Global Financial Stability Notes

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Global Financial Stability Notes

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IMF Publications

Contents

• Addressing Market Dysfunction and Liquidity Stresses in Nonbank Financial Intermediaries
  • Published: September 23, 2025
  • Summary: Central banks support markets or institutions because doing so will help them meet their mandate with regard to the maintenance of price and financial stability.
• Bank to Sovereign Risk Transmission: New Evidence
  • Published: June 5, 2025
  • Summary: This note examines the transmission of credit risk of banks to the sovereign using the collapse of the Silicon Valley Bank in March 2023—an event that reverberated globally across banking sectors—as an exogenous shock to identify the effect.
• Fund Investor Types and Bond Market Volatility
  • Published: March 12, 2025
  • Summary: This note explores the connection between the varied investor profiles of exchange-traded funds (ETFs) and open-ended mutual funds (OEMFs) and the return volatility of the securities they hold.
• Pension Funds and Financial Stability
  • Published: March 6, 2025
  • Summary: This Global Financial Stability Note examines the growth of the pension fund sector and the potential financial stability implications. Historically, pension funds have been seen as a contributor to financial stability because of their long-term and well-diversified liabilities.
• The US Banking Sector since the March 2023 Turmoil: Navigating the Aftermath
  • Published: March 4, 2024
  • Summary: In March 2023, the US banking sector turmoil sent a shockwave through the global financial system. Silicon Valley Bank (SVB), the 16th largest bank in the country, collapsed in a matter of days, followed by Signature Bank (SBNY) and First Republic Bank (FRB), marking the largest bank failures after
• Private Equity and Life Insurers
  • Published: December 13, 2023
  • Summary: This Global Financial Stability Note studies the growing trend of private equity (PE) investments into the life insurance industry.
• Commercial Real Estate Prices During COVID-19: What is Driving the Divergence?
  • Published: August 1, 2022
  • Summary: After dropping sharply in the early phases of the COVID-19 pandemic, commercial real estate prices are on the mend. However, the initial price decline, as well as the pace of recovery, vary widely across regions and different segments of the commercial real estate market.
• Cryptic Connections: Spillovers between Crypto and Equity Markets
  • Published: January 10, 2022
  • Summary: Crypto assets have emerged as an increasingly popular asset class among retail and institutional investors. Although initially considered a fringe asset class, their increased adoption across countries—in emerging markets, in particular—amid bouts of extreme price volatility has raised concerns abou
• Drivers of Emerging Market Bond Flows and Prices
  • Published: December 16, 2021
  • Summary: An interesting disconnect has taken shape between local currency- and hard currency-denominated bonds in emerging markets with respect to their portfolio flows and prices since the start of the recovery from the COVID-19 pandemic.
• Multi-Sector Bond Funds in Emerging Markets—Easy Come, Easy Go
  • Published: December 16, 2021
  • Summary: Unconstrained multi-sector bond funds (MSBFs) can be a source of spillovers to emerging markets and potentially exert a sizable impact on cross-border flows.
• Digital Banking Support to Small Businesses amid COVID-19: Evidence from China
  • Published: June 29, 2021
  • Summary: This note analyzes the economic impact of digital lending to micro and small sized enterprises (MSEs) in China during the coronavirus disease (COVID-19) pandemic.
• What Is Driving the Rise in Advanced Economy Bond Yields?
  • Published: June 29, 2021
  • Summary: The nominal bond yields for advanced economies rose sharply during the first quarter of the year. This note analyzes the drivers of this increase across the jurisdictions and tenors of the yield curve.
• Commercial Real Estate and Financial Stability: Evidence from the US Banking Sector
  • Published: May 26, 2021
  • Summary: This note analyzes the implications of changes in commercial real estate (CRE) prices for the stability of the US banking sector.
• Strains in Offshore US Dollar Funding during the COVID-19 Crisis: Some Observations
  • Published: March 16, 2021
  • Summary: This note analyzes recent trends in offshore US dollar funding markets and explores the drivers of dollar funding costs during the COVID-19 pandemic crisis.
• The Behavior of Fixed-income Funds during COVID-19 Market Turmoil
  • Published: March 16, 2021
  • Summary: This note analyzes the stress experienced (and caused) by open-end mutual funds during the March COVID-19 stress episode, with a focus on global fixed-income funds.