{ "title": "Global Financial Stability Report, April 2023: Safeguarding Financial Stability amid High Inflation and Geopolitical Risks", "publication": "Global Financial Stability Report, April 2023", "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2023/04/11/global-financial-stability-report-april-2023", "canonical": "https://www.imf.org/en/publications/gfsr/issues/2023/04/11/global-financial-stability-report-april-2023", "overlayPath": "/en/publications/gfsr/issues/2023/04/11/global-financial-stability-report-april-2023/index.md", "summary": "Financial stability risks have increased rapidly as the resilience of the global financial system has faced a number of tests.", "sections": [ { "heading": "Overview", "content": "- Financial stability risks have increased rapidly as the resilience of the global financial system has faced multiple tests.\n- Recent turmoil in the banking sector highlights challenges from the interaction between tighter monetary and financial conditions and the buildup in vulnerabilities since the global financial crisis.\n- The emergence of stress in financial markets complicates central banks’ tasks while inflationary pressures are proving to be more persistent than anticipated.\n- Large emerging markets have so far avoided adverse spillovers, but smaller and riskier economies continue to confront worsening debt sustainability trends." }, { "heading": "Chapter 1 — A Financial System Tested by Higher Inflation and Interest Rates", "content": "- Analyzes recent turmoil in the banking sector and the interaction between tighter monetary and financial conditions and the buildup in vulnerabilities since the global financial crisis.\n- Notes that stress in financial markets complicates central banks’ mandate at a time of more persistent-than-anticipated inflationary pressures.\n- Observes that large emerging markets have so far avoided adverse spillovers.\n- Finds that smaller and riskier economies continue to confront worsening debt sustainability trends." }, { "heading": "Chapter 2 — Nonbank Financial Intermediaries: Vulnerabilities amid Tighter Financial Conditions", "content": "- NBFIs play a key role in the global financial system, enhancing access to credit and supporting economic growth.\n- Case studies show NBFI stress tends to emerge with:\n - elevated leverage,\n - liquidity mismatches,\n - high levels of interconnectedness that often spill over to emerging markets.\n- In the current environment of high inflation and tighter financial conditions, central banks face complex trade-offs during market stress between addressing financial stability risks and achieving price stability objectives.\n- Policy tools and recommendations:\n - Policymakers need appropriate tools to tackle financial stability consequences of NBFI stress.\n - Direct access to central bank liquidity for NBFIs could prove necessary in times of stress, but implementing appropriate guardrails is paramount." }, { "heading": "Chapter 3 — Geopolitics and Financial Fragmentation: Implications for Macro‑Financial Stability", "content": "- Rising geopolitical tensions among major economies have intensified concerns about global economic and financial fragmentation.\n- Fragmentation could affect cross-border allocation of capital, international payment systems, and asset prices.\n- Potential macro-financial stability impacts include:\n - higher banks’ funding costs,\n - reduced bank profitability,\n - lower provision of credit to the private sector,\n - more limited opportunities for international risk diversification,\n - exacerbated capital flow and macro-financial volatility.\n- Policy implications and recommendations:\n - Policymakers should assess and quantify geopolitical shock transmission to financial institutions.\n - Financial institutions may need to hold adequate capital and liquidity buffers against rising geopolitical risks.\n - The global financial safety net needs strengthening through:\n - adequate levels of international reserves held by countries,\n - central bank liquidity swap arrangements,\n - precautionary credit lines from international financial institutions." }, { "heading": "Media and Release Information", "content": "- Report publication month: April 2023.\n- Press Briefing: Global Financial Stability Report, April 2023 — April 11, 2023 — 47:03.\n- IMF Financial Counsellor Tobias Adrian on the April 2023 Global Financial Stability Report — 3:03.\n- The Cost of Fragmentation: Geopolitics and the Impact on the Global Economy in 2023 and Beyond — April 7, 2023 — 1:15:09.\n- Nonbank Financial Intermediaries: Vulnerabilities amid Tighter Financial Conditions — April 4, 2023 — 27:42.\n\nSource: Global Financial Stability Report, April 2023 — https://www.imf.org/en/publications/gfsr/issues/2023/04/11/global-financial-stability-report-april-2023\n\n---\n\n Content in this bundle\n\n- Chapter 1 Data\n - Chapter 1 Data (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 1 Data (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- Chapter 2 Data\n - Chapter 2 Data (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 2 Data (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- Chapter 3 Data\n - Chapter 3 Data (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 3 Data (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 NONBANK FINANCIAL INTERMEDIARIES: VULNERABILITIES AMID TIGHTER FINANCIAL CONDITIONS\n - CHAPTER 2 NONBANK FINANCIAL INTERMEDIARIES: VULNERABILITIES AMID TIGHTER FINANCIAL CONDITIONS (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - CHAPTER 2 NONBANK FINANCIAL INTERMEDIARIES: VULNERABILITIES AMID TIGHTER FINANCIAL CONDITIONS (PDF){rel=\"external\" type=\"application/pdf\"}\n- Nonbank Financial Intermediaries: Vulnerabilities amid Tighter Financial Conditions\n - Nonbank Financial Intermediaries: Vulnerabilities amid Tighter Financial Conditions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Nonbank