{
  "title": "Global Financial Stability Report April 2018: A Bumpy Road Ahead",
  "publication": "Global Financial Stability Report, April 2018",
  "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2018/04/02/global-financial-stability-report-april-2018",
  "canonical": "https://www.imf.org/en/publications/gfsr/issues/2018/04/02/global-financial-stability-report-april-2018",
  "overlayPath": "/en/publications/gfsr/issues/2018/04/02/global-financial-stability-report-april-2018/index.md",
  "summary": "The April 2018 Global Financial Stability Report (GFSR) finds that short-term risks to financial stability have increased somewhat since the previous GFSR.",
  "sections": [
    {
      "heading": "Overview: Main findings and risks",
      "content": "- Short-term risks to financial stability have increased somewhat since the previous GFSR.\n- Medium-term risks remain elevated as financial vulnerabilities built up during years of accommodative policies could mean a bumpy road ahead and put growth at risk.\n- Higher inflation may lead central banks to respond more aggressively than currently expected, which could lead to a sharp tightening of financial conditions.\n- Valuations of risky assets are still stretched; liquidity mismatches, leverage, and other factors could amplify asset price moves and their impact on the financial system.\n- Emerging markets have generally improving fundamentals but could be vulnerable to sudden tightening of global financial conditions.\n- Banks have strengthened their balance sheets since the crisis, but parts of the system face a structural US dollar liquidity mismatch that could be a vulnerability.\n- Crypto assets have features that may improve market efficiency, but they could also pose risks if used with leverage or without appropriate safeguards.\n- Policymakers and investors must remain attuned to the risks of rising interest rates and higher market volatility."
    },
    {
      "heading": "Policy recommendations and guidance",
      "content": "- Central banks should continue to normalize policy gradually and communicate clearly.\n- Policymakers should address vulnerabilities by deploying and developing macroprudential tools.\n- Supervisors and policymakers should keep close watch on the evolution of the riskiness of corporate credit allocation.\n- Consideration of macroprudential tightening can reduce the likelihood that credit expansions are associated with riskier credit allocation.\n- Greater banking supervisor independence, smaller government footprint in the nonfinancial corporate sector, and stronger minority shareholder protection are associated with less risky credit allocation during credit expansions."
    },
    {
      "heading": "Chapter 1 (A Bumpy Road Ahead): Key themes",
      "content": "- Examines the effect of higher inflation, central bank responses, and the potential for sharp tightening of financial conditions.\n- Highlights stretched valuations of global equities and corporate bonds, liquidity mismatches, leverage, and interconnectedness as amplifiers of asset price moves.\n- Documents vulnerabilities in emerging markets, low-income countries, and China.\n- Discusses funding challenges of internationally active banks and a structural US dollar liquidity mismatch in parts of the system.\n- Considers crypto assets under headings including \"Crypto Assets: New Coin on the Block, Reach for Yield, or Asset Price Bubble?\""
    },
    {
      "heading": "Chapter 2 (The Riskiness of Credit Allocation): Findings and implications",
      "content": "- Focus: the extent to which riskier firms receive credit relative to less risky firms, its relationship to the size of credit expansions, and relevance to financial stability.\n- Constructs four measures of the riskiness of credit allocation across advanced and emerging market economies.\n- The riskiness of credit allocation is cyclical at the global and country levels and rises when financial conditions and lending standards are looser.\n- Taking riskiness into account helps better predict full-blown banking crises, financial sector stress, and downside risks to growth at horizons up to three years.\n- A period of credit expansion is less likely to be associated with riskier credit allocation if:\n  - macroprudential policy has been tightened,\n  - the banking supervisor is more independent,\n  - the government has a smaller footprint in the nonfinancial corporate sector,\n  - minority shareholder protection is greater."
    },
    {
      "heading": "Chapter 3 (House Price Synchronization): Findings and implications",
      "content": "- Analyzes whether and how house prices move in tandem across countries and major cities (global house price synchronicity).\n- Finds a striking increase in house price synchronization across countries and cities.\n- Documents an increase in house price synchronization, on balance, for 40 advanced and emerging market economies and 44 major cities.\n- Global financial conditions contribute to this synchronization; cities in advanced economies may be particularly exposed.\n- Heightened synchronicity can signal a downside tail risk to real economic activity at short horizons.\n- Macroprudential policies seem to have some ability to influence local house price developments and may reduce a country’s house price synchronization."
