.pdf){rel="external" type="application/pdf"} - **Are Countries Losing Control of Domestic Financial Conditions?** - [Are Countries Losing Control of Domestic Financial Conditions? (Markdown version)](/-/media/files/publications/gfsr/2017/april/ch03-summary-4thproofs-040417.pdf.md){rel="alternate" type="text/markdown"} - [Are Countries Losing Control of Domestic Financial Conditions? (PDF)](/-/media/files/publications/gfsr/2017/april/ch03-summary-4thproofs-040417.pdf){rel="external" type="application/pdf"} - **Chapter 2** - [Chapter 2 (Markdown version)](/-/media/files/publications/gfsr/2017/april/ch2.pdf.md){rel="alternate" type="text/markdown"} - [Chapter 2 (PDF)](/-/media/files/publications/gfsr/2017/april/ch2.pdf){rel="external" type="application/pdf"} - **Chapter 3** - [Chapter 3 (Markdown version)](/-/media/files/publications/gfsr/2017/april/ch3.pdf.md){rel="alternate" type="text/markdown"} - [Chapter 3 (PDF)](/-/media/files/publications/gfsr/2017/april/ch3.pdf){rel="external" type="application/pdf"} - **boxfigure-131equivalence-table** - [boxfigure-131equivalence-table (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/boxfigure-131equivalence-table.xlsx.md){rel="alternate" type="text/markdown"} - [boxfigure-131equivalence-table (XLSX)](/-/media/files/publications/gfsr/2017/april/chapter-1/boxfigure-131equivalence-table.xlsx){rel="external" type="application/vnd.openxmlformats-officedocument.spreadsheetml.sheet"} - **104579 Figure 1.1.1** - [104579 Figure 1.1.1 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/boxfigure1-1-1.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.1.1 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/boxfigure1-1-1.pdf){rel="external" type="application/pdf"} - **Figure 1.1.1. Weighted Average of Cross-Currency Swap Bases in Select Advanced Economies** - [Figure 1.1.1. Weighted Average of Cross-Currency Swap Bases in Select Advanced Economies (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/boxfigure1-1-1d.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.1.1. Weighted Average of Cross-Currency Swap Bases in Select Advanced Economies (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/boxfigure1-1-1d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.1.2** - [104579 Figure 1.1.2 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/boxfigure1-1-2.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.1.2 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/boxfigure1-1-2.pdf){rel="external" type="application/pdf"} - **Figure 1.1.2. Foreign-Currency Maturity Mismatches** - [Figure 1.1.2. Foreign-Currency Maturity Mismatches (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/boxfigure1-1-2d.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.1.2. Foreign-Currency Maturity Mismatches (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/boxfigure1-1-2d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.3.1** - [104579 Figure 1.3.1 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/boxfigure1-3-1.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.3.1 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/boxfigure1-3-1.pdf){rel="external" type="application/pdf"} - **Chapter 1** - [Chapter 1 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/ch1.pdf.md){rel="alternate" type="text/markdown"} - [Chapter 1 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/ch1.pdf){rel="external" type="application/pdf"} - **104579 Figure 1.01** - [104579 Figure 1.01 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-1.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.01 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-1.pdf){rel="external" type="application/pdf"} - **104579 Figure 1.10** - [104579 Figure 1.10 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-10.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.10 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-10.pdf){rel="external" type="application/pdf"} - **Figure 1.10. Debt Service, Interest Coverage Ratios, and Vulnerability to Higher Interest Rates** - [Figure 1.10. Debt Service, Interest Coverage Ratios, and Vulnerability to Higher Interest Rates (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-10d-v2.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.10. Debt Service, Interest Coverage Ratios, and Vulnerability to Higher Interest Rates (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-10d-v2.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.11** - [104579 Figure 1.11 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-11.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.11 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-11.pdf){rel="external" type="application/pdf"} - **Figure 1.11. United States: A Retrospective on Economic versus Financial Risk Taking** - [Figure 1.11. United States: A Retrospective on Economic versus Financial Risk Taking (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-11d.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.11. United States: A Retrospective on Economic versus Financial Risk Taking (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-11d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.12** - [104579 Figure 1.12 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-12.