Financial Intermediaries: Vulnerabilities amid Tighter Financial Conditions (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 3\n - Chapter 3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 3 — Geopolitics and Financial Fragmentation: Implications for Macro-Financial Stability\n - Chapter 3 — Geopolitics and Financial Fragmentation: Implications for Macro-Financial Stability (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 3 — Geopolitics and Financial Fragmentation: Implications for Macro-Financial Stability (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 3 Online Annex\n - Chapter 3 Online Annex (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 3 Online Annex (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- Full Report\n - Full Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Full Report (PDF){rel=\"external\" type=\"application/pdf\"}\n- FY23-649800-SM23-Flagship-GFSR-Infographic040723v24\n - FY23-649800-SM23-Flagship-GFSR-Infographic040723v24 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - FY23-649800-SM23-Flagship-GFSR-Infographic040723v24 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Press Conference\n- Blog by Tobias Adrian\n- Blog by IMF staff\n- Panel discussion\n- Blog by IMF staff\n- Panel Discussion\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2023/04/11/global-financial-stability-report-april-2023" } ], "bullets": [ "[Markdown version](/en/publications/gfsr/issues/2023/04/11/global-financial-stability-report-april-2023/index.md)", "[Structured JSON version](/en/publications/gfsr/issues/2023/04/11/global-financial-stability-report-april-2023/index.json)", "[Bundle manifest](/en/publications/gfsr/issues/2023/04/11/global-financial-stability-report-april-2023/bundle-manifest.json)", "Published: April 11, 2023", "Financial stability risks have increased rapidly as the resilience of the global financial system has faced multiple tests.", "Recent turmoil in the banking sector highlights challenges from the interaction between tighter monetary and financial conditions and the buildup in vulnerabilities since the global financial crisis.", "The emergence of stress in financial markets complicates central banks’ tasks while inflationary pressures are proving to be more persistent than anticipated.", "Large emerging markets have so far avoided adverse spillovers, but smaller and riskier economies continue to confront worsening debt sustainability trends.", "Analyzes recent turmoil in the banking sector and the interaction between tighter monetary and financial conditions and the buildup in vulnerabilities since the global financial crisis.", "Notes that stress in financial markets complicates central banks’ mandate at a time of more persistent-than-anticipated inflationary pressures.", "Observes that large emerging markets have so far avoided adverse spillovers.", "Finds that smaller and riskier economies continue to confront worsening debt sustainability trends.", "NBFIs play a key role in the global financial system, enhancing access to credit and supporting economic growth.", "Case studies show NBFI stress tends to emerge with:", "In the current environment of high inflation and tighter financial conditions, central banks face complex trade-offs during market stress between addressing financial stability risks and achieving price stability objectives.", "Policy tools and recommendations:", "Rising geopolitical tensions among major economies have intensified concerns about global economic and financial fragmentation.", "Fragmentation could affect cross-border allocation of capital, international payment systems, and asset prices.", "Potential macro-financial stability impacts include:", "Policy implications and recommendations:", "Report publication month: April 2023.", "Press Briefing: Global Financial Stability Report, April 2023 — April 11, 2023 — 47:03.", "IMF Financial Counsellor Tobias Adrian on the April 2023 Global Financial Stability Report — 3:03.", "The Cost of Fragmentation: Geopolitics and the Impact on the Global Economy in 2023 and Beyond — April 7, 2023 — 1:15:09.", "Nonbank Financial Intermediaries: Vulnerabilities amid Tighter Financial Conditions — April 4, 2023 — 27:42.", "**Chapter 1 Data**", "**Chapter 2 Data**", "**Chapter 3 Data**", "**Chapter 1**", "**CHAPTER 2 NONBANK FINANCIAL INTERMEDIARIES: VULNERABILITIES AMID TIGHTER FINANCIAL CONDITIONS**", "**Nonbank Financial Intermediaries: Vulnerabilities amid Tighter Financial Conditions**", "**Chapter 3**", "**Chapter 3 — Geopolitics and Financial Fragmentation: Implications for Macro-Financial Stability**", "**Chapter 3 Online Annex**", "**Executive Summary**", "**Foreword**", "**Full Report**", "**FY23-649800-SM23-Flagship-GFSR-Infographic_040723_v24**", "[Press Conference](https://www.imf.org/en/Videos/view?vid=6324500642112)", "[Blog by Tobias Adrian](https://www.imf.org/en/Blogs/Articles/2023/04/11/global-financial-system-tested-by-higher-inflation-and-interest-rates)", "[Blog by IMF staff](https://www.imf.org/en/Blogs/Articles/2023/04/04/nonbank-financial-sector-vulnerabilities-surface-as-financial-conditions-tighten)", "[Panel discussion](https://www.imf.org/en/Videos/view?vid=6323948018112)", "[Blog by IMF staff](https://www.imf.org/en/Blogs/Articles/2023/04/05/geopolitics-and-fragmentation-emerge-as-serious-financial-stability-threats)", "[Panel Discussion](https://www.imf.org/en/Videos/view?vid=6324142584112)" ], "related": [ { "title": "Chapter 1 Data", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2023/april/data/ch1data.xlsx", "summary": { "path": "/-/media/files/publications/gfsr/2023/april/data/ch1data.xlsx.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2023/april/data/ch1data.xlsx", "mime": "application/vnd.openxmlformats-officedocument.spreadsheetml.sheet" } }, { "title": "Chapter 2 Data", "role": "dataset", "sourceUrl": 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