{ "title": "Global Financial Stability Report October 2017: Is Growth at Risk?", "publication": "Global Financial Stability Report, October 2017", "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2017/09/27/global-financial-stability-report-october-2017", "canonical": "https://www.imf.org/en/publications/gfsr/issues/2017/09/27/global-financial-stability-report-october-2017", "overlayPath": "/en/publications/gfsr/issues/2017/09/27/global-financial-stability-report-october-2017/index.md", "summary": "

The October 2017 Global Financial Stability Report (GFSR) finds that the global financial system continues to strengthen in response to extraordinary policy support, regulatory enhancements, and the cyclical upturn in growth.", "publishDate": "2017-10-03", "sections": [ { "heading": "Executive summary and systemic assessment", "content": "- The global financial system \"continues to strengthen in response to extraordinary policy support, regulatory enhancements, and the cyclical upturn in growth.\"\n- Global bank balance sheets are stronger because of \"improved capital and liquidity buffers, amid tighter regulation and heightened market scrutiny.\"\n- Some banks remain challenged by \"legacy issues and business model challenges, where progress has been uneven.\"\n- Continuing monetary accommodation \"may lead to a continued search for yield where there is too much money chasing too few yielding assets, pushing investors beyond their traditional habitats.\"\n- As the search for yield intensifies:\n - Vulnerabilities are shifting to the nonbank sector.\n - Market risks are rising.\n - There may be \"a further compression of risk compensation in markets and higher leverage in the nonfinancial sector.\"\n- Policymakers at both the national and global level \"will have to strengthen the financial and macroeconomic policy mix.\"" }, { "heading": "Chapter 1 — Financial stability drivers and near-term risks", "content": "- Key dynamics:\n - Improved bank capital and liquidity buffers.\n - Tighter regulation and heightened market scrutiny.\n - Legacy bank problems and uneven progress on business-model adjustments.\n - Search-for-yield behavior incentivized by prolonged monetary accommodation.\n- Risks highlighted:\n - Nonbank sector vulnerability buildup.\n - Rising market risk and compressed risk premia.\n - Potential for higher leverage in the nonfinancial sector.\n- Policymaker implication:\n - Manage these challenges \"carefully to avoid putting growth at risk.\"" }, { "heading": "Chapter 2 — Household debt and financial stability", "content": "- Cross-country patterns:\n - \"Large differences in household debt-to-GDP ratios across countries but a common increasing trajectory that was moderated but not reversed by the global financial crisis.\"\n- Median household debt-to-GDP ratios:\n - Among advanced economies, the median household debt-to-GDP ratio rose to 63 percent in 2016 from 52 percent in 2008.\n - Among emerging economies, it increased to 21 percent from 15 percent over the same period.\n- Empirical findings:\n - There is a trade-off between a short-term boost to growth from higher household debt and a medium-term risk to macroeconomic and financial stability.\n - Higher household debt may result in lower growth, consumption, and employment and a greater risk of banking crises.\n - The trade-off is stronger when household debt is higher.\n - The adverse effects \"can be significantly attenuated by a combination of good policies, institutions, and regulations.\"\n- Policy recommendations and attenuating factors:\n - Appropriate macroprudential and financial sector policies.\n - Better financial supervision.\n - Less dependence on external financing.\n - Flexible exchange rates.\n - Lower income inequality." }, { "heading": "Chapter 3 — Financial conditions and \"growth at risk\" measure", "content": "- Methodology and finding:\n - Develops \"a new macroeconomic measure of financial stability by linking financial conditions to the probability distribution of future GDP growth.\"\n - Applies the measure to a set of 21 major advanced and emerging market economies.\n - Shows that changes in financial conditions \"shift the whole distribution of future GDP growth.\"\n- Policy relevance:\n - The new measure provides a tool to assess how financial conditions affect downside risks to GDP growth across the distribution." }, { "heading": "Notable thematic findings and scenarios", "content": "- Search-for-yield and market functioning:\n - \"Search for yield, asset valuations, and volatility\" are central concerns as monetary accommodation persists.\n- Structural and regional points:\n - Chapters and figures address bank profitability, insurer business models, central bank balance sheets, emerging market capital flows, corporate leverage, and Chinese banking system developments.\n- Scenario analysis:\n - The report contains a \"Global Financial Dislocation Scenario\" and analysis of \"Emerging Market Economy External Vulnerabilities and Corporate Leverage.\"\n\nSource: Global Financial Stability Report October 2017: Is Growth at Risk? (October 2017)\n\n---\n\n Content in this bundle\n\n- Figure 1.1.1. Financial Cycles and Output Gaps\n - Figure 1.1.1. Financial Cycles and Output Gaps (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.1.1. Financial Cycles and Output Gaps (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.1. Global Financial Stability Map: Risks and Conditions\n - Figure 1.1. Global Financial Stability Map: Risks and Conditions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.1. Global Financial Stability Map: Risks and Conditions (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.10. Changes in Life Insurance Companies� Business Models\n - Figure 1.10. Changes in Life Insurance Companies� Business Models (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.10. Changes in Life Insurance Companies� Business Models (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Fgiure 1.11. Life Insurers' Market Valuations and Risk Outlook\n - Fgiure 1.11. Life Insurers' Market Valuations and Risk Outlook (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Fgiure 1.11. Life Insurers' Market Valuations and Risk Outlook (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.12. Simulated Mark-to-Market Shocks to Assets and Liabilities\n - Figure 1.12. Simulated Mark-to-Market Shocks to Assets and Liabilities (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.12. Simulated Mark-to-Market Shocks to Assets and Liabilities (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1-13. Central Bank Balance Sheets and the Sovereign Sector\n - Figure 1-13. Central Bank Balance Sheets and the Sovereign Sector (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1-13. Central Bank Balance Sheets and the Sovereign Sector (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.14. Policy Rates, 10-Year Government Bond Yields, and Term Premiums\n - Figure 1.14. Policy Rates, 10-Year Government Bond Yields, and Term Premiums (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.14. Policy Rates, 10-Year Government Bond Yields, and Term Premiums (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- dataset overview\n - dataset overview (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - dataset overview (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure1-16\n - figure1-16 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure1-16 