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World Economic and Financial Surveys

Global Financial Stability Report

Moving from Liquidity- to Growth-Driven Markets

April 2014

International Monetary Fund

©2014 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.

HG4523.G563

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Recommended citation: International Monetary Fund, Global Financial Stability Report—Moving from

Liquidity- to Growth-Driven Markets (Washington, April 2014).

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CONTENTS

Assumptions and Conventions

viii

Preface ix

Executive Summary

xi

Chapter 1  Making the Transition from Liquidity- to Growth-Driven Markets

1

Financial Stability Overview

Normalizing U.S. Monetary Policy—A “Goldilocks” Exit?

Box 1.1. Deleveraging Trends in Selected Advanced Economies

Box 1.2. Is the Japanese Financial System Rebalancing, and

  What Are the Financial Stability Implications?

Box 1.3 Recent Periods of Turbulence in Emerging Market Economies...