International Monetary Fund (2014) Global Financial Stability Report – Moving from Liquidity- to Growth-Driven Markets, World Economic and Financial Surveys, Απρίλιος.
The April 2014 Global Financial Stability Report (GFSR) assesses the challenging transitions that the global financial system is currently undergoing on the path to greater stability. Chapter 1 finds that these transitions are far from complete, and stability conditions are far from normal. For advanced and emerging market economies alike, a successful shift from liquidity-driven to growth-driven markets requires a number of elements. The report discusses these elements, including: a normalization of U.S. monetary policy that avoids financial stability risks; financial rebalancing in emerging market economies amid tighter external financial conditions and higher corporate debt levels; further progress in the euro area’s transition from fragmentation to robust integration; and the successful implementation of Abenomics in Japan to deliver sustained growth and stable inflation. Chapter 2 examines the role of the composition of the investor base and local financial systems for the stability of emerging market portfolio flows and asset prices. Chapter 3 looks at the issue of too-important-to-fail and provides new estimates of the implicit funding subsidy received by systemically important banks.
Σχετικές αναρτήσεις:
- Blanchard, Ο., Jaumotte, F. and Loungani, P. (2013) “Unemployment, labour-market flexibility and IMF advice: Moving beyond mantras“, VoxEU Organisation, 18 Οκτωβρίου.
- International Monetary Fund (2013) “World Economic Outlook-Update“, July.
-
International Monetary Fund (2012) Global Financial Stability Report, World Economic and Financial Surveys, Washington.