    },
    {
      "heading": "Selected charts, boxes, and annexes highlighted in the report",
      "content": "- Figures listed include: 1.1. Global Financial Conditions; 1.2. Growth-at-Risk; 1.3. Nonfinancial Private Sector Debt; 1.4. Market Interest Rates, Central Bank Balance Sheets, and US Financial Indicators; 1.7. Valuations of Global Equities; 1.8. Valuations of Corporate Bonds; 1.13. Crypto Assets: Size, Price Appreciation, Realized Volatility, and Sharpe Ratio; 1.23. US Dollar Credit Aggregates and Bank Intragroup Funding Structures; 1.24. Non-US Banks’ International Dollar Balance Sheets; 1.25. Non-US Banks’ International US Dollar Liquidity Ratios; among others.\n- Boxes include: 1.1. The VIX Tantrum; 1.2. An Econometric Lens on What Drives Term Premiums; 1.4. Central Bank Digital Currencies; 1.5. Regulatory Reform—Stitching Up the Loose Ends.\n- Online Annexes and Text subsections include: 1.1. Option-Implied Volatility: The Quantity and Price of Risk for Stocks and Bonds; 1.2. Bank International Dollar Funding Methodology.\n\nSource: Global Financial Stability Report April 2018: A Bumpy Road Ahead\n\n---\n\n Content in this bundle\n\n- Boxfigure12\n  - Boxfigure12 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Boxfigure12 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.3.1 Nonbanks Have Increased Their Credit Exposure in the US Leveraged Loan Markets\n  - Figure 1.3.1 Nonbanks Have Increased Their Credit Exposure in the US Leveraged Loan Markets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.3.1 Nonbanks Have Increased Their Credit Exposure in the US Leveraged Loan Markets (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.1. Global Financial Conditions\n  - Figure 1.1. Global Financial Conditions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.1. Global Financial Conditions (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.10.  Correlations and Interconnectedness\n  - Figure 1.10.  Correlations and Interconnectedness (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.10.  Correlations and Interconnectedness (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.13. Crypto Assets: Size, Price Appreciation, Realized Volatility and Sharpe Ratio\n  - Figure 1.13. Crypto Assets: Size, Price Appreciation, Realized Volatility and Sharpe Ratio (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.13. Crypto Assets: Size, Price Appreciation, Realized Volatility and Sharpe Ratio (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.14. Share of the Trading Volumes Across Exchanges, Cryptocurrencies and Fiat Currencies\n  - Figure 1.14. Share of the Trading Volumes Across Exchanges, Cryptocurrencies and Fiat Currencies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.14. Share of the Trading Volumes Across Exchanges, Cryptocurrencies and Fiat Currencies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.15. Improving Fundamentals, Increased Foreign Currency Issuance\n  - Figure 1.15. Improving Fundamentals, Increased Foreign Currency Issuance (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.15. Improving Fundamentals, Increased Foreign Currency Issuance (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- figure1-19 — Chinese Banking System and Financial Market Developments and Liabilities\n  - figure1-19 — Chinese Banking System and Financial Market Developments and Liabilities (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure1-19 — Chinese Banking System and Financial Market Developments and Liabilities (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure1-2\n  - figure1-2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure1-2 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.20. Risks and Adjustment Challenges in Chinese Investment Products\n  - Figure 1.20. Risks and Adjustment Challenges in Chinese Investment Products (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.20. Risks and Adjustment Challenges in Chinese Investment Products (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.21. Chinese Insurers\n  - Figure 1.21. Chinese Insurers (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.21. Chinese Insurers (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.22. Advanced Economy Bank Health\n  - Figure 1.22. Advanced Economy Bank Health (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.22. Advanced Economy Bank Health (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.23. US Dollar Credit Aggregates and Bank Intragroup Funding Structures\n  - Figure 1.23. US Dollar Credit Aggregates and Bank Intragroup Funding Structures (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.23. US Dollar Credit Aggregates and Bank Intragroup Funding Structures (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure1-24\n  - figure1-24 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure1-24 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure1-25\n  - figure1-25 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure1-25 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.26. Foreign Exchange Swap and Short-Term Bank Funding Markets\n  - Figure 1.26. Foreign Exchange Swap and Short-Term Bank Funding Markets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.26. Foreign Exchange Swap and Short-Term Bank Funding Markets (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure1-3\n  - figure1-3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure1-3 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.4. Market Interest Rates, Central Bank Balance Sheets, and US Financial Indicators\n  - Figure 1.4. Market Interest Rates, Central Bank Balance Sheets, and US Financial Indicators (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.4. Market Interest Rates, Central Bank Balance Sheets, and US Financial Indicators (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.6.  Term Premium Correlations, Spillovers, and Exchange Rate Relationships\n  - Figure 1.6.  Term Premium Correlations, Spillovers, and Exchange Rate Relationships (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.6.  