TAILIEUCHUNG - Global Financial Stability Report: Restoring Confidence and Progressing on Reforms

In recent years a number of OECD countries experienced a rapid increase in housing market activity, which coincided with a period of low real and nominal interest rates. The link between the two is intuitive: low interest rates make credit cheaper and increase the demand for housing. Some scholars argue that expansionary monetary policy has been signi cantly responsible for this low level of interest rates and the subsequent house price boom (Hume and Sentance (2009) and Taylor (2009)). Others stress the role of excessive saving in nancially underdeveloped economies which led to persistent capital in ows into rich countries and thus depressed long rates (Caballero et al (2008). | World Economic and Financial Surveys Global Financial Stability Report Restoring Confidence and Progressing on Reforms OCTOBER 2012 International Monetary Fund 2012 International Monetary Fund Cataloging-in-Publication Data Joint Bank-Fund Library Global financial stability report Washington DC International Monetary Fund 2002 v. cm. World economic and financial surveys 0258-7440 Semiannual Some issues also have thematic titles. ISSN 1729-701X 1. Capital market Development countries Periodicals. 2. International finance Periodicals. 3. Economic stabilization Periodicals. I. International Monetary Fund. II. Series World economic and financial surveys. ISBN 978-1-61635-390-2 Please send orders to International Monetary Fund Publications Services . Box 92780 Washington DC 20090 . Tel. 202 623-7430 Fax 202 623-7201 E-mail publications@ CONTENTS Preface ix Executive Summary xi Chapter 1 Global Financial Stability Assessment 1 Status of Stability Indicators 1 The Euro Area 4 The United States 15 Japan 16 Emerging Markets and Other Economies 16 Regulatory Reform 17 References 20 Chapter 2 Restoring Confidence and Containing Global Spillovers 21 Global Debt Overhang and Stability Challenges 21 Euro Area Crisis Reversing Financial Fragmentation 25 The United States Stability or Complacency 42 Japan How Safe a Safe Haven 52 Emerging Market and Other Economies Navigating Domestic and Global Risks 55 Annex . Update to the EU Bank Deleveraging Exercise 68 References 73 Chapter 3 The Reform Agenda An Interim Report on Progress Toward a Safer Financial System 75 Summary 75 Structural Features Associated with the Crisis 77 The Goal of Reforms Desirable Structures of Financial Intermediation 80 Objectives and Implications of the New Regulatory Initiatives 82 Structural Implications of Crisis Intervention Measures 92 Change over the Past Five Years Are Financial Systems Structurally Safer 96 Analyzing the Effect

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