{
  "title": "Global Financial Stability Report, October 2019: Lower for Longer",
  "publication": "Global Financial Stability Report, October 16, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2019/10/11/global-financial-stability-report-october-2019-lower-for-longer-47080",
  "canonical": "https://www.imf.org/en/publications/gfsr/issues/2019/10/11/global-financial-stability-report-october-2019-lower-for-longer-47080",
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  "summary": "The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as:\n  - the rise in corporate debt burdens,\n  - increasing holdings of riskier and more illiquid assets by institutional investors,\n  - growing reliance on external borrowing by emerging and frontier market economies.\n- The report proposes that policymakers mitigate these risks through:\n  - stricter supervisory and macroprudential oversight of firms,\n  - strengthened oversight and disclosure for institutional investors,\n  - implementation of prudent sovereign debt management practices and frameworks for emerging and frontier market economies.\n- Publication date: October 16, 2019."
    },
    {
      "heading": "Major findings",
      "content": "- Corporate sector:\n  - Rise in corporate debt burdens is identified as a key vulnerability.\n- Institutional investors:\n  - Increasing holdings of riskier and more illiquid assets by institutional investors is identified as a key vulnerability.\n- Emerging and frontier market economies:\n  - Growing reliance on external borrowing by emerging and frontier market economies is identified as a key vulnerability."
    },
    {
      "heading": "Policy recommendations",
      "content": "- For firms and corporate sector:\n  - Stricter supervisory oversight.\n  - Enhanced macroprudential oversight.\n- For institutional investors:\n  - Strengthened oversight.\n  - Improved disclosure requirements.\n- For emerging and frontier market economies:\n  - Implement prudent sovereign debt management practices.\n  - Establish frameworks to manage external borrowing risks."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Banking; Climate finance; Corporate social responsibility; Economic sectors; Emerging and frontier financial markets; Environment; Financial crises; Financial markets; Financial sector policy and analysis; Financial sector risk; Global financial crisis of 2008-2009; Pension spending.\n- Keywords: Climate finance; Corporate social responsibility; credit quality; debt; debt portfolio inflow; economy; Emerging and frontier financial markets; emerging market; ESG factor; ESG risk exposure; Europe; Financial sector risk; fund assets; GFSR; Global; Global financial crisis of 2008-2009; SOE debt rising; state-owned enterprise; US dollar; yield.\n\nInternational Monetary Fund. Global Financial Stability Report, October 2019: Lower for Longer (2019).\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- Climate finance\n- Corporate social responsibility\n- Economic sectors\n- Emerging and frontier financial markets\n- Environment\n- Financial crises\n- Financial markets\n- Financial sector policy and analysis\n- Financial sector risk\n- Global financial crisis of 2008-2009\n- Pension spending\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- Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF\nOctober 16, 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-2019-lower-for-longer-47080"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/gfsr/issues/2019/10/11/global-financial-stability-report-october-2019-lower-for-longer-47080/index.md)",
    "[Structured JSON version](/en/publications/gfsr/issues/2019/10/11/global-financial-stability-report-october-2019-lower-for-longer-47080/index.json)",
    "[Bundle manifest](/en/publications/gfsr/issues/2019/10/11/global-financial-stability-report-october-2019-lower-for-longer-47080/bundle-manifest.json)",
    "Published: October 16, 2019",
    "Series: Global Financial Stability Report",
    "DOI: https://doi.org/10.5089/9781498324021.082",
    "The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as:",
    "The report proposes that policymakers mitigate these risks through:",
    "Publication date: October 16, 2019.",
    "Corporate sector:",
    "Institutional investors:",
    "Emerging and frontier market economies:",
    "For firms and corporate sector:",
    "For institutional investors:",
    "For emerging and frontier market economies:",
    "Subjects: Banking; Climate finance; Corporate social responsibility; Economic sectors; Emerging and frontier financial markets; Environment; Financial crises; Financial markets; Financial sector policy and analysis; Financial sector risk; Global financial crisis of 2008-2009; Pension spending.",
    "Keywords: Climate finance; Corporate social responsibility; credit quality; debt; debt portfolio inflow; economy; Emerging and frontier financial markets; emerging market; ESG factor; ESG risk exposure; Europe; Financial sector risk; fund assets; GFSR; Global; Global financial crisis of 2008-2009; SOE debt rising; state-owned enterprise; US dollar; yield.",
    "[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/IMF082/26206-9781498324021/26206-9781498324021/26206-9781498324021.xml)",
    "[More Formats on IMF eLibrary](https://elibrary.imf.org/display/book/9781498324021/9781498324021.xml?cid=lk-com-dsp-imf.org)",
    "[Order a Print Copy](https://www.bookstore.imf.org/cart?isbn=9781498324021)",
    "[Banking](https://www.imf.org/en/publications/publications-by-subject?subject=Banking)",
    "[Climate finance](https://www.imf.org/en/publications/publications-by-subject?subject=Climate+finance)",
    "[Corporate social responsibility](https://www.imf.org/en/publications/publications-by-subject?subject=Corporate+social+responsibility)",
    "[Economic sectors](https://www.imf.org/en/publications/publications-by-subject?subject=Economic+sectors)",
    "[Emerging and frontier financial markets](https://www.imf.org/en/publications/publications-by-subject?subject=Emerging+and+frontier+financial+markets)",
    "[Environment](https://www.imf.org/en/publications/publications-by-subject?subject=Environment)",
    "[Financial crises](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+crises)",
    "[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)",
    "[Pension spending](https://www.imf.org/en/publications/publications-by-subject?subject=Pension+spending)",
    "[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",
    "[Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF"
  ],
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