Term Premium Correlations, Spillovers, and Exchange Rate Relationships (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.7. Valuations of Global Equities\n  - Figure 1.7. Valuations of Global Equities (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.7. Valuations of Global Equities (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.8. Valuations of Corporate Bonds\n  - Figure 1.8. Valuations of Corporate Bonds (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.8. Valuations of Corporate Bonds (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure1-9\n  - figure1-9 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure1-9 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- IMF GFSR April 2018 Assumptions and Conventions\n  - IMF GFSR April 2018 Assumptions and Conventions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - IMF GFSR April 2018 Assumptions and Conventions (PDF){rel=\"external\" type=\"application/pdf\"}\n- IMF Global Financial Stablity Report GFSR April 2018 Executive Board Discussion Summary\n  - IMF Global Financial Stablity Report GFSR April 2018 Executive Board Discussion Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - IMF Global Financial Stablity Report GFSR April 2018 Executive Board Discussion Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- Preface\n  - Preface (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Preface (PDF){rel=\"external\" type=\"application/pdf\"}\n- IMF Global Finanacial Stability Report April 2018 Executive Summary\n  - IMF Global Finanacial Stability Report April 2018 Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - IMF Global Finanacial Stability Report April 2018 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- Further Info\n  - Further Info (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Further Info (PDF){rel=\"external\" type=\"application/pdf\"}\n- Preface\n  - Preface (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Preface (PDF){rel=\"external\" type=\"application/pdf\"}\n- Full Report\n  - Full Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Full Report (PDF){rel=\"external\" type=\"application/pdf\"}\n- ANNEX 1.1.  Option Implied Volatility--Edits from COM\n  - ANNEX 1.1.  Option Implied Volatility--Edits from COM (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - ANNEX 1.1.  Option Implied Volatility--Edits from COM (PDF){rel=\"external\" type=\"application/pdf\"}\n- Online Annex 1.2. Bank International Dollar Funding Methodology\n  - Online Annex 1.2. Bank International Dollar Funding Methodology (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Online Annex 1.2. Bank International Dollar Funding Methodology (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.1.1. US Asset Prices\n  - Figure 1.1.1. US Asset Prices (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.1.1. US Asset Prices (PDF){rel=\"external\" type=\"application/pdf\"}\n- 108929.Figure.1.2.1\n  - 108929.Figure.1.2.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 108929.Figure.1.2.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.3.1\n  - Figure 1.3.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.3.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.1\n  - Figure 1.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- figure1-10\n  - figure1-10 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure1-10 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.11. Measures of Leverage and Investment Funds with Derivatives-Embedded Leverage\n  - Figure 1.11. Measures of Leverage and Investment Funds with Derivatives-Embedded Leverage (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.11. Measures of Leverage and Investment Funds with Derivatives-Embedded Leverage (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.12\n  - Figure 1.12 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.12 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.13\n  - Figure 1.13 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.13 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.14\n  - Figure 1.14 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.14 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.15. Improving Fundamentals, Increased Foreign Currency Issuance\n  - Figure 1.15. Improving Fundamentals, Increased Foreign Currency Issuance (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.15. Improving Fundamentals, Increased Foreign Currency Issuance (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.16. Creditor Base and External Financing Vulnerabilities\n  - Figure 1.16. Creditor Base and External Financing Vulnerabilities (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.16. Creditor Base and External Financing Vulnerabilities (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure1 17\n  - Figure1 17 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure1 17 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.18\n  - Figure 1.18 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.18 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.19\n  - Figure 1.19 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.19 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.2\n  - Figure 1.2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.20. Risks and Adjustment Challenges in Chinese Investment Products\n  - Figure 1.20. Risks and Adjustment Challenges in Chinese Investment Products (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.20. Risks and Adjustment Challenges in Chinese Investment Products (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.21. Chinese Insurers\n  - Figure 1.21. Chinese Insurers (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.21. Chinese Insurers (PDF){rel=\"external\" type=\"application/pdf\"}\n- figure1-22\n  - figure1-22 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure1-22 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.23\n  - Figure 1.23 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.23 (PDF){rel=\"external\" type=\"application/pdf\"}\n- figure1-24\n  - figure1-24 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure1-24 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.25\n  - Figure 1.25 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.25 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.26\n  - Figure 1.26 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.26 (PDF){rel=\"external\" type=\"application/pdf\"}\n- figure1-3\n  - figure1-3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure1-3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 108929.Figure.1.4\n  - 108929.Figure.1.4 