Global Financial Stability Report: Analytical Chapters 3 & 4
World Economic and Financial Surveys
Global Financial Stability Report
Restoring Confidence and Progressing on Reforms
October 2012
Chapter 3 of the October 2012 Global Financial Stability Report examines whether the regulatory reforms designed to make the financial system safer are moving the system in the correct direction, using a benchmark set of features that include financial institutions and markets that are more transparent, less complex, and less leveraged. The analysis suggests that progress has been limited so far, in part because many of the reforms are still in the early stages of implementation. Chapter 4 evaluates how aspects of current changes to financial structure, including those elicited from regulatory reforms, may be associated with economic outcomes. Both chapters stress that the success of measures to produce a safer financial system depend on effective implementation of reforms and strong supervision.
Contents
Chapter 3. The Reform Agenda: An Interim Report on Progress Toward a Safer Financial System
| Boxes | |||||
| 3.1 | Risks Associated with New Forms of Financial Intermediation | ||||
| 3.2 | Global Deleveraging Landscape: Economy- and Bank-Level View | ||||
| 3.3 | TruPs and the Impact of Basel III on U.S. Banks | ||||
| 3.4 | Side Effects of Low Policy Interest Rates | ||||
| 3.5 | Did Some Banking Systems Withstand International Contagion because They Are Less Globally Integrated? | ||||
| Figures | |||||
| Data | 3.1 | Size of the Global Financial System | |||
| 3.2 | Market-Based Intermediation | ||||
| Data | 3.3 | Market-Based Intermediation: New Financial Products | |||
| 3.4 | Scope and Scale: Interconnectedness, Funding, Concentration | ||||
| 3.5 | Globalization | ||||
| 3.6 | Illustration of Difference-in-Differences Method | ||||
| Tables | |||||
| 3.1 | Financial Structure before the Crisis and Financial Stress during the Crisis | ||||
| 3.2 | A Snapshot of the New Regulatory Initiatives | ||||
| 3.3 | Possible Effects of Regulatory Reforms on Financial Structure | ||||
| 3.4 | Government and Central Bank Crisis Measures, 2007–10 | ||||
| 3.5 | Effect of Progress in Basel Capital Rules on Intermediation Structures | ||||
| 3.6 | Indices, Subindices, and Data Sources | ||||
| 3.7 | Snapshot of the New Global Regulatory Initiatives: Resolution of G-SIFIs | ||||
| 3.8 | Status of Initiatives, by Selected Economy | ||||
| 3.9 | Effect of Progress in Basel Liquidity Rules on Intermediation Structures | ||||
| 3.10 | Effect of Financial Policies on Intermediation Structures: Crisis Intervention Policies | ||||
| 3.11 | Basel Capital and Liquidity Progress Index | ||||
Chapter 4. Changing Global Financial Structures: Can They Improve Economic Outcomes?
| Boxes | |||||
| 4.1 | Financial Depth and Economic Outcomes | ||||
| 4.2 | How Robust Are the Econometric Results? | ||||
| 4.3 | Australia | ||||
| 4.4 | The United States | ||||
| 4.5 | Germany | ||||
| 4.6 | Japan | ||||
| 4.7 | China | ||||
| Figures | |||||
| 4.1 | Time Varying Correlations: Financial Globalization Index | ||||
| 4.2 | Time Varying Correlations: Financial Buffers | ||||
| 4.3 | Financial Structure and Economic Growth, 1998–2010 | ||||
| Tables | |||||
| 4.1 | Financial Structure Measures in This GFSR | ||||
| 4.2 | Sector Size, Structure, and Economic Performance in Case Study Countries | ||||
| 4.3 | Summary of Fixed-Effects Panel Estimation Results on Economic Outcomes, 1998–2010 | ||||
| 4.4 | List of Variables Used in Regression Analysis | ||||
| 4.5 | Fixed-Effects Panel Estimation with Interaction Term, 1998–2010 | ||||
| 4.6 | Fixed-Effects Panel Estimation with Quadratic Term, 1998–2010 | ||||
| 4.7 | Systemic Banking Crises and Financial Structure Variables: Probit Model | ||||
| 4.8 | Financial Depth and Macroeconomic Volatility | ||||
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