Front Matter

Front Matter

International Monetary Fund. Monetary and Capital Markets Department
Published Date:
April 2017
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    World Economic and Financial Surveys

    Global Financial Stability Report

    April 2017

    Getting the Policy Mix Right

    ©2017 International Monetary Fund

    Cover and Design: Luisa Menjivar and Jorge Salazar

    Composition: AGS, An RR Donnelley Company

    Cataloging-in-Publication Data

    Joint Bank-Fund Library

    Names: International Monetary Fund.

    Title: Global financial stability report.

    Other titles: GFSR | World economic and financial surveys, 0258-7440

    Description: Washington, DC : International Monetary Fund, 2002- | Semiannual | Some issues also have thematic titles. | Began with issue for March 2002.

    Subjects: LCSH: Capital market—Statistics—Periodicals. | International finance—Forecasting—Periodicals. | Economic stabilization—Periodicals.

    Classification: LCC HG4523.G557

    ISBN 978-1-47556-456-3 (Paper)

    • 978-1-47559-072-2 (ePub)

    • 978-1-47559-073-9 (Mobipocket)

    • 978-1-47559-080-7 (PDF)

    Disclaimer: The Global Financial Stability Report (GFSR) is a survey by the IMF staff published twice a year, in the spring and fall. The report draws out the financial ramifications of economic issues highlighted in the IMF’s World Economic Outlook (WEO). The report was prepared by IMF staff and has benefited from comments and suggestions from Executive Directors following their discussion of the report on April 4, 2017. The views expressed in this publication are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Directors or their national authorities.

    Recommended citation: International Monetary Fund. 2017. Global Financial Stability Report: Getting the Policy Mix Right. Washington, DC, April.

    Please send orders to:

    International Monetary Fund, Publications Services

    P.O. Box 92780, Washington, DC 20090, U.S.A.

    Tel.: (202) 623-7430 Fax: (202) 623-7201



    Assumptions and Conventions

    The following conventions are used throughout the Global Financial Stability Report (GFSR):

    . . . to indicate that data are not available or not applicable;

    — to indicate that the figure is zero or less than half the final digit shown or that the item does not exist;

    – between years or months (for example, 2016–17 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    / between years or months (for example, 2016/17) to indicate a fiscal or financial year.

    “Billion” means a thousand million.

    “Trillion” means a thousand billion.

    “Basis points” refers to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

    If no source is listed on tables and figures, data are based on IMF staff estimates or calculations.

    Minor discrepancies between sums of constituent figures and totals shown reflect rounding.

    As used in this report, the terms “country” and “economy” do not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.

    Further Information and Data

    This version of the Global Financial Stability Report (GFSR) is available in full through the IMF eLibrary ( and the IMF website (

    The data and analysis appearing in the GFSR are compiled by the IMF staff at the time of publication. Every effort is made to ensure, but not guarantee, their timeliness, accuracy, and completeness. When errors are discovered, there is a concerted effort to correct them as appropriate and feasible. Corrections and revisions made after publication are incorporated into the electronic editions available from the IMF eLibrary ( and on the IMF website ( All substantive changes are listed in detail in the online tables of contents.

    For details on the terms and conditions for usage of the contents of this publication, please refer to the IMF Copyright and Usage website,


    The Global Financial Stability Report (GFSR) assesses key risks facing the global financial system. In normal times, the report seeks to play a role in preventing crises by highlighting policies that may mitigate systemic risks, thereby contributing to global financial stability and the sustained economic growth of the IMF’s member countries.

    The analysis in this report has been coordinated by the Monetary and Capital Markets (MCM) Department under the general direction of Tobias Adrian, Director. The project has been directed by Peter Dattels and Dong He, both Deputy Directors, as well as by Gaston Gelos and Matthew Jones, both Division Chiefs. It has benefited from comments and suggestions from the senior staff in the MCM Department.

    Individual contributors to the report are Ali Al-Eyd, Adrian Alter, Sergei Antoshin, Nicolas Arregui, Luis Brandão-Marques, John Caparusso, Jorge Chan-Lau, Qianying Chen, Sally Chen, Yingyuan Chen, Fabio Cortes, Dimitris Drakopoulos, Martin Edmonds, Selim Elekdag, Jennifer Elliott, Caio Ferreira, Rohit Goel, Lucyna Gornicka, Thomas Harjes, Sanjay Hazarika, Geoffrey Heenan, Dyna Heng, Paul Hiebert, Eija Holttinen, Gee Hee Hong, Henry Hoyle, Viacheslav Ilin, Nigel Jenkinson, Andy Jobst, David Jones, Mitsuru Katagiri, Will Kerry, Oksana Khadarina, John Kiff, Robin Koepke, Romain Lafarguette, Frederic Lambert, Tak Yan Daniel Law, Yang Li, Sherheryar Malik, Rebecca McCaughrin, Naoko Miake, Win Monroe, Vladimir Pillonca, Thomas Piontek, Luca Sanfilippo, Dulani Seneviratne, Juan Solé, Ilan Solot, Nobuyasu Sugimoto, Jay Surti, Narayan Suryakumar, Laura Valderrama, Francis Vitek, Jeffrey Williams, Dmitry Yakovlev, and Kai Yan. Magally Bernal, Lilit Makaryan, Breanne Rajkumar, and Annerose Wambui Waithaka were responsible for word processing.

    Gemma Diaz from the Communications Department led the editorial team and managed the report’s production with support from Michael Harrup, Linda Kean, and Joe Procopio, and editorial assistance from Sherrie Brown, Christine Ebrahimzadeh, Susan Graham, Linda Long, Alastair McIndoe, Lucy Scott Morales, Nancy Morrison, Annerose Wambui Waithaka, Katy Whipple, Eric Van Zant, AGS, and Vector.

    This particular issue of the GFSR draws in part on a series of discussions with banks, securities firms, asset management companies, hedge funds, standard setters, financial consultants, pension funds, central banks, national treasuries, and academic researchers.

    This GFSR reflects information available as of March 31, 2017. The report benefited from comments and suggestions from staff in other IMF departments, as well as from Executive Directors following their discussion of the GFSR on April 4, 2017. However, the analysis and policy considerations are those of the contributing staff and should not be attributed to the IMF, its Executive Directors, or their national authorities.

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