{ "title": "Global Financial Stability Report, October 2021", "publication": "Global Financial Stability Report, October 2021", "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2021/10/12/global-financial-stability-report-october-2021", "canonical": "https://www.imf.org/en/publications/gfsr/issues/2021/10/12/global-financial-stability-report-october-2021", "overlayPath": "/en/publications/gfsr/issues/2021/10/12/global-financial-stability-report-october-2021/index.md", "summary": "Financial stability risks have been contained so far, reflecting ongoing policy support and a rebound in the global economy earlier this year. Chapter 1 explains that financial conditions have eased further in net in advanced economies but changed little in emerging markets.", "sections": [ { "heading": "Overview", "content": "- Title string: \"Global Financial Stability Report 10/12/2021\"\n- Thematic framing: \"COVID-19, Crypto, and Climate\" and \"Navigating Challenging Transitions\"\n- Core statement: \"Financial stability risks have been contained so far, reflecting ongoing policy support and a rebound in the global economy earlier this year.\"\n- Key cross-cutting concerns:\n - \"The optimism that propelled markets earlier in the year has faded on growing concerns about the strength of the global recovery, and ongoing supply chain disruptions intensified inflation concerns.\"\n - \"Signs of stretched asset valuations in some market segments persist, and pockets of vulnerabilities remain in the nonbank financial sector; recovery is uneven in the corporate sector.\"" }, { "heading": "Chapter 1: Global Financial Stability Overview: A Delicate Balancing Act", "content": "- Main finding: \"As the world continues to navigate the pandemic, financial stability risks have been contained so far thanks to the ongoing policy support.\"\n- Persisting vulnerabilities:\n - \"Financial vulnerabilities remain elevated in several sectors.\"\n - \"Concerns about upside risks to the inflation outlook persist and asset valuations are stretched in some market segments.\"\n - \"Emerging and frontier markets continue to face large financing needs amid higher funding costs.\"\n - \"Risks are also rising at some nonbank financial institutions as they reach for yield to meet return targets.\"" }, { "heading": "Chapter 2: The Crypto Ecosystem and Financial Stability Challenges", "content": "- Summary: \"The crypto ecosystem offers an exciting new world of opportunities but also challenges.\"\n- Key risks identified:\n - \"Crypto asset providers’ lack of operational or cyber resilience poses risks.\"\n - \"Anonymity and limited global standards create significant data gaps for regulators and pose risks to financial integrity.\"\n - \"Crypto assets in emerging markets may accelerate dollarization risks.\"\n- Policy output: \"The chapter concludes with a set of eight actionable policy recommendations.\"" }, { "heading": "Chapter 3: Investment Funds: Fostering the Transition to a Green Economy", "content": "- Analytical focus: the role of the global investment fund sector in supporting the transition to a green economy and the risks to the sector arising from that transition.\n- Principal findings and guidance:\n - \"Sustainable funds can support the global transition to a green economy but must be scaled up to have a major impact.\"\n - Policymaker actions recommended:\n - \"Strengthen the global climate information architecture to foster climate finance markets.\"\n - \"Ensure proper regulatory oversight to prevent greenwashing.\"\n - \"Conduct scenario analysis and stress testing to mitigate financial stability risks.\"\n - Risk note: \"A disorderly transition could disrupt the broader investment fund sector in the future.\"" }, { "heading": "Multimedia and Dissemination", "content": "- Press Briefing: \"Global Financial Stability Report, October 2021\" — October 12, 2021 — 44:20\n- Chapter 2 webcast: \"Global Financial Stability Report, October 2021: Chapter 2: The Crypto Ecosystem and Financial Stability Challenges\" — October 1, 2021 — 17:49\n- Chapter 3 webcast: \"Global Financial Stability Report, October 2021: Chapter 3: Investment Funds: Fostering the Transition to a Green Economy\" — October 4, 2021 — 13:32\n\nSource: Global Financial Stability Report, October 2021\n\n---\n\n Content in this bundle\n\n- data-ch2 — Dataset overview\n - data-ch2 — Dataset overview (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - data-ch2 — Dataset overview (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- data-ch3\n - data-ch3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - data-ch3 (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- Chapter 1\n - Chapter 1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 2\n - Chapter 2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- CHAPTER 3 INVESTMENT FUNDS: FOSTERING THE TRANSITION TO A GREEN ECONOMY\n - CHAPTER 3 INVESTMENT FUNDS: FOSTERING THE TRANSITION TO A GREEN ECONOMY (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - CHAPTER 3 INVESTMENT FUNDS: FOSTERING THE TRANSITION TO A GREEN ECONOMY (PDF){rel=\"external\" type=\"application/pdf\"}\n- Executive Summary\n - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 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- Global Financial Stability Report, October 2021: