{
  "title": "Global Financial Stability Report, October 2017: Is Growth at Risk?",
  "publication": "Global Financial Stability Report, October 11, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2019/10/11/global-financial-stability-report-october-2017-is-growth-at-risk-45056",
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  "summary": "The October 2017 Global Financial Stability Report finds that the global financial system continues to strengthen in response to extraordinary policy support, regulatory enhancements, and the cyclical upturn in growth.",
  "sections": [
    {
      "heading": "Executive summary and main findings",
      "content": "- The global financial system continues to strengthen in response to extraordinary policy support, regulatory enhancements, and the cyclical upturn in growth.\n- The report contains a chapter examining the short- and medium-term implications for economic growth and financial stability of the past decades’ rise in household debt.\n  - Documents 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- Another chapter develops a new macroeconomic measure of financial stability by linking financial conditions to the probability distribution of future GDP growth and applies it to a set of 20 major advanced and emerging market economies.\n  - The chapter shows that changes in financial conditions shift the whole distribution of future GDP growth."
    },
    {
      "heading": "Policy-relevant analysis and implications",
      "content": "- Strengthening of the global financial system is attributed to:\n  - extraordinary policy support;\n  - regulatory enhancements;\n  - the cyclical upturn in growth.\n- Household debt dynamics:\n  - Rising household debt over past decades has implications for short- and medium-term economic growth and financial stability.\n  - The global financial crisis moderated but did not reverse the general upward trajectory in household debt-to-GDP ratios across countries.\n- Financial conditions and growth risk:\n  - A new macroeconomic measure links financial conditions to the probability distribution of future GDP growth.\n  - Financial condition changes affect not only mean growth projections but the entire distribution of future GDP growth outcomes."
    },
    {
      "heading": "Scope, subjects, and keywords",
      "content": "- Subjects: Banking; Consumption; Credit; Emerging and frontier financial markets; Financial crises; Financial institutions; Financial markets; Financial sector policy and analysis; Financial sector risk; Global financial crisis of 2008-2009; Global systemically important banks; Income; Money; National accounts\n- Keywords: Africa; Consumption; Credit; credit market participation; Emerging and frontier financial markets; financial condition; financial leverage; Financial sector risk; fixed income; GDP growth; GFSR; Global; Global financial crisis of 2008-2009; global financial system; Global systemically important banks; growth risk; household debt; IMF executive board discussion summary; Income; labor market distortion; market; quarter FCI; return on assets; risk; risk appetite; risks to growth; univariate financial conditions index\n\n---\n\n\n References\n\n- https://www.imf.org/en/publications/gfsr\n- United States and the IMF\n- Explore\n- Subscribe\n- Download PDF\n- More Formats on IMF eLibrary\n- Order a Print Copy\n- Banking\n- Consumption\n- Credit\n- Emerging and frontier financial markets\n- Financial crises\n- Financial institutions\n- Financial markets\n- Financial sector policy and analysis\n- Financial sector risk\n- Global financial crisis of 2008-2009\n- Global systemically important banks\n- Income\n- Money\n- National accounts\n- Enhancing Tax Capacity: Revenue Gains from Strengthening Tax Administration\nOctober 24, 2025\n- Development Committee: The Managing Director's Written Statement\nOctober 20, 2025\n- The Managing Director's Global Policy Agenda, Fall 2025: Navigating a World In Transition\nOctober 16, 2025\n- Taxes in Lithuania: Benchmarking and Policy Options\nOctober 13, 2025\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2019/10/11/global-financial-stability-report-october-2017-is-growth-at-risk-45056"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/gfsr/issues/2019/10/11/global-financial-stability-report-october-2017-is-growth-at-risk-45056/index.md)",
    "[Structured JSON version](/en/publications/gfsr/issues/2019/10/11/global-financial-stability-report-october-2017-is-growth-at-risk-45056/index.json)",