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.12 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-12.pdf){rel="external" type="application/pdf"} - **Figure 1.12. Emerging Market Economies: Asset Prices and Fundamentals** - [Figure 1.12. Emerging Market Economies: Asset Prices and Fundamentals (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-12d.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.12. Emerging Market Economies: Asset Prices and Fundamentals (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-12d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.13** - [104579 Figure 1.13 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-13.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.13 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-13.pdf){rel="external" type="application/pdf"} - **104579 Figure 1.14** - [104579 Figure 1.14 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-14.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.14 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-14.pdf){rel="external" type="application/pdf"} - **Figure 1.14. Capital Flows to Emerging Market Economies** - [Figure 1.14. Capital Flows to Emerging Market Economies (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-14d-v2.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.14. Capital Flows to Emerging Market Economies (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-14d-v2.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.15** - [104579 Figure 1.15 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-15.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.15 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-15.pdf){rel="external" type="application/pdf"} - **Figure 1.15. Emerging Market Corporate Debt under Rising Risk Premiums and Protectionism** - [Figure 1.15. Emerging Market Corporate Debt under Rising Risk Premiums and Protectionism (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-15d-v2.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.15. Emerging Market Corporate Debt under Rising Risk Premiums and Protectionism (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-15d-v2.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.16** - [104579 Figure 1.16 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-16.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.16 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-16.pdf){rel="external" type="application/pdf"} - **figure1-16d** - [figure1-16d (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-16d.csv.md){rel="alternate" type="text/markdown"} - [figure1-16d (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-16d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.17** - [104579 Figure 1.17 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-17.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.17 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-17.pdf){rel="external" type="application/pdf"} - **Figure 1.17. Underprovisioning in the Weak Tail of Banks** - [Figure 1.17. Underprovisioning in the Weak Tail of Banks (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-17d.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.17. Underprovisioning in the Weak Tail of Banks (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-17d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.18** - [104579 Figure 1.18 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-18.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.18 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-18.pdf){rel="external" type="application/pdf"} - **104579 Figure 1.19** - [104579 Figure 1.19 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-19.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.19 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-19.pdf){rel="external" type="application/pdf"} - **Figure 1.19. China: Credit and Bank Balance Sheets** - [Figure 1.19. China: Credit and Bank Balance Sheets (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-19d.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.19. China: Credit and Bank Balance Sheets (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-19d.csv){rel="external" type="application/octet-stream"} - **Figure 1.1. Global Financial Stability Map: Risks and Conditions** - [Figure 1.1. Global Financial Stability Map: Risks and Conditions (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-1d.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.1. Global Financial Stability Map: Risks and Conditions (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-1d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.02** - [104579 Figure 1.02 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-2.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.02 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-2.pdf){rel="external" type="application/pdf"} - **104579 Figure 1.20** - [104579 Figure 1.20 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-20.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.20 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-20.pdf){rel="external" type="application/pdf"} - **Figure 1.20. China: Capital Flows and Foreign Exchange Reserves** - [Figure 1.20. China: Capital Flows and Foreign Exchange Reserves (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-20d.