Global Financial Stability Report, April 2014: Moving from Liquidity- to Growth-Driven Markets
Global Financial Stability Report, April 9, 2014
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Bibliographic details
- Published: April 9, 2014
- Series: Global Financial Stability Report
- DOI: https://doi.org/10.5089/9781484357460.082
Executive findings
- The global financial system "remains in a transitional period with stability conditions far from normal."
- Advanced and emerging market economies need to shift from liquidity- to growth-driven markets.
- Successful shift will require:
- "a normalization of U.S. monetary policy";
- "financial rebalancing in emerging markets";
- "further progress in the euro area integration";
- "continued implementation of 'Abenomics' in Japan."
- The report examines:
- how changes in the investor base and financial deepening affect emerging market economies;
- the issue of banks considered too important to fail, providing new estimates of the implicit funding subsidy these banks receive.
Policy implications and recommended actions
- Normalize U.S. monetary policy in a manner consistent with global financial stability considerations.
- Pursue financial rebalancing in emerging markets to reduce vulnerabilities associated with liquidity-driven flows.
- Advance euro area integration to strengthen regional financial system stability.
- Continue implementation of "Abenomics" in Japan to support a transition to growth-driven markets.
- Address the systemic implications of banks "too important to fail" by quantifying and mitigating implicit funding subsidies.
Analytical focus areas
- Investor base changes and financial deepening in emerging market economies.
- Implicit funding subsidy estimates for systemically important banks.
- Transition dynamics from liquidity-driven to growth-driven market structures across advanced and emerging economies.
Publication metadata and key statistics
- Publication title: Global Financial Stability Report, April 2014: Moving from Liquidity- to Growth-Driven Markets
- Publication date: April 9, 2014
- Pages: 182
- Volume: 2014
- Issue: 001
- Series: Global Financial Stability Report No. 2014/001
- DOI: https://doi.org/10.5089/9781484357460.082
- Stock No: GFSREA2014001
- ISBN: 9781484357460
- ISSN: 1729-701X
- Subjects: Banking, Credit, Emerging and frontier financial markets, Financial institutions, Financial markets, Financial statements, Loans, Money, Mutual funds, Public financial management (PFM)
- Keywords: active market, Africa, Asia and Pacific, balance sheet repair, bank, bond index, Caribbean, commercial paper, Credit, economy, Emerging and frontier financial markets, emerging market, equity capital, equity valuation, Europe, Financial statements, fiscal consolidation plan, funding cost, GFSR, Global, investor base, Loans, longer-term inflation expectation, market liquidity, market participant, Middle East, Mutual funds, risk profile, yield
Source: Global Financial Stability Report, April 2014: Moving from Liquidity- to Growth-Driven Markets (International Monetary Fund).
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References
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- Mutual funds
- Public financial management (PFM)
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