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 108929.Figure.1.4 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.5. US Inflation Expectations and Term Premium\n  - Figure 1.5. US Inflation Expectations and Term Premium (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.5. US Inflation Expectations and Term Premium (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.6\n  - Figure 1.6 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.6 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.7\n  - Figure 1.7 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.7 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.8\n  - Figure 1.8 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.8 (PDF){rel=\"external\" type=\"application/pdf\"}\n- figure1-9\n  - figure1-9 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure1-9 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Dataset: boxfigure221 — China: Profitability of Credit Allocation, 1997–2016\n  - Dataset: boxfigure221 — China: Profitability of Credit Allocation, 1997–2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Dataset: boxfigure221 — China: Profitability of Credit Allocation, 1997–2016 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.3.1. The Riskiness of Credit Allocation and Financial Conditions\n  - Figure 2.3.1. The Riskiness of Credit Allocation and Financial Conditions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.3.1. The Riskiness of Credit Allocation and Financial Conditions (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.4.1. Impulse Response of Cumulative Real GDP Growth to a High-Yield Share Shock\n  - Figure 2.4.1. Impulse Response of Cumulative Real GDP Growth to a High-Yield Share Shock (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.4.1. Impulse Response of Cumulative Real GDP Growth to a High-Yield Share Shock (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.1. Financial conditions have been loose in recent years\n  - Figure 2.1. Financial conditions have been loose in recent years (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.1. Financial conditions have been loose in recent years (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.2. Low-Rated Nonfinancial Corporate Bond Issuance Has Been High in Some Advanced Economies\n  - Figure 2.2. Low-Rated Nonfinancial Corporate Bond Issuance Has Been High in Some Advanced Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.2. Low-Rated Nonfinancial Corporate Bond Issuance Has Been High in Some Advanced Economies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.5. Selected Economies: Riskiness of Credit Allocation, 1995–2016\n  - Figure 2.5. Selected Economies: Riskiness of Credit Allocation, 1995–2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.5. Selected Economies: Riskiness of Credit Allocation, 1995–2016 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure28\n  - Figure28 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure28 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure29\n  - Figure29 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure29 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- C2\n  - C2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - C2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- The Riskiness of Credit Allocation: A Source of Financial Vulnerability?\n  - The Riskiness of Credit Allocation: A Source of Financial Vulnerability? (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - The Riskiness of Credit Allocation: A Source of Financial Vulnerability? (PDF){rel=\"external\" type=\"application/pdf\"}\n- Boxfigure2 1 1\n  - Boxfigure2 1 1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Boxfigure2 1 1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Boxfigure2 1 2\n  - Boxfigure2 1 2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Boxfigure2 1 2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.2.1. China: Profitability of Credit Allocation, 1997–2016\n  - Figure 2.2.1. China: Profitability of Credit Allocation, 1997–2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.2.1. China: Profitability of Credit Allocation, 1997–2016 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.2.2. China: Profitability of Credit Allocation, by Ownership and Sector\n  - Figure 2.2.2. China: Profitability of Credit Allocation, by Ownership and Sector (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.2.2. China: Profitability of Credit Allocation, by Ownership and Sector (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.3.1. The Riskiness of Credit Allocation and Financial Conditions\n  - Figure 2.3.1. The Riskiness of Credit Allocation and Financial Conditions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.3.1. The Riskiness of Credit Allocation and Financial Conditions (PDF){rel=\"external\" type=\"application/pdf\"}\n- Boxfigure2 4 1\n  - Boxfigure2 4 1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Boxfigure2 4 1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.1. Financial Conditions Have Been Loose in Recent Years\n  - Figure 2.1. Financial Conditions Have Been Loose in Recent Years (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.1. Financial Conditions Have Been Loose in Recent Years (PDF){rel=\"external\" type=\"application/pdf\"}\n- figure2-10\n  - figure2-10 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure2-10 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.11. Higher Riskiness of Credit Allocation Signals Higher Downside Risks to GDP Growth\n  - Figure 2.11. Higher Riskiness of Credit Allocation Signals Higher Downside Risks to GDP Growth (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.11. Higher Riskiness of Credit Allocation Signals Higher Downside Risks to GDP Growth (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure2 12\n  - Figure2 12 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure2 12 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure2 13\n  - Figure2 13 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure2 13 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.2. Low-Rated Nonfinancial Corporate Bond Issuance Has Been High in Some Advanced Economies\n  - Figure 2.2. Low-Rated Nonfinancial Corporate Bond Issuance Has Been High in Some Advanced Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.2. Low-Rated Nonfinancial