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.20. China: Capital Flows and Foreign Exchange Reserves (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-20d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.21** - [104579 Figure 1.21 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-21.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.21 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-21.pdf){rel="external" type="application/pdf"} - **figure1-21d-v2** - [figure1-21d-v2 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-21d-v2.csv.md){rel="alternate" type="text/markdown"} - [figure1-21d-v2 (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-21d-v2.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.22** - [104579 Figure 1.22 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-22.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.22 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-22.pdf){rel="external" type="application/pdf"} - **Figure 1.22. Banking Sector Market Valuations and Return Performance** - [Figure 1.22. Banking Sector Market Valuations and Return Performance (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-22d.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.22. Banking Sector Market Valuations and Return Performance (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-22d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.23** - [104579 Figure 1.23 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-23-v2.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.23 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-23-v2.pdf){rel="external" type="application/pdf"} - **Figure 1.23. European Bank Profitability, 2016** - [Figure 1.23. European Bank Profitability, 2016 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-23d.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.23. European Bank Profitability, 2016 (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-23d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.24** - [104579 Figure 1.24 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-24.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.24 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-24.pdf){rel="external" type="application/pdf"} - **Figure 1.24. European Domestic Banking System Actions to Reduce Costs** - [Figure 1.24. European Domestic Banking System Actions to Reduce Costs (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-24d.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.24. European Domestic Banking System Actions to Reduce Costs (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-24d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.25** - [104579 Figure 1.25 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-25.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.25 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-25.pdf){rel="external" type="application/pdf"} - **Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions** - [Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-2d-v2.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-2d-v2.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.03** - [104579 Figure 1.03 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-3.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.03 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-3.pdf){rel="external" type="application/pdf"} - **Dataset overview** - [Dataset overview (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-3d-v2.csv.md){rel="alternate" type="text/markdown"} - [Dataset overview (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-3d-v2.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.04** - [104579 Figure 1.04 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-4.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.04 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-4.pdf){rel="external" type="application/pdf"} - **Figure 1.4. Assessments of U.S. Equity Valuations** - [Figure 1.4. Assessments of U.S. Equity Valuations (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-4d.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.4. Assessments of U.S. Equity Valuations (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-4d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.05** - [104579 Figure 1.05 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-5.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.05 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-5.pdf){rel="external" type="application/pdf"} - **104579 Figure 1.06** - [104579 Figure 1.06 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-6.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.06 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-6.pdf){rel="external" type="application/pdf"} - **figure1-6d — Dataset overview** - [figure1-6d — Dataset overview (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-6d.csv.md){rel="alternate" type="text/markdown"} - [figure1-6d — Dataset overview (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-6d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.07** - [104579 Figure 1.07 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-7-v2.