International Monetary Fund, (2015), “Global Financial Stability Report October 2015 – Vulnerabilities, Legacies, and Policy Challenges Risks Rotating to Emerging Markets”, World Economic and Financial Surveys, Οκτώβριος.
During the past six months financial stability has improved in advanced economies, but risks continue to rotate toward emerging markets amid a lower risk appetite and higher market and liquidity risks. In advanced economies, growth is gaining traction, and monetary policy normalization is approaching in the United States. Despite these improvements in advanced economies, emerging market vulnerabilities remain elevated. Several key emerging market economies face substantial domestic imbalances, and growth projections have been downgraded, leaving financial stability risks tilted to the downside. The possibility of a global asset market disruption, whereby market risk premiums would decompress in a disorderly way and spread financial contagion, remains heightened. Such a scenario could derail the recovery and delay or stall monetary policy exits. In contrast, “successful normalization”—featuring gradually rising risk premiums, orderly balance sheet adjustments, and renewed financial and corporate health—will require concerted policy action.
Σχετικές Αναρτήσεις
- International Monetary Fund (2014) Global Financial Stability Report – Moving from Liquidity- to Growth-Driven Markets, World Economic and Financial Surveys, Απρίλιος.
- European Central Bank, (2015), Financial Stability Review, Μάιος.