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure1 17\n - Figure1 17 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure1 17 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1-18. Low-Income Country External Borrowing and Vulnerabilities\n - Figure 1-18. Low-Income Country External Borrowing and Vulnerabilities (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1-18. Low-Income Country External Borrowing and Vulnerabilities (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure1-19\n - figure1-19 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure1-19 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.2. Global Financial Stability Map Components\n - Figure 1.2. Global Financial Stability Map Components (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.2. Global Financial Stability Map Components (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.20. Long-Term Drivers of the Low-Volatility Regime\n - Figure 1.20. Long-Term Drivers of the Low-Volatility Regime (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.20. Long-Term Drivers of the Low-Volatility Regime (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.21. Leveraged and Volatility-Targeting Strategies\n - Figure 1.21. Leveraged and Volatility-Targeting Strategies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.21. Leveraged and Volatility-Targeting Strategies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.22. Vulnerability of the US Corporate Credit Investor Base to Shocks\n - Figure 1.22. Vulnerability of the US Corporate Credit Investor Base to Shocks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.22. Vulnerability of the US Corporate Credit Investor Base to Shocks (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.23. Group of Twenty Nonfinancial Sector Credit Trends\n - Figure 1.23. Group of Twenty Nonfinancial Sector Credit Trends (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.23. Group of Twenty Nonfinancial Sector Credit Trends (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.24. Group of Twenty Nonfinancial Private Sector Borrowing\n - Figure 1.24. Group of Twenty Nonfinancial Private Sector Borrowing (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.24. Group of Twenty Nonfinancial Private Sector Borrowing (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.25. G20 Nonfinancial Private Sector Credit and Debt Service Ratios\n - Figure 1.25. G20 Nonfinancial Private Sector Credit and Debt Service Ratios (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.25. G20 Nonfinancial Private Sector Credit and Debt Service Ratios (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.26. Chinese Banking System Developments\n - Figure 1.26. Chinese Banking System Developments (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.26. Chinese Banking System Developments (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.27. China: Regulatory Tightening Has Helped Contain Financial Sector Risks\n - Figure 1.27. China: Regulatory Tightening Has Helped Contain Financial Sector Risks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.27. China: Regulatory Tightening Has Helped Contain Financial Sector Risks (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.28. Chinese Banks: Financial Policy Tightening and Credit Growth Capacity\n - Figure 1.28. Chinese Banks: Financial Policy Tightening and Credit Growth Capacity (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.28. Chinese Banks: Financial Policy Tightening and Credit Growth Capacity (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure1-29 — Bank Profitability and Liquidity Indicators\n - figure1-29 — Bank Profitability and Liquidity Indicators (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure1-29 — Bank Profitability and Liquidity Indicators (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.30. Global Financial Dislocation Scenario\n - Figure 1.30. Global Financial Dislocation Scenario (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.30. Global Financial Dislocation Scenario (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.31. Emerging Market Economy External Vulnerabilities and Corporate Leverage\n - Figure 1.31. Emerging Market Economy External Vulnerabilities and Corporate Leverage (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.31. Emerging Market Economy External Vulnerabilities and Corporate Leverage (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.4. Global Systemically Important Banks: Signficance and Business Model Snapshot\n - Figure 1.4. Global Systemically Important Banks: Signficance and Business Model Snapshot (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.4. Global Systemically Important Banks: Signficance and Business Model Snapshot (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.5. Global Systemically Important Banks: Capital, Liquidity, and Legacy Challenges\n - Figure 1.5. Global Systemically Important Banks: Capital, Liquidity, and Legacy Challenges (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.5. Global Systemically Important Banks: Capital, Liquidity, and Legacy Challenges (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.6. Global Systemically Important Banks: Market Activity\n - Figure 1.6. Global Systemically Important Banks: Market Activity (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.6. Global Systemically Important Banks: Market Activity (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.7. Global Systemically Important Banks' International Activity\n - Figure 1.7. Global Systemically Important Banks' International Activity (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.7. Global Systemically Important Banks' International Activity (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.8. Global Systemically Important Banks: Financial Performance Gaps\n - Figure 1.8. Global Systemically Important Banks: Financial Performance Gaps (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.8. Global Systemically Important Banks: Financial Performance Gaps (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.9. Life Insurance Companies’ Profitability and Capital\n - Figure 1.9. Life Insurance Companies’ Profitability and Capital (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.9. Life Insurance Companies’ Profitability and Capital (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- IMF Golbal Financial Stability Report October 2017: Assumptions and Conventions\n - IMF Golbal Financial Stability Report October 2017: Assumptions and Conventions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - IMF Golbal Financial Stability Report October 2017: Assumptions and Conventions (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 1: Is Growth At Risk?\n - Chapter 1: Is Growth At Risk? (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 1: Is Growth At Risk? (PDF){rel=\"external\" type=\"application/pdf\"}\n- IMF Global financial Stability Report October 2017: Executive Summary\n - IMF Global financial Stability Report October 2017: Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - IMF Global financial Stability Report October 2017: Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- Foreword\n - Foreword (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Foreword (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.1.1\n - 106735Figure 1.1.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.1.