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.07 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-7-v2.pdf){rel="external" type="application/pdf"} - **Figure 1.7. Policy Stimulus and Corporate Balance Sheets** - [Figure 1.7. Policy Stimulus and Corporate Balance Sheets (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-7d-v2.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.7. Policy Stimulus and Corporate Balance Sheets (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-7d-v2.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.08** - [104579 Figure 1.08 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-8.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.08 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-8.pdf){rel="external" type="application/pdf"} - **Figure 1.8. United States: Corporate Internal Funds and External Sources of Finance** - [Figure 1.8. United States: Corporate Internal Funds and External Sources of Finance (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-8d-v2.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.8. United States: Corporate Internal Funds and External Sources of Finance (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-8d-v2.csv){rel="external" type="application/octet-stream"} - **104579 Figure 1.09** - [104579 Figure 1.09 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-9.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 1.09 (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-9.pdf){rel="external" type="application/pdf"} - **Figure 1.9. Corporate Leverage and the Credit Cycle** - [Figure 1.9. Corporate Leverage and the Credit Cycle (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-9d.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.9. Corporate Leverage and the Credit Cycle (CSV)](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-9d.csv){rel="external" type="application/octet-stream"} - **Full Report** - [Full Report (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-1/text.pdf.md){rel="alternate" type="text/markdown"} - [Full Report (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-1/text.pdf){rel="external" type="application/pdf"} - **chapter-2-and-3-summary** - [chapter-2-and-3-summary (Markdown version)](/-/media/files/publications/gfsr/2017/april/chapter-2-and-3-summary.pdf.md){rel="alternate" type="text/markdown"} - [chapter-2-and-3-summary (PDF)](/-/media/files/publications/gfsr/2017/april/chapter-2-and-3-summary.pdf){rel="external" type="application/pdf"} - **《全球金融稳定报告》概要; 2017年4月** - [《全球金融稳定报告》概要; 2017年4月 (Markdown version)](/-/media/files/publications/gfsr/2017/april/chinese/pdf/sumc.pdf.md){rel="alternate" type="text/markdown"} - [《全球金融稳定报告》概要; 2017年4月 (PDF)](/-/media/files/publications/gfsr/2017/april/chinese/pdf/sumc.pdf){rel="external" type="application/pdf"} - **104579 Figure 2.1** - [104579 Figure 2.1 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure2-1.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 2.1 (PDF)](/-/media/files/publications/gfsr/2017/april/figure2-1.pdf){rel="external" type="application/pdf"} - **Figure 2-1d — Interest Rates, Term Spreads, and Volatility in Advanced Economies** - [Figure 2-1d — Interest Rates, Term Spreads, and Volatility in Advanced Economies (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure2-1d.csv.md){rel="alternate" type="text/markdown"} - [Figure 2-1d — Interest Rates, Term Spreads, and Volatility in Advanced Economies (CSV)](/-/media/files/publications/gfsr/2017/april/figure2-1d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 2.2** - [104579 Figure 2.2 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure2-2.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 2.2 (PDF)](/-/media/files/publications/gfsr/2017/april/figure2-2.pdf){rel="external" type="application/pdf"} - **Figure 2.2. Term Premiums in Economies with Normal versus Low Natural Rates** - [Figure 2.2. Term Premiums in Economies with Normal versus Low Natural Rates (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure2-2d.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.2. Term Premiums in Economies with Normal versus Low Natural Rates (CSV)](/-/media/files/publications/gfsr/2017/april/figure2-2d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 2.3** - [104579 Figure 2.3 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure2-3.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 2.3 (PDF)](/-/media/files/publications/gfsr/2017/april/figure2-3.pdf){rel="external" type="application/pdf"} - **Figure 2.3. Banking under Low Natural Rates: Theoretical Predictions** - [Figure 2.3. Banking under Low Natural Rates: Theoretical Predictions (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure2-3d.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.3. Banking under Low Natural Rates: Theoretical Predictions (CSV)](/-/media/files/publications/gfsr/2017/april/figure2-3d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 2.4** - [104579 Figure 2.4 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure2-4.