REGIONAL OFFICE FOR ASIA AND THE PACIFIC (OAP)

Asia-Pacific Regional Seminar

Global Financial Stability Report: Financial Fragilities and Risks

The IMF’s latest Global Financial Stability Report documents that the near-term global financial stability risks have receded and disinflation is entering its last mile, but it details several salient risks and a build-up of medium-term vulnerabilities. The report also assesses vulnerabilities and potential risks to financial stability in corporate private credit, a rapidly growing asset class that now rivals other major credit markets in size. The IMF Regional Office for Asia and the Pacific hosted a hybrid seminar with the lead authors of the report to discuss these issues. Fabio Natalucci presented on global financial fragilities along the last mile of disinflation, and policy recommendation. Jason Wu presented on a more proactive supervisory and regulatory approach to address potential risks posed by the fast-growing and interconnected asset class.

Agenda:

Speakers:

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  Fabio M. Natalucci is a Deputy Director of the Monetary and Capital Markets Department with responsibility for the IMF’s global financial markets monitoring and systemic risk assessment functions. He oversees the Global Financial Stability Report that gives the IMF’s assessment of global financial stability risks. Prior to joining the IMF, Fabio was a Senior Associate Director in the Division of Monetary Affairs at the Federal Reserve Board. Between October 2016 and June 2017, Mr. Natalucci was Deputy Assistant Secretary for International Financial Stability and Regulation at the U.S. Department of Treasury, leading U.S. engagement on financial regulatory cooperation in the G-20, representing the U.S. Treasury at the FSB, coordinating between domestic and international post-crisis regulatory reforms. Fabio holds a PhD in Economics from New York University.

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  Jason Wu is the Assistant Director overseeing the Global Markets Analysis division at the IMF. Prior to joining the IMF, Jason was an Associate Director in the Division of International Finance at the Federal Reserve Board, overseeing the Global Financial Flows, Global Financial Institutions, and International Financial Stability groups. Between 2018 and 2021, Jason was the Head of Economic Research and later the Head of Credit Risk and Banking Statistics at the HKMA. From 2007 to 2018, Jason held positions in the divisions of Monetary Affairs and Supervision and Regulation at the Federal Reserve Board. He holds a PhD in economics from the University of Wisconsin-Madison and has published research on monetary policy transmission, banking, capital flows, and econometrics in various academic journals.

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