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.01\n - 106735Figure 1.01 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.01 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.10\n - 106735Figure 1.10 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.10 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.11\n - 106735Figure 1.11 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.11 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.12\n - 106735Figure 1.12 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.12 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.13\n - 106735Figure 1.13 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.13 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.14\n - 106735Figure 1.14 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.14 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.15\n - 106735Figure 1.15 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.15 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.16\n - 106735Figure 1.16 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.16 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.17\n - 106735Figure 1.17 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.17 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.18\n - 106735Figure 1.18 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.18 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.19\n - 106735Figure 1.19 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.19 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.02\n - 106735Figure 1.02 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.02 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.20. Long-Term Drivers of the Low-Volatility Regime\n - Figure 1.20. Long-Term Drivers of the Low-Volatility Regime (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.20. Long-Term Drivers of the Low-Volatility Regime (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 106735Figure 1.21\n - 106735Figure 1.21 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.21 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.22. Vulnerability of the US Corporate Credit Investor Base to Shocks\n - Figure 1.22. Vulnerability of the US Corporate Credit Investor Base to Shocks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.22. Vulnerability of the US Corporate Credit Investor Base to Shocks (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 106735Figure 1.23\n - 106735Figure 1.23 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.23 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.24\n - 106735Figure 1.24 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.24 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.25\n - 106735Figure 1.25 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.25 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.26\n - 106735Figure 1.26 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.26 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.27\n - 106735Figure 1.27 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.27 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.28\n - 106735Figure 1.28 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.28 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.29\n - 106735Figure 1.29 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.29 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.03\n - 106735Figure 1.03 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.03 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.30\n - 106735Figure 1.30 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.30 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.31\n - 106735Figure 1.31 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.31 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.04\n - 106735Figure 1.04 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.04 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.05\n - 106735Figure 1.05 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.05 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.06\n - 106735Figure 1.06 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.06 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.07\n - 106735Figure 1.07 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.07 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.08\n - 106735Figure 1.08 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.08 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 1.09\n - 106735Figure 1.09 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 1.09 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Annex Figure 2.1.1. Loan Characteristics, Rules, and Regulations\n - Annex Figure 2.1.1. Loan Characteristics, Rules, and Regulations (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Annex Figure 2.1.1. Loan Characteristics, Rules, and Regulations (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.1.1. Long-Term per Capita GDP Growth and Household Debt\n - Figure 2.1.1. Long-Term per Capita GDP Growth and Household Debt (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.1.1. Long-Term per Capita GDP Growth and Household Debt (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- boxfigure2-3\n - boxfigure2-3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - boxfigure2-3 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.4.2. Consumption Response to House Prices\n - Figure 2.4.2. Consumption Response to House Prices (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.4.2. Consumption Response to House Prices (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- boxfigure2-5\n - boxfigure2-5 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - boxfigure2-5 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.1. Household Debt-to-GDP Ratio in Advanced and Emerging Market Economies\n - Figure 2.1. Household Debt-to-GDP Ratio in Advanced and Emerging Market Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.1. Household Debt-to-GDP Ratio in Advanced and Emerging Market Economies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.10. The Impact of Household Debt by Country and Institutional Factors\n - Figure 2.10. The Impact of Household Debt by Country and Institutional Factors (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.10. The Impact of Household Debt by Country and Institutional Factors (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure2 3\n - Figure2 3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure2 3 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.4. Household Debt: Evidence from Cross-Country Panel Data\n - Figure 2.4. Household Debt: Evidence from Cross-Country Panel Data (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.4. Household Debt: Evidence from Cross-Country Panel Data (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure2 5\n - Figure2 5 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure2 5 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.6. Effects of Household Debt on GDP Growth: Robustness Tests\n - Figure 2.6. Effects of Household Debt on GDP Growth: Robustness Tests (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.6. Effects of Household Debt on GDP Growth: Robustness Tests (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.7. Micro-Level Evidence Corroborating the Macro Impact\n - Figure 2.7. Micro-Level Evidence Corroborating the Macro Impact (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.7. Micro-Level Evidence Corroborating the Macro Impact (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.8. Banking Crises and the Role of Household Debt\n - Figure 2.8. Banking Crises and the Role of Household Debt (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.8. Banking Crises and the Role of Household Debt (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.9. Bank Equity Returns and Household Debt\n - Figure 2.9. Bank Equity Returns and Household Debt (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.9. Bank Equity Returns and Household Debt (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Global Financial Stability Report October 2017 Chapter Two: Household Debt And Financial Stability\n - Global Financial Stability Report October 2017 Chapter Two: Household Debt And Financial Stability (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report October 2017 Chapter Two: Household Debt And Financial Stability (PDF){rel=\"external\" type=\"application/pdf\"}\n- Summary\n - Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Annex Figure 2.1.1\n - 106735Annex Figure 2.1.