Corporate Bond Issuance Has Been High in Some Advanced Economies (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure2 3\n  - Figure2 3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure2 3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.4. The Riskiness of Credit Allocation Is Cyclical at the Global Level\n  - Figure 2.4. The Riskiness of Credit Allocation Is Cyclical at the Global Level (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.4. The Riskiness of Credit Allocation Is Cyclical at the Global Level (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.5. Selected Economies: Riskiness of Credit Allocation, 1995–2016\n  - Figure 2.5. Selected Economies: Riskiness of Credit Allocation, 1995–2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.5. Selected Economies: Riskiness of Credit Allocation, 1995–2016 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.6. The Riskiness of Credit Allocation Rises When a Credit Expansion Is Stronger\n  - Figure 2.6. The Riskiness of Credit Allocation Rises When a Credit Expansion Is Stronger (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.6. The Riskiness of Credit Allocation Rises When a Credit Expansion Is Stronger (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure2 7\n  - Figure2 7 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure2 7 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure2 8\n  - Figure2 8 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure2 8 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure2 9\n  - Figure2 9 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure2 9 (PDF){rel=\"external\" type=\"application/pdf\"}\n- boxfigure3-1-1\n  - boxfigure3-1-1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - boxfigure3-1-1 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.2.1. Housing Return Predictability\n  - Figure 3.2.1. Housing Return Predictability (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.2.1. Housing Return Predictability (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.2.2. Predictability of Returns on Housing and Capital Account Openness\n  - Figure 3.2.2. Predictability of Returns on Housing and Capital Account Openness (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.2.2. Predictability of Returns on Housing and Capital Account Openness (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- boxfigure3-4-1\n  - boxfigure3-4-1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - boxfigure3-4-1 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.11. Average Country-Level Housing Market “Spillovers” Have Increased\n  - Figure 3.11. Average Country-Level Housing Market “Spillovers” Have Increased (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.11. Average Country-Level Housing Market “Spillovers” Have Increased (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure3 12\n  - Figure3 12 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure3 12 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure3 13\n  - Figure3 13 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure3 13 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure3 14\n  - Figure3 14 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure3 14 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure3 15\n  - Figure3 15 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure3 15 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure3 16\n  - Figure3 16 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure3 16 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.2. Widespread House Price Gains Have Accompanied Accommodative Financial Conditions\n  - Figure 3.2. Widespread House Price Gains Have Accompanied Accommodative Financial Conditions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.2. Widespread House Price Gains Have Accompanied Accommodative Financial Conditions (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.5. Synchronization Has Steadily Increased Across Countries and Cities\n  - Figure 3.5. Synchronization Has Steadily Increased Across Countries and Cities (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.5. Synchronization Has Steadily Increased Across Countries and Cities (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure3-6\n  - figure3-6 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure3-6 (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. Relative Contribution of the Global Factor Varies Across Regions\n  - Figure 3.8. Relative Contribution of the Global Factor Varies Across Regions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.8. Relative Contribution of the Global Factor Varies Across Regions (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- C3\n  - C3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - C3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- House Price Synchronization: What Role for Financial Factors?\n  - House Price Synchronization: What Role for Financial Factors? (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - House Price Synchronization: What Role for Financial Factors? (PDF){rel=\"external\" type=\"application/pdf\"}\n- Boxfigure3 1 1\n  - Boxfigure3 1 1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Boxfigure3 1 1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.2.1. Housing Return Predictability\n  - Figure 3.2.1. Housing Return Predictability (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.2.1. Housing Return Predictability (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.2.2. Predictability of Returns on Housing and Capital Account Openness\n  - Figure 3.2.2. Predictability of Returns on Housing and Capital Account Openness (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.2.2. Predictability of Returns on Housing and Capital Account Openness (PDF){rel=\"external\" type=\"application/pdf\"}\n- Boxfigure3 3 1\n  - Boxfigure3 3 1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Boxfigure3 3 1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.4.1. Macroprudential Tools Indirectly Reduce House Price Synchronicity\n  - Figure 3.4.1. Macroprudential Tools Indirectly Reduce House Price Synchronicity (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.4.1. Macroprudential Tools Indirectly Reduce House Price Synchronicity (PDF){rel=\"external\" type=\"application/pdf\"}\n- figure3-1\n  - figure3-1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure3-1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.10. Interconnectedness among Cities’ House Prices Varies\n  - Figure 3.10. Interconnectedness among Cities’ House Prices Varies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.10. Interconnectedness among Cities’ House Prices Varies (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.11. Average Country-Level Housing Market Spillovers Have Increased\n  - Figure 3.11. Average Country-Level Housing Market Spillovers Have Increased (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.11. Average Country-Level Housing Market Spillovers Have Increased (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure3 12\n  - Figure3 12 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure3 12 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure3 13\n  - Figure3 13 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure3 13 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure3 14\n  - Figure3 14 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure3 14 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure3 15\n  - Figure3 15 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure3 15 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure3 16\n  - Figure3 16 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure3 16 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.2. Widespread House Price Gains Have Accompanied Accommodative Financial Conditions\n  - Figure 3.2. Widespread House Price Gains Have Accompanied Accommodative Financial Conditions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.2. Widespread House Price Gains Have Accompanied Accommodative Financial Conditions (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.3. Institutional Investor Participation Has Been on the Rise\n  - Figure 3.3. Institutional Investor Participation Has Been on the Rise (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.3. Institutional Investor Participation Has Been on the Rise (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure3 4\n  - Figure3 4 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure3 4 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3-5\n  - Figure 3-5 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3-5 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.6. The Relative Contribution of the Global Factor Has Grown\n  - Figure 3.6. The Relative Contribution of the Global Factor Has Grown (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.6. The Relative Contribution of the Global Factor Has Grown (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.7. Instantaneous Quasi Correlation of House Price Gaps Shows Financial Cycle Properties\n  - Figure 3.7. Instantaneous Quasi Correlation of House Price Gaps Shows Financial Cycle Properties (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.7. Instantaneous Quasi Correlation of House Price Gaps Shows Financial Cycle Properties (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.8. Relative Contribution of the Global Factor Varies across Regions\n  - Figure 3.8. Relative Contribution of the Global Factor Varies across Regions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.8. Relative Contribution of the Global Factor Varies across Regions (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.9. Economies Differ in Their House Price Interconnectedness\n  - Figure 3.9. Economies Differ in Their House Price Interconnectedness (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.9. Economies Differ in Their House Price Interconnectedness (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- https://www.imf.org/en/publications/weo\n- Global Economy in Crosscurrents of War and Technology\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- Blog\n- Blog\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2018/04/02/global-financial-stability-report-april-2018"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/gfsr/issues/2018/04/02/global-financial-stability-report-april-2018/index.md)",
    "[Structured JSON version](/en/publications/gfsr/issues/2018/04/02/global-financial-stability-report-april-2018/index.json)",
    "[Bundle manifest](/en/publications/gfsr/issues/2018/04/02/global-financial-stability-report-april-2018/bundle-manifest.json)",
    "Published: April 10, 2018",
    "Short-term risks to financial stability have increased somewhat since the previous GFSR.",
    "Medium-term risks remain elevated as financial vulnerabilities built up during years of accommodative policies could mean a bumpy road ahead and put growth at risk.",
    "Higher inflation may lead central banks to respond more aggressively than currently expected, which could lead to a sharp tightening of financial conditions.",
    "Valuations of risky assets are still stretched; liquidity mismatches, leverage, and other factors could amplify asset price moves and their impact on the financial system.",
    "Emerging markets have generally improving fundamentals but could be vulnerable to sudden tightening of global financial conditions.",
    "Banks have strengthened their balance sheets since the crisis, but parts of the system face a structural US dollar liquidity mismatch that could be a vulnerability.",
    "Crypto assets have features that may improve market efficiency, but they could also pose risks if used with leverage or without appropriate safeguards.",
    "Policymakers and investors must remain attuned to the risks of rising interest rates and higher market volatility.",
    "Central banks should continue to normalize policy gradually and communicate clearly.",
    "Policymakers should address vulnerabilities by deploying and developing macroprudential tools.",
    "Supervisors and policymakers should keep close watch on the evolution of the riskiness of corporate credit allocation.",
    "Consideration of macroprudential tightening can reduce the likelihood that credit expansions are associated with riskier credit allocation.",
    "Greater banking supervisor independence, smaller government footprint in the nonfinancial corporate sector, and stronger minority shareholder protection are associated with less risky credit allocation during credit expansions.",
    "Examines the effect of higher inflation, central bank responses, and the potential for sharp tightening of financial conditions.",
