{
  "title": "What Can We Learn from Financial Stability Reports?",
  "publication": "IMF Working Papers, July 30, 2021",
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  "summary": "This paper reviews the approaches to systemic risk analysis in 32 central bank financial stability reports (FSRs). We compare and contrast the systemic risk analysis in FSRs with the IMF Article IV staff reports, noting that Article IV staff reports and FSRs frequently pick up analytical content fro",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Authors: Fabio Comelli, Sumiko Ogawa\n- Date: July 30, 2021\n- Core focus: Review of approaches to systemic risk analysis in central bank financial stability reports (FSRs) and comparison with IMF Article IV staff reports.\n- Sample: 32 central bank FSRs reviewed."
    },
    {
      "heading": "Key findings",
      "content": "- All reviewed FSRs include a systemic risk assessment; Article IV staff reports have not always done so.\n- Compared with Article IV staff reports, on average:\n  - FSRs tend to cover a wider range of financial risks and vulnerabilities.\n  - FSRs tend to have more extensive discussions of the policy mix to mitigate systemic risk.\n  - FSRs utilize sophisticated analytical tools, such as stress tests and growth-at-risk, more frequently than Article IV staff reports.\n- Article IV staff reports and FSRs frequently pick up analytical content from each other."
    },
    {
      "heading": "Analytical approaches emphasized",
      "content": "- Frequent use of stress tests.\n- Frequent use of growth-at-risk frameworks.\n- Systemic risk assessments integrating multiple financial risks and vulnerabilities."
    },
    {
      "heading": "Policy implications and recommended practice",
      "content": "- Central bank FSRs present a rich resource that IMF country teams can leverage in forming their independent view about systemic risk.\n- Leveraging FSR analytical content can complement Article IV surveillance and help form a more comprehensive assessment of systemic vulnerabilities and appropriate policy mixes.\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2021/07/30/what-can-we-learn-from-financial-stability-reports-461335"
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    "Authors: Fabio Comelli, Sumiko Ogawa",
    "Published: July 30, 2021",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781513584294.001",
    "Authors: Fabio Comelli, Sumiko Ogawa",
    "Date: July 30, 2021",
    "Core focus: Review of approaches to systemic risk analysis in central bank financial stability reports (FSRs) and comparison with IMF Article IV staff reports.",
    "Sample: 32 central bank FSRs reviewed.",
    "All reviewed FSRs include a systemic risk assessment; Article IV staff reports have not always done so.",
    "Compared with Article IV staff reports, on average:",
    "Article IV staff reports and FSRs frequently pick up analytical content from each other.",
    "Frequent use of stress tests.",
    "Frequent use of growth-at-risk frameworks.",
    "Systemic risk assessments integrating multiple financial risks and vulnerabilities.",
    "Central bank FSRs present a rich resource that IMF country teams can leverage in forming their independent view about systemic risk.",
    "Leveraging FSR analytical content can complement Article IV surveillance and help form a more comprehensive assessment of systemic vulnerabilities and appropriate policy mixes.",
    "**Working Paper**"
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