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Annex Figure 2.1.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.4.1 and Figure 2.4.2\n - Figure 2.4.1 and Figure 2.4.2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.4.1 and Figure 2.4.2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 2.1.1\n - 106735Figure 2.1.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 2.1.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 2.2.1 CMYK\n - 106735Figure 2.2.1 CMYK (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 2.2.1 CMYK (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 2.3.1\n - 106735Figure 2.3.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 2.3.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 2.5.1\n - 106735Figure 2.5.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 2.5.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 2.01\n - 106735Figure 2.01 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 2.01 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 2.10\n - 106735Figure 2.10 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 2.10 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 2.02\n - 106735Figure 2.02 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 2.02 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 2.03\n - 106735Figure 2.03 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 2.03 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 2.04\n - 106735Figure 2.04 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 2.04 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 2.05\n - 106735Figure 2.05 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 2.05 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 2.06\n - 106735Figure 2.06 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 2.06 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 2.07\n - 106735Figure 2.07 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 2.07 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 2.08\n - 106735Figure 2.08 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 2.08 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 2.09\n - 106735Figure 2.09 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 2.09 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Annex 3.1. Financial Vulnerabilities and Growth Hysteresis in Structural Models\n - Annex 3.1. Financial Vulnerabilities and Growth Hysteresis in Structural Models (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Annex 3.1. Financial Vulnerabilities and Growth Hysteresis in Structural Models (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Dataset overview\n - Dataset overview (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Dataset overview (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- Figure 3.1. Tighter Financial Conditions Forecast Greater Downside Tail Risk to Global Growth\n - Figure 3.1. Tighter Financial Conditions Forecast Greater Downside Tail Risk to Global Growth (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 3.1. Tighter Financial Conditions Forecast Greater Downside Tail Risk to Global Growth (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure3 2\n - Figure3 2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure3 2 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.3. In Emerging Market Economies, Changes in Financial Conditions Also Affect Upside Risks\n - Figure 3.3. In Emerging Market Economies, Changes in Financial Conditions Also Affect Upside Risks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 3.3. In Emerging Market Economies, Changes in Financial Conditions Also Affect Upside Risks (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.4. Higher Price of Risk is a Significant Predictor of Downside Growth Risks within One Year\n - Figure 3.4. Higher Price of Risk is a Significant Predictor of Downside Growth Risks within One Year (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 3.4. Higher Price of Risk is a Significant Predictor of Downside Growth Risks within One Year (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.5. Rising Leverage Signals Higher Downside Growth Risks at Longer Time Horizons\n - Figure 3.5. Rising Leverage Signals Higher Downside Growth Risks at Longer Time Horizons (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 3.5. Rising Leverage Signals Higher Downside Growth Risks at Longer Time Horizons (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.6. Waning Global Risk Appetite Signals Imminent Downside Risks to Growth\n - Figure 3.6. Waning Global Risk Appetite Signals Imminent Downside Risks to Growth (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 3.6. Waning Global Risk Appetite Signals Imminent Downside Risks to Growth (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure3 7\n - Figure3 7 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure3 7 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.8. In-Sample and Recursive Out of Sample Quantile Forecasts: One-Quarter-Ahead\n - Figure 3.8. In-Sample and Recursive Out of Sample Quantile Forecasts: One-Quarter-Ahead (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 3.8. In-Sample and Recursive Out of Sample Quantile Forecasts: One-Quarter-Ahead (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure3-9\n - figure3-9 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure3-9 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Chapter 3: Financial Conditions and Growth At Risk\n - Chapter 3: Financial Conditions and Growth At Risk (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 3: Financial Conditions and Growth At Risk (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report October 2017 Summary: Financial Conditions And Growth At Risk\n - Global Financial Stability Report October 2017 Summary: Financial Conditions And Growth At Risk (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report October 2017 Summary: Financial Conditions And Growth At Risk (PDF){rel=\"external\" type=\"application/pdf\"}\n- annexfigures1-4\n - annexfigures1-4 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - annexfigures1-4 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 3.1\n - 106735Figure 3.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 3.