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 2.4 (PDF)](/-/media/files/publications/gfsr/2017/april/figure2-4.pdf){rel="external" type="application/pdf"} - **figure2-4d** - [figure2-4d (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure2-4d.csv.md){rel="alternate" type="text/markdown"} - [figure2-4d (CSV)](/-/media/files/publications/gfsr/2017/april/figure2-4d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 2.5** - [104579 Figure 2.5 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure2-5.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 2.5 (PDF)](/-/media/files/publications/gfsr/2017/april/figure2-5.pdf){rel="external" type="application/pdf"} - **figure2-5d** - [figure2-5d (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure2-5d.csv.md){rel="alternate" type="text/markdown"} - [figure2-5d (CSV)](/-/media/files/publications/gfsr/2017/april/figure2-5d.csv){rel="external" type="application/octet-stream"} - **figure2-6d — Dataset overview** - [figure2-6d — Dataset overview (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure2-6d.csv.md){rel="alternate" type="text/markdown"} - [figure2-6d — Dataset overview (CSV)](/-/media/files/publications/gfsr/2017/april/figure2-6d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 2.7** - [104579 Figure 2.7 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure2-7.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 2.7 (PDF)](/-/media/files/publications/gfsr/2017/april/figure2-7.pdf){rel="external" type="application/pdf"} - **Figure 2.7. Impact of Forward Rate Surprises on Bank Equity Returns** - [Figure 2.7. Impact of Forward Rate Surprises on Bank Equity Returns (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure2-7d.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.7. Impact of Forward Rate Surprises on Bank Equity Returns (CSV)](/-/media/files/publications/gfsr/2017/april/figure2-7d.csv){rel="external" type="application/octet-stream"} - **Figure 2.8. Asset Allocation of Pension Funds and Insurers, 2015** - [Figure 2.8. Asset Allocation of Pension Funds and Insurers, 2015 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure2-8d.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.8. Asset Allocation of Pension Funds and Insurers, 2015 (CSV)](/-/media/files/publications/gfsr/2017/april/figure2-8d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 2.8** - [104579 Figure 2.8 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure2-8r3.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 2.8 (PDF)](/-/media/files/publications/gfsr/2017/april/figure2-8r3.pdf){rel="external" type="application/pdf"} - **104579 Figure 2.9** - [104579 Figure 2.9 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure2-9.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 2.9 (PDF)](/-/media/files/publications/gfsr/2017/april/figure2-9.pdf){rel="external" type="application/pdf"} - **Figure 2.9. U.S. Mutual Funds Expense Ratios and Growth of U.S. Index Funds** - [Figure 2.9. U.S. Mutual Funds Expense Ratios and Growth of U.S. Index Funds (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure2-9d.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.9. U.S. Mutual Funds Expense Ratios and Growth of U.S. Index Funds (CSV)](/-/media/files/publications/gfsr/2017/april/figure2-9d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 3.01** - [104579 Figure 3.01 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-1.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 3.01 (PDF)](/-/media/files/publications/gfsr/2017/april/figure3-1.pdf){rel="external" type="application/pdf"} - **104579 Figure 3.10** - [104579 Figure 3.10 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-10.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 3.10 (PDF)](/-/media/files/publications/gfsr/2017/april/figure3-10.pdf){rel="external" type="application/pdf"} - **Figure3 10d** - [Figure3 10d (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-10d.csv.md){rel="alternate" type="text/markdown"} - [Figure3 10d (CSV)](/-/media/files/publications/gfsr/2017/april/figure3-10d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 3.11** - [104579 Figure 3.11 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-11.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 3.11 (PDF)](/-/media/files/publications/gfsr/2017/april/figure3-11.pdf){rel="external" type="application/pdf"} - **Figure3 11d** - [Figure3 11d (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-11d.csv.md){rel="alternate" type="text/markdown"} - [Figure3 11d (CSV)](/-/media/files/publications/gfsr/2017/april/figure3-11d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 3.12** - [104579 Figure 3.12 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-12.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 3.12 (PDF)](/-/media/files/publications/gfsr/2017/april/figure3-12.pdf){rel="external" type="application/pdf"} - **Figure3 12d** - [Figure3 12d (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-12d.csv.md){rel="alternate" type="text/markdown"} - [Figure3 12d (CSV)](/-/media/files/publications/gfsr/2017/april/figure3-12d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 3.13** - [104579 Figure 3.13 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-13.