    "Highlights stretched valuations of global equities and corporate bonds, liquidity mismatches, leverage, and interconnectedness as amplifiers of asset price moves.",
    "Documents vulnerabilities in emerging markets, low-income countries, and China.",
    "Discusses funding challenges of internationally active banks and a structural US dollar liquidity mismatch in parts of the system.",
    "Considers crypto assets under headings including \"Crypto Assets: New Coin on the Block, Reach for Yield, or Asset Price Bubble?\"",
    "Focus: the extent to which riskier firms receive credit relative to less risky firms, its relationship to the size of credit expansions, and relevance to financial stability.",
    "Constructs four measures of the riskiness of credit allocation across advanced and emerging market economies.",
    "The riskiness of credit allocation is cyclical at the global and country levels and rises when financial conditions and lending standards are looser.",
    "Taking riskiness into account helps better predict full-blown banking crises, financial sector stress, and downside risks to growth at horizons up to three years.",
    "A period of credit expansion is less likely to be associated with riskier credit allocation if:",
    "Analyzes whether and how house prices move in tandem across countries and major cities (global house price synchronicity).",
    "Finds a striking increase in house price synchronization across countries and cities.",
    "Documents an increase in house price synchronization, on balance, for 40 advanced and emerging market economies and 44 major cities.",
    "Global financial conditions contribute to this synchronization; cities in advanced economies may be particularly exposed.",
    "Heightened synchronicity can signal a downside tail risk to real economic activity at short horizons.",
    "Macroprudential policies seem to have some ability to influence local house price developments and may reduce a country’s house price synchronization.",
    "Figures listed include: 1.1. Global Financial Conditions; 1.2. Growth-at-Risk; 1.3. Nonfinancial Private Sector Debt; 1.4. Market Interest Rates, Central Bank Balance Sheets, and US Financial Indicators; 1.7. Valuations of Global Equities; 1.8. Valuations of Corporate Bonds; 1.13. Crypto Assets: Size, Price Appreciation, Realized Volatility, and Sharpe Ratio; 1.23. US Dollar Credit Aggregates and Bank Intragroup Funding Structures; 1.24. Non-US Banks’ International Dollar Balance Sheets; 1.25. Non-US Banks’ International US Dollar Liquidity Ratios; among others.",
    "Boxes include: 1.1. The VIX Tantrum; 1.2. An Econometric Lens on What Drives Term Premiums; 1.4. Central Bank Digital Currencies; 1.5. Regulatory Reform—Stitching Up the Loose Ends.",
    "Online Annexes and Text subsections include: 1.1. Option-Implied Volatility: The Quantity and Price of Risk for Stocks and Bonds; 1.2. Bank International Dollar Funding Methodology.",
    "**Boxfigure12**",
    "**Figure 1.3.1 Nonbanks Have Increased Their Credit Exposure in the US Leveraged Loan Markets**",
    "**Figure 1.1. Global Financial Conditions**",
    "**Figure 1.10.  Correlations and Interconnectedness**",
    "**Figure 1.13. Crypto Assets: Size, Price Appreciation, Realized Volatility and Sharpe Ratio**",
    "**Figure 1.14. Share of the Trading Volumes Across Exchanges, Cryptocurrencies and Fiat Currencies**",
    "**Figure 1.15. Improving Fundamentals, Increased Foreign Currency Issuance**",
    "**figure1-16**",
    "**figure1-19 — Chinese Banking System and Financial Market Developments and Liabilities**",
    "**figure1-2**",
    "**Figure 1.20. Risks and Adjustment Challenges in Chinese Investment Products**",
    "**Figure 1.21. Chinese Insurers**",
    "**Figure 1.22. Advanced Economy Bank Health**",
    "**Figure 1.23. US Dollar Credit Aggregates and Bank Intragroup Funding Structures**",
    "**figure1-24**",
    "**figure1-25**",
    "**Figure 1.26. Foreign Exchange Swap and Short-Term Bank Funding Markets**",
    "**figure1-3**",
    "**Figure 1.4. Market Interest Rates, Central Bank Balance Sheets, and US Financial Indicators**",
    "**Figure 1.6.  Term Premium Correlations, Spillovers, and Exchange Rate Relationships**",
    "**Figure 1.7. Valuations of Global Equities**",
    "**Figure 1.8. Valuations of Corporate Bonds**",
    "**figure1-9**",
    "**IMF GFSR April 2018 Assumptions and Conventions**",
    "**IMF Global Financial Stablity Report GFSR April 2018 Executive Board Discussion Summary**",
    "**Preface**",
    "**IMF Global Finanacial Stability Report April 2018 Executive Summary**",
    "**Foreword**",
    "**Further Info**",
    "**Preface**",
    "**Full Report**",
    "**ANNEX 1.1.  Option Implied Volatility--Edits from COM**",
    "**Online Annex 1.2. Bank International Dollar Funding Methodology**",
    "**Figure 1.1.1. US Asset Prices**",
    "**108929.Figure.1.2.1**",
    "**Figure 1.3.1**",
    "**Figure 1.1**",
    "**figure1-10**",
    "**Figure 1.11. Measures of Leverage and Investment Funds with Derivatives-Embedded Leverage**",
    "**Figure 1.12**",
    "**Figure 1.13**",
    "**Figure 1.14**",
    "**Figure 1.15. Improving Fundamentals, Increased Foreign Currency Issuance**",
    "**Figure 1.16. Creditor Base and External Financing Vulnerabilities**",
    "**Figure1 17**",
    "**Figure 1.18**",
    "**Figure 1.19**",
    "**Figure 1.2**",
    "**Figure 1.20. Risks and Adjustment Challenges in Chinese Investment Products**",
    "**Figure 1.21. Chinese Insurers**",
    "**figure1-22**",
    "**Figure 1.23**",
    "**figure1-24**",
    "**Figure 1.25**",
    "**Figure 1.26**",
    "**figure1-3**",
    "**108929.Figure.1.4**",
    "**Figure 1.5. US Inflation Expectations and Term Premium**",
    "**Figure 1.6**",
    "**Figure 1.7**",
    "**Figure 1.8**",
    "**figure1-9**",
    "**Dataset: boxfigure221 — China: Profitability of Credit Allocation, 1997–2016**",
    "**Figure 2.3.1. The Riskiness of Credit Allocation and Financial Conditions**",
    "**Figure 2.4.1. Impulse Response of Cumulative Real GDP Growth to a High-Yield Share Shock**",
    "**Figure 2.1. Financial conditions have been loose in recent years**",
    "**Figure 2.2. Low-Rated Nonfinancial Corporate Bond Issuance Has Been High in Some Advanced Economies**",