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 3.2\n - 106735Figure 3.2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 3.2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 3.3\n - 106735Figure 3.3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 3.3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 3.4\n - 106735Figure 3.4 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 3.4 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 3.5\n - 106735Figure 3.5 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 3.5 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 3.6\n - 106735Figure 3.6 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 3.6 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 3.7\n - 106735Figure 3.7 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 3.7 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 3.8\n - 106735Figure 3.8 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 3.8 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 106735Figure 3.9\n - 106735Figure 3.9 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 106735Figure 3.9 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.\n- Modify your profile\n- Financial Stability Improves, But Rising Vulnerabilities Could Put Growth at Risk\n- Rising Household Debt: What It Means for Growth and Stability\n- How Policy Makers Can Better Predict a Downturn – and Prepare\n- https://www.imf.org/en/publications/weo\n- Global Economy in the Shadow of War\n- https://www.imf.org/en/publications/gfsr\n- Global Financial Markets Confront the War in the Middle East and Amplification Risks\n- https://www.imf.org/en/publications/fm\n- Fiscal Policy under Pressure: High Debt, Rising Risks\n- https://www.imf.org/en/publications/reo\n- Asia and Pacific\n- Europe\n- Middle East and Central Asia\n- Sub-Saharan Africa\n- Western Hemisphere\n- https://www.imf.org/en/publications/areb\n- Getting to Growth in an Age of Uncertainty\n- https://www.imf.org/en/publications/finance-development\n- More Publications\n- Blog\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2017/09/27/global-financial-stability-report-october-2017" } ], "bullets": [ "[Markdown version](/en/publications/gfsr/issues/2017/09/27/global-financial-stability-report-october-2017/index.md)", "[Structured JSON version](/en/publications/gfsr/issues/2017/09/27/global-financial-stability-report-october-2017/index.json)", "[Bundle manifest](/en/publications/gfsr/issues/2017/09/27/global-financial-stability-report-october-2017/bundle-manifest.json)", "Published: October 3, 2017", "The global financial system \"continues to strengthen in response to extraordinary policy support, regulatory enhancements, and the cyclical upturn in growth.\"", "Global bank balance sheets are stronger because of \"improved capital and liquidity buffers, amid tighter regulation and heightened market scrutiny.\"", "Some banks remain challenged by \"legacy issues and business model challenges, where progress has been uneven.\"", "Continuing monetary accommodation \"may lead to a continued search for yield where there is too much money chasing too few yielding assets, pushing investors beyond their traditional habitats.\"", "As the search for yield intensifies:", "Policymakers at both the national and global level \"will have to strengthen the financial and macroeconomic policy mix.\"", "Key dynamics:", "Risks highlighted:", "Policymaker implication:", "Cross-country patterns:", "Median household debt-to-GDP ratios:", "Empirical findings:", "Policy recommendations and attenuating factors:", "Methodology and finding:", "Policy relevance:", "Search-for-yield and market functioning:", "Structural and regional points:", "Scenario analysis:", "**Figure 1.1.1. Financial Cycles and Output Gaps**", "**Figure 1.1. Global Financial Stability Map: Risks and Conditions**", "**Figure 1.10. Changes in Life Insurance Companies� Business Models**", "**Fgiure 1.11. Life Insurers' Market Valuations and Risk Outlook**", "**Figure 1.12. Simulated Mark-to-Market Shocks to Assets and Liabilities**", "**Figure 1-13. Central Bank Balance Sheets and the Sovereign Sector**", "**Figure 1.14. Policy Rates, 10-Year Government Bond Yields, and Term Premiums**", "**dataset overview**", "**figure1-16**", "**Figure1 17**", "**Figure 1-18. Low-Income Country External Borrowing and Vulnerabilities**", "**figure1-19**", "**Figure 1.2. Global Financial Stability Map Components**", "**Figure 1.20. Long-Term Drivers of the Low-Volatility Regime**", "**Figure 1.21. Leveraged and Volatility-Targeting Strategies**", "**Figure 1.22. Vulnerability of the US Corporate Credit Investor Base to Shocks**", "**Figure 1.23. Group of Twenty Nonfinancial Sector Credit Trends**", "**Figure 1.24. Group of Twenty Nonfinancial Private Sector Borrowing**", "**Figure 1.25. G20 Nonfinancial Private Sector Credit and Debt Service Ratios**", "**Figure 1.26. Chinese Banking System Developments**", "**Figure 1.27. China: Regulatory Tightening Has Helped Contain Financial Sector Risks**", "**Figure 1.28. Chinese Banks: Financial Policy Tightening and Credit Growth Capacity**", "**figure1-29 — Bank Profitability and Liquidity Indicators**", "**Figure 1.30. Global Financial Dislocation Scenario**", "**Figure 1.31. Emerging Market Economy External Vulnerabilities and Corporate Leverage**", "**Figure 1.4. Global Systemically Important Banks: Signficance and Business Model Snapshot**", "**Figure 1.5. Global Systemically Important Banks: Capital, Liquidity, and Legacy Challenges**", "**Figure 1.6. Global Systemically Important Banks: Market Activity**", "**Figure 1.7. Global Systemically Important Banks' International Activity**", "**Figure 1.8. Global Systemically Important Banks: Financial Performance Gaps**", "**Figure 1.9. Life Insurance Companies’ Profitability and Capital**", "**IMF Golbal Financial Stability Report October 2017: Assumptions and Conventions**", "**Chapter 1: Is Growth At Risk?**", "**IMF Global financial Stability Report October 2017: Executive Summary**", "**Foreword**", "**106735_Figure 1.1.1**", "**106735_Figure 1.01**", "**106735_Figure 1.10**", "**106735_Figure 1.11**", "**106735_Figure 1.12**", "**106735_Figure 1.13**", "**106735_Figure 1.14**", "**106735_Figure 1.15**", "**106735_Figure 1.16**", "**106735_Figure 1.17**", "**106735_Figure 1.18**", "**106735_Figure 1.19**", "**106735_Figure 1.02**", "**Figure 1.20. Long-Term Drivers of the Low-Volatility Regime**", "**106735_Figure 1.21**", "**Figure 1.22. Vulnerability of the US Corporate Credit Investor Base to Shocks**", "**106735_Figure 1.23**", "**106735_Figure 1.24**", "**106735_Figure 1.25**", "**106735_Figure 1.26**", "**106735_Figure 1.27**", "**106735_Figure 1.28**", "**106735_Figure 1.29**", "**106735_Figure 1.03**", "**106735_Figure 1.30**", "**106735_Figure 1.31**", "**106735_Figure 1.04**", "**106735_Figure 1.05**", "**106735_Figure 1.06**", "**106735_Figure 1.07**", "**106735_Figure 1.08**", "**106735_Figure 1.09**", "**Annex Figure 2.1.1. Loan Characteristics, Rules, and Regulations**", "**Figure 2.1.1. Long-Term per Capita GDP Growth and Household Debt**", "**boxfigure2-3**", "**Figure 2.4.2. Consumption Response to House Prices**", "**boxfigure2-5**", "**Figure 2.1. Household Debt-to-GDP Ratio in Advanced and Emerging Market Economies**", "**Figure 2.10. The Impact of Household Debt by Country and Institutional Factors**", "**Figure2 3**", "**Figure 2.4. Household Debt: Evidence from Cross-Country Panel Data**", "**Figure2 5**", "**Figure 2.6. Effects of Household