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 3.13 (PDF)](/-/media/files/publications/gfsr/2017/april/figure3-13.pdf){rel="external" type="application/pdf"} - **Figure3 13d** - [Figure3 13d (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-13d.csv.md){rel="alternate" type="text/markdown"} - [Figure3 13d (CSV)](/-/media/files/publications/gfsr/2017/april/figure3-13d.csv){rel="external" type="application/octet-stream"} - **figure3-1d** - [figure3-1d (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-1d.csv.md){rel="alternate" type="text/markdown"} - [figure3-1d (CSV)](/-/media/files/publications/gfsr/2017/april/figure3-1d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 3.02** - [104579 Figure 3.02 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-2.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 3.02 (PDF)](/-/media/files/publications/gfsr/2017/april/figure3-2.pdf){rel="external" type="application/pdf"} - **Dataset overview** - [Dataset overview (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-2d.csv.md){rel="alternate" type="text/markdown"} - [Dataset overview (CSV)](/-/media/files/publications/gfsr/2017/april/figure3-2d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 3.03** - [104579 Figure 3.03 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-3.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 3.03 (PDF)](/-/media/files/publications/gfsr/2017/april/figure3-3.pdf){rel="external" type="application/pdf"} - **figure3-3d** - [figure3-3d (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-3d.csv.md){rel="alternate" type="text/markdown"} - [figure3-3d (CSV)](/-/media/files/publications/gfsr/2017/april/figure3-3d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 3.04** - [104579 Figure 3.04 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-4.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 3.04 (PDF)](/-/media/files/publications/gfsr/2017/april/figure3-4.pdf){rel="external" type="application/pdf"} - **figure3-4d — Probability Distributions of One-Year-Ahead GDP Growth** - [figure3-4d — Probability Distributions of One-Year-Ahead GDP Growth (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-4d.csv.md){rel="alternate" type="text/markdown"} - [figure3-4d — Probability Distributions of One-Year-Ahead GDP Growth (CSV)](/-/media/files/publications/gfsr/2017/april/figure3-4d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 3.05** - [104579 Figure 3.05 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-5.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 3.05 (PDF)](/-/media/files/publications/gfsr/2017/april/figure3-5.pdf){rel="external" type="application/pdf"} - **Figure 3.5. Three-Factor Model Based on Financial Conditions Index, 1995–2016** - [Figure 3.5. Three-Factor Model Based on Financial Conditions Index, 1995–2016 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-5d.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.5. Three-Factor Model Based on Financial Conditions Index, 1995–2016 (CSV)](/-/media/files/publications/gfsr/2017/april/figure3-5d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 3.06** - [104579 Figure 3.06 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-6.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 3.06 (PDF)](/-/media/files/publications/gfsr/2017/april/figure3-6.pdf){rel="external" type="application/pdf"} - **Figure 3.6. Single Factor versus Principal Component Analysis, 1995–2015** - [Figure 3.6. Single Factor versus Principal Component Analysis, 1995–2015 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-6d.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.6. Single Factor versus Principal Component Analysis, 1995–2015 (CSV)](/-/media/files/publications/gfsr/2017/april/figure3-6d.csv){rel="external" type="application/octet-stream"} - **figure3-7d** - [figure3-7d (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-7d.csv.md){rel="alternate" type="text/markdown"} - [figure3-7d (CSV)](/-/media/files/publications/gfsr/2017/april/figure3-7d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 3.08** - [104579 Figure 3.08 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-8.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 3.08 (PDF)](/-/media/files/publications/gfsr/2017/april/figure3-8.pdf){rel="external" type="application/pdf"} - **dataset overview** - [dataset overview (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-8d.csv.md){rel="alternate" type="text/markdown"} - [dataset overview (CSV)](/-/media/files/publications/gfsr/2017/april/figure3-8d.csv){rel="external" type="application/octet-stream"} - **104579 Figure 3.09** - [104579 Figure 3.09 (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-9.pdf.md){rel="alternate" type="text/markdown"} - [104579 Figure 3.09 (PDF)](/-/media/files/publications/gfsr/2017/april/figure3-9.pdf){rel="external" type="application/pdf"} - **Figure 3.9. Response of Domestic Financial Conditions to Shocks** - [Figure 3.9. Response of Domestic Financial Conditions to Shocks (Markdown version)](/-/media/files/publications/gfsr/2017/april/figure3-9d.