    "[Bundle manifest](/en/publications/gfsr/issues/2019/10/11/global-financial-stability-report-october-2017-is-growth-at-risk-45056/bundle-manifest.json)",
    "Published: October 11, 2017",
    "Series: Global Financial Stability Report",
    "DOI: https://doi.org/10.5089/9781484308394.082",
    "The global financial system continues to strengthen in response to extraordinary policy support, regulatory enhancements, and the cyclical upturn in growth.",
    "The report contains a chapter examining the short- and medium-term implications for economic growth and financial stability of the past decades’ rise in household debt.",
    "Another chapter develops a new macroeconomic measure of financial stability by linking financial conditions to the probability distribution of future GDP growth and applies it to a set of 20 major advanced and emerging market economies.",
    "Strengthening of the global financial system is attributed to:",
    "Household debt dynamics:",
    "Financial conditions and growth risk:",
    "Subjects: Banking; Consumption; Credit; Emerging and frontier financial markets; Financial crises; Financial institutions; Financial markets; Financial sector policy and analysis; Financial sector risk; Global financial crisis of 2008-2009; Global systemically important banks; Income; Money; National accounts",
    "Keywords: Africa; Consumption; Credit; credit market participation; Emerging and frontier financial markets; financial condition; financial leverage; Financial sector risk; fixed income; GDP growth; GFSR; Global; Global financial crisis of 2008-2009; global financial system; Global systemically important banks; growth risk; household debt; IMF executive board discussion summary; Income; labor market distortion; market; quarter FCI; return on assets; risk; risk appetite; risks to growth; univariate financial conditions index",
    "[https://www.imf.org/en/publications/gfsr](https://www.imf.org/en/publications/gfsr)",
    "[United States and the IMF](http://www.imf.org/external/country/USA/index.htm)",
    "[Explore](https://www.elibrary.imf.org/)",
    "[Subscribe](https://www.imf.org/en/Publications/Newsletter/registration)",
    "[Download PDF](https://elibrary.imf.org/view/IMF082/24427-9781484308394/24427-9781484308394/24427-9781484308394.xml)",
    "[More Formats on IMF eLibrary](https://elibrary.imf.org/display/book/9781484308394/9781484308394.xml?cid=lk-com-dsp-imf.org)",
    "[Order a Print Copy](https://www.bookstore.imf.org/cart?isbn=9781484308394)",
    "[Banking](https://www.imf.org/en/publications/publications-by-subject?subject=Banking)",
    "[Consumption](https://www.imf.org/en/publications/publications-by-subject?subject=Consumption)",
    "[Credit](https://www.imf.org/en/publications/publications-by-subject?subject=Credit)",
    "[Emerging and frontier financial markets](https://www.imf.org/en/publications/publications-by-subject?subject=Emerging+and+frontier+financial+markets)",
    "[Financial crises](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+crises)",
    "[Financial institutions](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+institutions)",
    "[Financial markets](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+markets)",
    "[Financial sector policy and analysis](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+sector+policy+and+analysis)",
    "[Financial sector risk](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+sector+risk)",
    "[Global financial crisis of 2008-2009](https://www.imf.org/en/publications/publications-by-subject?subject=Global+financial+crisis+of+2008-2009)",
    "[Global systemically important banks](https://www.imf.org/en/publications/publications-by-subject?subject=Global+systemically+important+banks)",
    "[Income](https://www.imf.org/en/publications/publications-by-subject?subject=Income)",
    "[Money](https://www.imf.org/en/publications/publications-by-subject?subject=Money)",
    "[National accounts](https://www.imf.org/en/publications/publications-by-subject?subject=National+accounts)",
    "[Enhancing Tax Capacity: Revenue Gains from Strengthening Tax Administration",
    "[Development Committee: The Managing Director's Written Statement",
    "[The Managing Director's Global Policy Agenda, Fall 2025: Navigating a World In Transition",
    "[Taxes in Lithuania: Benchmarking and Policy Options"
  ],
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  "generatedAtUtc": "2026-09-03T23:11:08.439Z"
}