Debt on GDP Growth: Robustness Tests**", "**Figure 2.7. Micro-Level Evidence Corroborating the Macro Impact**", "**Figure 2.8. Banking Crises and the Role of Household Debt**", "**Figure 2.9. Bank Equity Returns and Household Debt**", "**Global Financial Stability Report October 2017 Chapter Two: Household Debt And Financial Stability**", "**Summary**", "**106735_Annex Figure 2.1.1**", "**Figure 2.4.1 and Figure 2.4.2**", "**106735_Figure 2.1.1**", "**106735_Figure 2.2.1 CMYK**", "**106735_Figure 2.3.1**", "**106735_Figure 2.5.1**", "**106735_Figure 2.01**", "**106735_Figure 2.10**", "**106735_Figure 2.02**", "**106735_Figure 2.03**", "**106735_Figure 2.04**", "**106735_Figure 2.05**", "**106735_Figure 2.06**", "**106735_Figure 2.07**", "**106735_Figure 2.08**", "**106735_Figure 2.09**", "**Annex 3.1. Financial Vulnerabilities and Growth Hysteresis in Structural Models**", "**Dataset overview**", "**Figure 3.1. Tighter Financial Conditions Forecast Greater Downside Tail Risk to Global Growth**", "**Figure3 2**", "**Figure 3.3. In Emerging Market Economies, Changes in Financial Conditions Also Affect Upside Risks**", "**Figure 3.4. Higher Price of Risk is a Significant Predictor of Downside Growth Risks within One Year**", "**Figure 3.5. Rising Leverage Signals Higher Downside Growth Risks at Longer Time Horizons**", "**Figure 3.6. Waning Global Risk Appetite Signals Imminent Downside Risks to Growth**", "**Figure3 7**", "**Figure 3.8. In-Sample and Recursive Out of Sample Quantile Forecasts: One-Quarter-Ahead**", "**figure3-9**", "**Chapter 3: Financial Conditions and Growth At Risk**", "**Global Financial Stability Report October 2017 Summary: Financial Conditions And Growth At Risk**", "**annexfigures1-4**", "**106735_Figure 3.1**", "**106735_Figure 3.2**", "**106735_Figure 3.3**", "**106735_Figure 3.4**", "**106735_Figure 3.5**", "**106735_Figure 3.6**", "**106735_Figure 3.7**", "**106735_Figure 3.8**", "**106735_Figure 3.9**", "[Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index)", "[Modify your profile](https://www.imf.org/en/email-subscription/login)", "[Financial Stability Improves, But Rising Vulnerabilities Could Put Growth at Risk](https://blogs.imf.org/2017/10/11/financial-stability-improves-but-rising-vulnerabilities-could-put-growth-at-risk//)", "[Rising Household Debt: What It Means for Growth and Stability](https://blogs.imf.org/?p=21508&preview=true)", "[How Policy Makers Can Better Predict a Downturn – and Prepare](https://blogs.imf.org/2017/10/03/how-policy-makers-can-better-predict-a-downturn-and-prepare//)", "[https://www.imf.org/en/publications/weo](https://www.imf.org/en/publications/weo)", "[Global Economy in the Shadow of War](https://www.imf.org/en/publications/weo/issues/2026/04/14/world-economic-outlook-april-2026)", "[https://www.imf.org/en/publications/gfsr](https://www.imf.org/en/publications/gfsr)", "[Global Financial Markets Confront the War in the Middle East and Amplification Risks](https://www.imf.org/en/publications/gfsr/issues/2026/04/14/global-financial-stability-report-april-2026)", "[https://www.imf.org/en/publications/fm](https://www.imf.org/en/publications/fm)", "[Fiscal Policy under Pressure: High Debt, Rising Risks](https://www.imf.org/en/publications/fm/issues/2026/04/15/fiscal-monitor-april-2026)", "[https://www.imf.org/en/publications/reo](https://www.imf.org/en/publications/reo)", "[Asia and Pacific](https://www.imf.org/en/publications/reo/apac)", "[Europe](https://www.imf.org/en/publications/reo/eu)", "[Middle East and Central Asia](https://www.imf.org/en/publications/reo/meca)", "[Sub-Saharan Africa](https://www.imf.org/en/publications/reo/ssa)", "[Western Hemisphere](https://www.imf.org/en/publications/reo/wh)", "[https://www.imf.org/en/publications/areb](https://www.imf.org/en/publications/areb)", "[Getting to Growth in an Age of Uncertainty](https://www.imf.org/en/publications/areb/issues/2025/09/24/annual-report-2025)", "[https://www.imf.org/en/publications/finance-development](https://www.imf.org/en/publications/finance-development)", "[More Publications](https://www.imf.org/en/publications)", "[Blog](https://blogs.imf.org/2017/10/11/financial-stability-improves-but-rising-vulnerabilities-could-put-growth-at-risk)" ], "related": [ { "title": "Figure 1.1.1. Financial Cycles and Output Gaps", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/box-figure1-1-1.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/box-figure1-1-1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/box-figure1-1-1.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.1. Global Financial Stability Map: Risks and Conditions", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-1.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-1.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.10. Changes in Life Insurance Companies� Business Models", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-10.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-10.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-10.csv", "mime": "application/octet-stream" } }, { "title": "Fgiure 1.11. Life Insurers' Market Valuations and Risk Outlook", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-11.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-11.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-11.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.12. Simulated Mark-to-Market Shocks to Assets and Liabilities", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-12.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-12.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-12.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1-13. Central Bank Balance Sheets and the Sovereign Sector", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-13.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-13.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-13.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.14. Policy Rates, 10-Year Government Bond Yields, and Term Premiums", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-14.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-14.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-14.csv", "mime": "application/octet-stream" } }, { "title": "dataset overview", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-15.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-15.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-15.csv", "mime": "application/octet-stream" } }, { "title": "figure1-16", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-16.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-16.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-16.csv", "mime": "application/octet-stream" } }, { "title": "Figure1 17", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-17.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-17.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-17.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1-18. Low-Income Country External Borrowing and Vulnerabilities", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-18.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-18.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-18.csv", "mime": "application/octet-stream" } }, { "title": "figure1-19", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-19.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-19.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-19.