    "**Figure 2.5. Selected Economies: Riskiness of Credit Allocation, 1995–2016**",
    "**Figure28**",
    "**Figure29**",
    "**C2**",
    "**The Riskiness of Credit Allocation: A Source of Financial Vulnerability?**",
    "**Boxfigure2 1 1**",
    "**Boxfigure2 1 2**",
    "**Figure 2.2.1. China: Profitability of Credit Allocation, 1997–2016**",
    "**Figure 2.2.2. China: Profitability of Credit Allocation, by Ownership and Sector**",
    "**Figure 2.3.1. The Riskiness of Credit Allocation and Financial Conditions**",
    "**Boxfigure2 4 1**",
    "**Figure 2.1. Financial Conditions Have Been Loose in Recent Years**",
    "**figure2-10**",
    "**Figure 2.11. Higher Riskiness of Credit Allocation Signals Higher Downside Risks to GDP Growth**",
    "**Figure2 12**",
    "**Figure2 13**",
    "**Figure 2.2. Low-Rated Nonfinancial Corporate Bond Issuance Has Been High in Some Advanced Economies**",
    "**Figure2 3**",
    "**Figure 2.4. The Riskiness of Credit Allocation Is Cyclical at the Global Level**",
    "**Figure 2.5. Selected Economies: Riskiness of Credit Allocation, 1995–2016**",
    "**Figure 2.6. The Riskiness of Credit Allocation Rises When a Credit Expansion Is Stronger**",
    "**Figure2 7**",
    "**Figure2 8**",
    "**Figure2 9**",
    "**boxfigure3-1-1**",
    "**Figure 3.2.1. Housing Return Predictability**",
    "**Figure 3.2.2. Predictability of Returns on Housing and Capital Account Openness**",
    "**boxfigure3-4-1**",
    "**Figure 3.11. Average Country-Level Housing Market “Spillovers” Have Increased**",
    "**Figure3 12**",
    "**Figure3 13**",
    "**Figure3 14**",
    "**Figure3 15**",
    "**Figure3 16**",
    "**Figure 3.2. Widespread House Price Gains Have Accompanied Accommodative Financial Conditions**",
    "**Figure 3.5. Synchronization Has Steadily Increased Across Countries and Cities**",
    "**figure3-6**",
    "**figure3-7**",
    "**Figure 3.8. Relative Contribution of the Global Factor Varies Across Regions**",
    "**C3**",
    "**House Price Synchronization: What Role for Financial Factors?**",
    "**Boxfigure3 1 1**",
    "**Figure 3.2.1. Housing Return Predictability**",
    "**Figure 3.2.2. Predictability of Returns on Housing and Capital Account Openness**",
    "**Boxfigure3 3 1**",
    "**Figure 3.4.1. Macroprudential Tools Indirectly Reduce House Price Synchronicity**",
    "**figure3-1**",
    "**Figure 3.10. Interconnectedness among Cities’ House Prices Varies**",
    "**Figure 3.11. Average Country-Level Housing Market Spillovers Have Increased**",
    "**Figure3 12**",
    "**Figure3 13**",
    "**Figure3 14**",
    "**Figure3 15**",
    "**Figure3 16**",
    "**Figure 3.2. Widespread House Price Gains Have Accompanied Accommodative Financial Conditions**",
    "**Figure 3.3. Institutional Investor Participation Has Been on the Rise**",
    "**Figure3 4**",
    "**Figure 3-5**",
    "**Figure 3.6. The Relative Contribution of the Global Factor Has Grown**",
    "**Figure 3.7. Instantaneous Quasi Correlation of House Price Gaps Shows Financial Cycle Properties**",
    "**Figure 3.8. Relative Contribution of the Global Factor Varies across Regions**",
    "**Figure 3.9. Economies Differ in Their House Price Interconnectedness**",
    "[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)",
    "[https://www.imf.org/en/publications/weo](https://www.imf.org/en/publications/weo)",
    "[Global Economy in Crosscurrents of War and Technology](https://www.imf.org/en/publications/weo/issues/2026/07/08/world-economic-outlook-update-july-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/2018/04/18/a-bumpy-road-ahead-for-the-global-financial-system)",
    "[Blog](https://blogs.imf.org/2018/04/10/risky-business-reading-credit-flows-for-crisis-signals)",
    "[Blog](https://blogs.imf.org/2018/04/10/for-home-prices-in-london-check-the-tokyo-listings)"
  ],
  "related": [
    {
      "title": "Boxfigure12",
      "role": "dataset",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/csv/boxfigure12.csv",
      "summary": {
        "path": "/-/media/files/publications/gfsr/2018/april/ch1/csv/boxfigure12.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/gfsr/2018/april/ch1/csv/boxfigure12.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1.3.1 Nonbanks Have Increased Their Credit Exposure in the US Leveraged Loan Markets",
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      "title": "Figure 1.15. Improving Fundamentals, Increased Foreign Currency Issuance",
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      "title": "Figure 1.16. Creditor Base and External Financing Vulnerabilities",
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    {
      "title": "Figure1 17",
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      "title": "Figure 1.18",
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      "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-18.pdf",
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      "title": "Figure 1.19",
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      "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-19.pdf",
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      "title": "Figure 1.2",
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      "title": "Figure 1.20. Risks and Adjustment Challenges in Chinese Investment Products",
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      "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-20.pdf",
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    {
      "title": "Figure 1.21. Chinese Insurers",
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      "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-21.pdf",
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      "title": "Figure 1.23",
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      "title": "108929.Figure.1.4",
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      "title": "Figure 1.5. US Inflation Expectations and Term Premium",
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    {
      "title": "Dataset: boxfigure221 — China: Profitability of Credit Allocation, 1997–2016",
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      "title": "The Riskiness of Credit Allocation: A Source of Financial Vulnerability?",
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