New technologies are driving transformational changes in the global financial system. Virtual
currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer …

The paper evaluates how increases in banks’ and nonfinancial corporates’ default risk are
transmitted in the global economy, using in a vector autoregression model for 30 advanced …

Although China’s much-needed transition to a new growth path is proceeding broadly as
expected, the transition is still fraught with uncertainty, including regarding the Chinese …

Bank stress tests of climate change risks are relatively new, but are rapidly proliferating. The
IMF and World Bank staff collaborated to develop an experimental macro scenario stress …

An analysis of mutual-fund-level flow data into EM bond and equity markets confirms that
different types of funds behave differently. Bond funds are more sensitive to global factors and …

Climate change presents risks and opportunities for the real economies and financial sectors
of the IMF’s global membership. Understanding the risks is key to prepare for a successful …

This paper explains the treatment of sovereign risk in macroprudential solvency stress
testing, based on the experiences in the Financial Sector Assessment Program (FSAP). We …

Although China’s much-needed transition to a new growth path is proceeding broadly as
expected, the transition is still fraught with uncertainty, including regarding the Chinese …

Asian equity markets have grown significantly in size since the early 1990s, driven by strong
international investor inflows, growing regional financial integration, capital account …

… Prepared by Hiroko Oura1 … BSA data are still not comprehensive in many countries and
often miss details of instruments and financial linkages that do not involve domestic financial …