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.2. Global Financial Stability Map Components", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-2.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-2.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-2.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.20. Long-Term Drivers of the Low-Volatility Regime", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-20.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-20.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-20.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.21. Leveraged and Volatility-Targeting Strategies", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-21.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-21.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-21.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.22. Vulnerability of the US Corporate Credit Investor Base to Shocks", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-22.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-22.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-22.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.23. Group of Twenty Nonfinancial Sector Credit Trends", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-23.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-23.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-23.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.24. Group of Twenty Nonfinancial Private Sector Borrowing", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-24.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-24.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-24.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.25. G20 Nonfinancial Private Sector Credit and Debt Service Ratios", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-25.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-25.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-25.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.26. Chinese Banking System Developments", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-26.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-26.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-26.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.27. China: Regulatory Tightening Has Helped Contain Financial Sector Risks", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-27.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-27.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-27.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.28. Chinese Banks: Financial Policy Tightening and Credit Growth Capacity", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-28.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-28.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-28.csv", "mime": "application/octet-stream" } }, { "title": "figure1-29 — Bank Profitability and Liquidity Indicators", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-29.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-29.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-29.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.30. Global Financial Dislocation Scenario", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-30.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-30.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-30.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.31. Emerging Market Economy External Vulnerabilities and Corporate Leverage", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-31.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-31.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-31.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.4. Global Systemically Important Banks: Signficance and Business Model Snapshot", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-4.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-4.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-4.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.5. Global Systemically Important Banks: Capital, Liquidity, and Legacy Challenges", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-5.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-5.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-5.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.6. Global Systemically Important Banks: Market Activity", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-6.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-6.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-6.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.7. Global Systemically Important Banks' International Activity", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-7.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-7.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-7.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.8. Global Systemically Important Banks: Financial Performance Gaps", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-8.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-8.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-8.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.9. Life Insurance Companies’ Profitability and Capital", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-9.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-9.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/csv-data/figure1-9.csv", "mime": "application/octet-stream" } }, { "title": "IMF Golbal Financial Stability Report October 2017: Assumptions and Conventions", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/documents/assumptions.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/documents/assumptions.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/documents/assumptions.pdf", "mime": "application/pdf" } }, { "title": "Chapter 1: Is Growth At Risk?", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/documents/c1.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/documents/c1.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/documents/c1.pdf", "mime": "application/pdf" } }, { "title": "IMF Global financial Stability Report October 2017: Executive Summary", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/documents/exec-summary.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/documents/exec-summary.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/documents/exec-summary.pdf", "mime": "application/pdf" } }, { "title": "Foreword", "role": "foreword", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/documents/foreword.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/documents/foreword.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/documents/foreword.pdf", "mime": "application/pdf" } }, { "title": "106735_Figure 1.1.1", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/boxfigure1-1-1.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/boxfigure1-1-1.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/boxfigure1-1-1.pdf", "mime": "application/pdf" } }, { "title": "106735_Figure 1.01", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-1.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-1.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-1.pdf", "mime": "application/pdf" } }, { "title": "106735_Figure 1.10", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-10.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-10.