{
  "title": "Systemwide Stress Test at the IMF: Integrating Nonbank Financial Intermediary Risks",
  "publication": "IMF Working Papers, August 14, 2026",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2026/08/14/systemwide-stress-test-at-the-imf-integrating-nonbank-financial-intermediary-risks-578732",
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  "summary": "This paper presents the IMF’s systemwide stress testing approaches, which cover multiple financial sub-sectors and their clients.",
  "sections": [
    {
      "heading": "Overview and purpose",
      "content": "- Presents the IMF’s systemwide stress testing approaches covering multiple financial sub-sectors and their clients.\n- Objective: identify cross-sector and cross-border amplification channels and enhance policy responses, aligning with international financial stability community priorities.\n- Reviews classic and modern theories and operational methods for analyzing systemic liquidity risks that can impact numerous institutions simultaneously."
    },
    {
      "heading": "Transmission channels and mechanisms analyzed",
      "content": "- Runs and redemptions.\n- Margin and collateral calls.\n- Fire sales and price dynamics.\n- Disruptions in core markets.\n- Spillovers among banks, nonbank financial institutions (NBFIs), and market-based finance."
    },
    {
      "heading": "Core IMF tools described",
      "content": "- Excel-based flow-of-funds framework.\n- Investment fund liquidity analysis with fire sale and market-impact dynamics."
    },
    {
      "heading": "Applications and operational use",
      "content": "- Application and enhancement of the two base tools within Financial Sector Assessment Programs (FSAPs) across various countries."
    },
    {
      "heading": "Key findings and emphases",
      "content": "- Systemwide stress testing covering multiple sub-sectors and clients is crucial to detect cross-sector and cross-border amplification.\n- Integrating market-impact dynamics and liquidity analysis is essential for assessing investment fund contagion and broader NBFI risks.\n- Combining theoretical literature with operational modeling supports more effective identification of systemic liquidity risks."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subjects: Asset and liability management, Financial institutions, Financial sector policy and analysis, Financial sector stability, Liquidity, Mutual funds, Nonbank financial institutions, Stress testing.\n- Keywords: capital flow, coverage ratio, Financial sector stability, financial stability, Global, IMF working papers, interconnectedness, investment funds liquidity distress, Liquidity, liquidity analysis, market-impact dynamics, Mutual funds, NBFI, Nonbank financial institutions, stress test, Stress testing, systemwide.\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/2026/08/14/systemwide-stress-test-at-the-imf-integrating-nonbank-financial-intermediary-risks-578732"
    }
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    "Authors: Hiroko Oura, Guillaume Arnould, Xiaodan Ding, Pierpaolo Grippa, Marco Gross, Dimitrios Laliotis, Mindaugas Leika, Caterina Lepore, Elisa Letizia, Laura Valderrama, Yuchen Zhang",
    "Published: August 14, 2026",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9798229054980.001",
    "Presents the IMF’s systemwide stress testing approaches covering multiple financial sub-sectors and their clients.",
    "Objective: identify cross-sector and cross-border amplification channels and enhance policy responses, aligning with international financial stability community priorities.",
    "Reviews classic and modern theories and operational methods for analyzing systemic liquidity risks that can impact numerous institutions simultaneously.",
    "Runs and redemptions.",
    "Margin and collateral calls.",
    "Fire sales and price dynamics.",
    "Disruptions in core markets.",
    "Spillovers among banks, nonbank financial institutions (NBFIs), and market-based finance.",
    "Excel-based flow-of-funds framework.",
    "Investment fund liquidity analysis with fire sale and market-impact dynamics.",
    "Application and enhancement of the two base tools within Financial Sector Assessment Programs (FSAPs) across various countries.",
    "Systemwide stress testing covering multiple sub-sectors and clients is crucial to detect cross-sector and cross-border amplification.",
    "Integrating market-impact dynamics and liquidity analysis is essential for assessing investment fund contagion and broader NBFI risks.",
    "Combining theoretical literature with operational modeling supports more effective identification of systemic liquidity risks.",
    "Subjects: Asset and liability management, Financial institutions, Financial sector policy and analysis, Financial sector stability, Liquidity, Mutual funds, Nonbank financial institutions, Stress testing.",
    "Keywords: capital flow, coverage ratio, Financial sector stability, financial stability, Global, IMF working papers, interconnectedness, investment funds liquidity distress, Liquidity, liquidity analysis, market-impact dynamics, Mutual funds, NBFI, Nonbank financial institutions, stress test, Stress testing, systemwide.",
    "**Working Paper**"
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