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.9. Response of Domestic Financial Conditions to Shocks (CSV)](/-/media/files/publications/gfsr/2017/april/figure3-9d.csv){rel="external" type="application/octet-stream"} - **Rapport Sur La Stabilité FinancièRe Dans Le Monde** - [Rapport Sur La Stabilité FinancièRe Dans Le Monde (Markdown version)](/-/media/files/publications/gfsr/2017/april/french/pdf/sumf.pdf.md){rel="alternate" type="text/markdown"} - [Rapport Sur La Stabilité FinancièRe Dans Le Monde (PDF)](/-/media/files/publications/gfsr/2017/april/french/pdf/sumf.pdf){rel="external" type="application/pdf"} - **Imf Gfsr 2017: Executive Summary** - [Imf Gfsr 2017: Executive Summary (Markdown version)](/-/media/files/publications/gfsr/2017/april/front-matter/execsummary.pdf.md){rel="alternate" type="text/markdown"} - [Imf Gfsr 2017: Executive Summary (PDF)](/-/media/files/publications/gfsr/2017/april/front-matter/execsummary.pdf){rel="external" type="application/pdf"} - **Preface** - [Preface (Markdown version)](/-/media/files/publications/gfsr/2017/april/front-matter/preface.pdf.md){rel="alternate" type="text/markdown"} - [Preface (PDF)](/-/media/files/publications/gfsr/2017/april/front-matter/preface.pdf){rel="external" type="application/pdf"} - **国際金融安定性報告書（GFSR), 2017年4月: 要旨** - [国際金融安定性報告書（GFSR), 2017年4月: 要旨 (Markdown version)](/-/media/files/publications/gfsr/2017/april/japanese/pdf/sumj.pdf.md){rel="alternate" type="text/markdown"} - [国際金融安定性報告書（GFSR), 2017年4月: 要旨 (PDF)](/-/media/files/publications/gfsr/2017/april/japanese/pdf/sumj.pdf){rel="external" type="application/pdf"} - **SUMÁRIO EXECUTIVO: A estabilidade financeira melhorou** - [SUMÁRIO EXECUTIVO: A estabilidade financeira melhorou (Markdown version)](/-/media/files/publications/gfsr/2017/april/portuguese/pdf/sump.pdf.md){rel="alternate" type="text/markdown"} - [SUMÁRIO EXECUTIVO: A estabilidade financeira melhorou (PDF)](/-/media/files/publications/gfsr/2017/april/portuguese/pdf/sump.pdf){rel="external" type="application/pdf"} - **Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года** - [Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года (Markdown version)](/-/media/files/publications/gfsr/2017/april/russian/pdf/sumr.pdf.md){rel="alternate" type="text/markdown"} - [Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года (PDF)](/-/media/files/publications/gfsr/2017/april/russian/pdf/sumr.pdf){rel="external" type="application/pdf"} - **Informe sobre la estabilidad financiera mundial** - [Informe sobre la estabilidad financiera mundial (Markdown version)](/-/media/files/publications/gfsr/2017/april/spanish/pdf/sums.pdf.md){rel="alternate" type="text/markdown"} - [Informe sobre la estabilidad financiera mundial (PDF)](/-/media/files/publications/gfsr/2017/april/spanish/pdf/sums.pdf){rel="external" type="application/pdf"} - **suma** - [suma (Markdown version)](/-/media/files/publications/gfsr/2017/april/suma.pdf.md){rel="alternate" type="text/markdown"} - [suma (PDF)](/-/media/files/publications/gfsr/2017/april/suma.pdf){rel="external" type="application/pdf"} - **2017年4月《全球金融稳定报告》** - [2017年4月《全球金融稳定报告》 (Markdown version)](/-/media/files/publications/gfsr/2017/april/sumc.pdf.md){rel="alternate" type="text/markdown"} - [2017年4月《全球金融稳定报告》 (PDF)](/-/media/files/publications/gfsr/2017/april/sumc.pdf){rel="external" type="application/pdf"} - **April 2017—Global Financial Sbility Report** - [April 2017—Global Financial Sbility Report (Markdown version)](/-/media/files/publications/gfsr/2017/april/sumf.pdf.md){rel="alternate" type="text/markdown"} - [April 2017—Global Financial Sbility Report (PDF)](/-/media/files/publications/gfsr/2017/april/sumf.pdf){rel="external" type="application/pdf"} - **国際金融安定性報告書 2017年4月, 第二章の要旨：低成長と低金利下の金融仲介** - [国際金融安定性報告書 2017年4月, 第二章の要旨：低成長と低金利下の金融仲介 (Markdown version)](/-/media/files/publications/gfsr/2017/april/sumj.pdf.md){rel="alternate" type="text/markdown"} - [国際金融安定性報告書 2017年4月, 第二章の要旨：低成長と低金利下の金融仲介 (PDF)](/-/media/files/publications/gfsr/2017/april/sumj.pdf){rel="external" type="application/pdf"} - **Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года** - [Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года (Markdown version)](/-/media/files/publications/gfsr/2017/april/sumr.pdf.md){rel="alternate" type="text/markdown"} - [Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года (PDF)](/-/media/files/publications/gfsr/2017/april/sumr.pdf){rel="external" type="application/pdf"} - **Informe Sobre La Estabilidad Financiera Mundial De Abril De 2017** - [Informe Sobre La Estabilidad Financiera Mundial De Abril De 2017 (Markdown version)](/-/media/files/publications/gfsr/2017/april/sums.pdf.md){rel="alternate" type="text/markdown"} - [Informe Sobre La Estabilidad Financiera Mundial De Abril De 2017 (PDF)](/-/media/files/publications/gfsr/2017/april/sums.pdf){rel="external" type="application/pdf"} --- ## References - [Blog](https://blogs.imf.org/2017/04/19/global-financial-stability-improves-getting-policy-mix-right-needed-to-sustain-gains/) - [Blog](https://blog-imfdirect.imf.org/2017/04/06/how-an-extended-period-of-low-growth-could-reshape-the-financial-industry/) - [Blog](https://blog-imfdirect.imf.org/2017/04/06/with-global-financial-markets-how-much-control-do-countries-have-over-economic-policies/) _Source: https://www.imf.org/en/publications/gfsr/issues/2017/03/30/global-financial-stability-report-april-2017_