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-10.pdf", "mime": "application/pdf" } }, { "title": "106735_Figure 1.11", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-11.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-11.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-11.pdf", "mime": "application/pdf" } }, { "title": "106735_Figure 1.12", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-12.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-12.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-12.pdf", "mime": "application/pdf" } }, { "title": "106735_Figure 1.13", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-13.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-13.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-13.pdf", "mime": "application/pdf" } }, { "title": "106735_Figure 1.14", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-14.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-14.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-14.pdf", "mime": "application/pdf" } }, { "title": "106735_Figure 1.15", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-15.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-15.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-15.pdf", "mime": "application/pdf" } }, { "title": "106735_Figure 1.16", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-16.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-16.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-16.pdf", "mime": "application/pdf" } }, { "title": "106735_Figure 1.17", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-17.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-17.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-17.pdf", "mime": "application/pdf" } }, { "title": "106735_Figure 1.18", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-18.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-18.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-18.pdf", "mime": "application/pdf" } }, { "title": "106735_Figure 1.19", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-19.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-19.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-19.pdf", "mime": "application/pdf" } }, { "title": "106735_Figure 1.02", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-2.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-2.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-2.pdf", "mime": "application/pdf" } }, { "title": "Figure 1.20. 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Vulnerability of the US Corporate Credit Investor Base to Shocks", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-22.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-22.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-22.csv", "mime": "application/octet-stream" } }, { "title": "106735_Figure 1.23", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-23.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-23.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-23.pdf", "mime": "application/pdf" } }, { "title": "106735_Figure 1.24", "role": "document", "sourceUrl": 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Loan Characteristics, Rules, and Regulations", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/annexfigure2-1.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/annexfigure2-1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/annexfigure2-1.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.1.1. Long-Term per Capita GDP Growth and Household Debt", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/boxfigure2-1.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/boxfigure2-1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/boxfigure2-1.csv", "mime": "application/octet-stream" } }, { "title": "boxfigure2-3", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/boxfigure2-3.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/boxfigure2-3.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/boxfigure2-3.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.4.2. Consumption Response to House Prices", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/boxfigure2-4.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/boxfigure2-4.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/boxfigure2-4.csv", "mime": "application/octet-stream" } }, { "title": "boxfigure2-5", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/boxfigure2-5.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/boxfigure2-5.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/boxfigure2-5.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.1. Household Debt-to-GDP Ratio in Advanced and Emerging Market Economies", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-1.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-1.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.10. The Impact of Household Debt by Country and Institutional Factors", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-10.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-10.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-10.csv", "mime": "application/octet-stream" } }, { "title": "Figure2 3", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-3.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-3.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-3.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.4. Household Debt: Evidence from Cross-Country Panel Data", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-4.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-4.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-4.csv", "mime": "application/octet-stream" } }, { "title": "Figure2 5", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-5.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-5.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-5.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.6. Effects of Household Debt on GDP Growth: Robustness Tests", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-6.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-6.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-6.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.7. Micro-Level Evidence Corroborating the Macro Impact", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-7.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-7.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-7.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.8. Banking Crises and the Role of Household Debt", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-8.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-8.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-8.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.9. Bank Equity Returns and Household Debt", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-9.csv", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-9.csv.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/csv-data/figure2-9.csv", "mime": "application/octet-stream" } }, { "title": "Global Financial Stability Report October 2017 Chapter Two: Household Debt And Financial Stability", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/documents/c2.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/documents/c2.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2017/october/chapter-2/documents/c2.pdf", "mime": "application/pdf" } }, { "title": "Summary", "role": "document", "sourceUrl": 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