Global financial stability report

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World Economic and Financial Surveys

Summary Version

Global Financial Stability Report
Meeting New Challenges to Stability and Building a Safer System
April 2010

International Monetary Fund Washington DC

© 2010 International Monetary Fund Cover: Creative Services Typesetting: Martin Edmonds and Alicia Etchebarne-Bourdin

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CONTENTS

Preface Executive Summary Chapter 1. Resolving the Crisis Legacy and Meeting New Challenges to Financial Stability A. How Has Global FinancialStability Changed? B. Could Sovereign Risks Extend the Global Credit Crisis? C. The Banking System: Legacy Problems and New Challenges D. Risks to the Recovery in Credit E. Assessing Capital Flows and Bubble Risks in the Post-Crisis Environment F. Policy Implications Annex 1.1. Global Financial Stability Map: Construction and Methodology Annex 1.2. Assessing Proposals to Ban ―Naked Shorts‖ inSovereign Credit Default Swaps Annex 1.3. Assessment of the Spanish Banking System Annex 1.4. Assessment of the German Banking System Annex 1.5. United States: How Different Are ―Too-Important-to-Fail‖ U.S. Bank Holding Companies? References
[The following supplemental annexes to Chapter 1 are available online at http://www.imf.org/external/pubs/ft/gfsr/2010/01/index.htm#chap1anx]

ix xi 1 1 3 11 24 2839 44 49 53 59 64 66

Annex 1.6. Analyzing Nonperforming Loans in Central and Eastern Europe Based on Historical Experience in Emerging Markets Annex 1.7. Credit Demand and Capacity Estimates in the United States, Euro Area, and United Kingdom Annex 1.8. The Effects of Large-Scale Asset Purchase Programs Annex 1.9. Methodologies Underlying Assessment of Bubble Risks Annex 1.10. Euro ZoneSovereign Spreads: Global Risk Aversion, Spillovers, or Fundamentals? Chapter 2. Systemic Risk and the Redesign of Financial Regulation
[Available online at http://www.imf.org/external/pubs/ft/gfsr/2010/01/pdf/chap2.pdf]

Summary Implementing Systemic-Risk-Based Capital Surcharges Reforming Financial Regulatory Architecture Taking into Account Systemic Connectedness Policy Reflections Annex 2.1.Highlights of Model Specification References

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GLOBAL FINANCIAL STABILITY REPORT

Chapter 3.

Making Over-the-Counter Derivatives Safer: The role of Central Counterparties
[Available online at http://www.imf.org/external/pubs/ft/gfsr/2010/01/pdf/chap3.pdf]

Summary The Basics of Counterparty Risk and Central Counterparties The Case for Over-the Counter Derivative Central Clearing...
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