## What Can We Learn from Financial Stability Reports?

_IMF Working Papers, July 30, 2021_

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## Bibliographic details
- Authors: Fabio Comelli, Sumiko Ogawa
- Published: July 30, 2021
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781513584294.001

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### Overview
- 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.

### Key findings
- 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:
  - FSRs tend to cover a wider range of financial risks and vulnerabilities.
  - FSRs tend to have more extensive discussions of the policy mix to mitigate systemic risk.
  - FSRs utilize sophisticated analytical tools, such as stress tests and growth-at-risk, more frequently than Article IV staff reports.
- Article IV staff reports and FSRs frequently pick up analytical content from each other.

### Analytical approaches emphasized
- Frequent use of stress tests.
- Frequent use of growth-at-risk frameworks.
- Systemic risk assessments integrating multiple financial risks and vulnerabilities.

### Policy implications and recommended practice
- 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.

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- **Working Paper**
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_Source: https://www.imf.org/en/publications/wp/issues/2021/07/30/what-can-we-learn-from-financial-stability-reports-461335_