Key Highlights; October 12, 2021\n - Global Financial Stability Report, October 2021: Key Highlights; October 12, 2021 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report, October 2021: Key Highlights; October 12, 2021 (PDF){rel=\"external\" type=\"application/pdf\"}\n- online-annex-ch2\n - online-annex-ch2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - online-annex-ch2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- online-annex-ch3\n - online-annex-ch3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - online-annex-ch3 (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\n---\n\n References\n\n- https://blogs.imf.org/2021/10/12/uncertainty-grips-markets-as-optimism-wanes\n- Watch the Webcast\n- https://blogs.imf.org/2021/10/01/crypto-boom-poses-new-challenges-to-financial-stability/\n- Watch the Webcast\n- Podcast\n- https://blogs.imf.org/2021/10/04/how-investment-funds-can-drive-the-green-transition\n- Watch the Webcast\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2021/10/12/global-financial-stability-report-october-2021" } ], "bullets": [ "[Markdown version](/en/publications/gfsr/issues/2021/10/12/global-financial-stability-report-october-2021/index.md)", "[Structured JSON version](/en/publications/gfsr/issues/2021/10/12/global-financial-stability-report-october-2021/index.json)", "[Bundle manifest](/en/publications/gfsr/issues/2021/10/12/global-financial-stability-report-october-2021/bundle-manifest.json)", "Published: October 6, 2021", "Title string: \"Global Financial Stability Report 10/12/2021\"", "Thematic framing: \"COVID-19, Crypto, and Climate\" and \"Navigating Challenging Transitions\"", "Core statement: \"Financial stability risks have been contained so far, reflecting ongoing policy support and a rebound in the global economy earlier this year.\"", "Key cross-cutting concerns:", "Main finding: \"As the world continues to navigate the pandemic, financial stability risks have been contained so far thanks to the ongoing policy support.\"", "Persisting vulnerabilities:", "Summary: \"The crypto ecosystem offers an exciting new world of opportunities but also challenges.\"", "Key risks identified:", "Policy output: \"The chapter concludes with a set of eight actionable policy recommendations.\"", "Analytical focus: the role of the global investment fund sector in supporting the transition to a green economy and the risks to the sector arising from that transition.", "Principal findings and guidance:", "Press Briefing: \"Global Financial Stability Report, October 2021\" — October 12, 2021 — 44:20", "Chapter 2 webcast: \"Global Financial Stability Report, October 2021: Chapter 2: The Crypto Ecosystem and Financial Stability Challenges\" — October 1, 2021 — 17:49", "Chapter 3 webcast: \"Global Financial Stability Report, October 2021: Chapter 3: Investment Funds: Fostering the Transition to a Green Economy\" — October 4, 2021 — 13:32", "**data-ch2 — Dataset overview**", "**data-ch3**", "**Chapter 1**", "**Chapter 2**", "**CHAPTER 3 INVESTMENT FUNDS: FOSTERING THE TRANSITION TO A GREEN ECONOMY**", "**Executive Summary**", "**Foreword**", "**Global Financial Stability Report, October 2021: Key Highlights; October 12, 2021**", "**online-annex-ch2**", "**online-annex-ch3**", "**Full Report**", "[https://blogs.imf.org/2021/10/12/uncertainty-grips-markets-as-optimism-wanes](https://blogs.imf.org/2021/10/12/uncertainty-grips-markets-as-optimism-wanes)", "[Watch the Webcast](https://www.imf.org/en/Videos/view?vid=6276788262001)", "[https://blogs.imf.org/2021/10/01/crypto-boom-poses-new-challenges-to-financial-stability/](https://blogs.imf.org/2021/10/01/crypto-boom-poses-new-challenges-to-financial-stability/)", "[Watch the Webcast](https://www.imf.org/en/Videos/view?vid=6275074381001)", "[Podcast](https://www.imf.org/en/News/Podcasts/All-Podcasts/2021/10/08/crypto-tobias-adrian)", "[https://blogs.imf.org/2021/10/04/how-investment-funds-can-drive-the-green-transition](https://blogs.imf.org/2021/10/04/how-investment-funds-can-drive-the-green-transition)", "[Watch the Webcast](https://www.imf.org/en/Videos/view?vid=6275492571001)" ], "related": [ { "title": "data-ch2 — Dataset overview", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2021/october/data/data-ch2.xlsx", "summary": { "path": "/-/media/files/publications/gfsr/2021/october/data/data-ch2.xlsx.md", "mime": "text/markdown" }, "binary": { "path": 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"sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2021/october/english/ch2.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2021/october/english/ch2.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2021/october/english/ch2.pdf", "mime": "application/pdf" } }, { "title": "CHAPTER 3 INVESTMENT FUNDS: FOSTERING THE TRANSITION TO A GREEN ECONOMY", "role": "chapter", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2021/october/english/ch3.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2021/october/english/ch3.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2021/october/english/ch3.pdf", "mime": "application/pdf" } }, { "title": "Executive Summary", "role": "executive-summary", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2021/october/english/execsum.pdf", "summary": { "path": 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