{
  "title": "Global Financial Stability Report, April 2020: Markets in the Time of COVID-19",
  "publication": "Global Financial Stability Report, April 14, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2020/04/14/global-financial-stability-report-april-2020-49020",
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  "summary": "The April 2020 Global Financial Stability Report (GFSR) assesses the financial stability challenges posed by the coronavirus (COVID-19) pandemic.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Publication date: April 14, 2020\n- Principal focus: financial stability challenges posed by the coronavirus (COVID-19) pandemic.\n- High-level finding: financial conditions tightened abruptly with the onset of the pandemic, with risk asset prices dropping sharply as investors rushed to safety and liquidity."
    },
    {
      "heading": "Chapter 1 — Financial conditions and vulnerabilities",
      "content": "- Findings:\n  - Financial conditions tightened abruptly with the onset of the pandemic.\n  - Risk asset prices dropped sharply as investors rushed to safety and liquidity.\n  - A further tightening of financial conditions may expose vulnerabilities, including among nonbank financial institutions.\n  - Bank resilience may be tested if economic and financial market stresses rise."
    },
    {
      "heading": "Chapter 2 — Vulnerabilities in risky corporate credit markets",
      "content": "- Findings:\n  - Vulnerabilities in global risky corporate credit markets include:\n    - Weakened credit quality of borrowers.\n    - Looser underwriting standards.\n    - Liquidity risks at investment funds.\n    - Increased interconnectedness.\n  - These vulnerabilities could generate losses at nonbank financial institutions in a severe adverse scenario."
    },
    {
      "heading": "Chapter 3 — Portfolio flows to emerging and frontier markets",
      "content": "- Findings:\n  - The pandemic led to an unprecedented and sharp reversal of portfolio flows, highlighting the challenges of managing flows in emerging and frontier markets.\n  - Global financial conditions tend to influence portfolio flows more during surges than in normal times.\n  - Stronger domestic fundamentals can help mitigate outflows.\n  - Greater foreign participation in local currency bond markets may increase price volatility where domestic markets lack depth."
    },
    {
      "heading": "Chapter 4 — Bank profitability pressures",
      "content": "- Findings:\n  - Beyond immediate COVID-19 challenges, banks are likely to face profitability pressures over the medium term in an environment where low interest rates are expected to persist."
    },
    {
      "heading": "Chapter 5 — Physical risks associated with climate change",
      "content": "- Findings:\n  - Physical risks associated with climate change do not appear to be reflected in global equity valuations.\n  - Stress testing and better disclosure of exposures to climatic hazards are essential to better assess physical risk.\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 change\n- Credit\n- Currencies\n- Emerging and frontier financial markets\n- Environment\n- Financial markets\n- Money\n- Natural disasters\n- Enhancing Tax Capacity: Revenue Gains from Strengthening Tax Administration\nOctober 24, 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- Reforming Energy Subsidies in the Arab Region\nOctober 09, 2025\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2020/04/14/global-financial-stability-report-april-2020-49020"
    }
  ],
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    "[Markdown version](/en/publications/gfsr/issues/2020/04/14/global-financial-stability-report-april-2020-49020/index.md)",
    "[Structured JSON version](/en/publications/gfsr/issues/2020/04/14/global-financial-stability-report-april-2020-49020/index.json)",
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    "Published: April 14, 2020",
    "Series: Global Financial Stability Report",
    "DOI: https://doi.org/10.5089/9781513529196.082",
    "Publication date: April 14, 2020",
    "Principal focus: financial stability challenges posed by the coronavirus (COVID-19) pandemic.",
    "High-level finding: financial conditions tightened abruptly with the onset of the pandemic, with risk asset prices dropping sharply as investors rushed to safety and liquidity.",
    "Findings:",
    "Findings:",
    "Findings:",
    "Findings:",
    "Findings:",
    "[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://www.imf.org/en/Publications/GFSR/Issues/2020/04/14/global-financial-stability-report-april-2020)",
    "[More Formats on IMF eLibrary](https://elibrary.imf.org/display/book/9781513529196/9781513529196.xml?cid=lk-com-dsp-imf.org)",
    "[Order a Print Copy](https://www.bookstore.imf.org/cart?isbn=9781513529196)",
    "[Banking](https://www.imf.org/en/publications/publications-by-subject?subject=Banking)",
    "[Climate change](https://www.imf.org/en/publications/publications-by-subject?subject=Climate+change)",
    "[Credit](https://www.imf.org/en/publications/publications-by-subject?subject=Credit)",
    "[Currencies](https://www.imf.org/en/publications/publications-by-subject?subject=Currencies)",
    "[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 markets](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+markets)",
    "[Money](https://www.imf.org/en/publications/publications-by-subject?subject=Money)",
    "[Natural disasters](https://www.imf.org/en/publications/publications-by-subject?subject=Natural+disasters)",
    "[Enhancing Tax Capacity: Revenue Gains from Strengthening Tax Administration",
    "[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",
    "[Reforming Energy Subsidies in the Arab Region"
  ],
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