Global Financial Stability Report, April 2009 | Date: 28 April 2011, 15:53
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The Global Financial Stability Report (GFSR) assesses key risks facing the global financial system with
a view to identifying those that represent systemic vulnerabilities. In normal times, the report seeks
to play a role in preventing crises by highlighting policies that may mitigate systemic risks, thereby
contributing to global financial stability and the sustained economic growth of the IMF’s member
countries. In the current crisis, the report traces the sources and channels of financial distress, and
provides policy advice on mitigating its effects on economic activity, stemming contagion, and mending
the global financial system.
The analysis in this report has been coordinated in the Monetary and Capital Markets (MCM)
Department under the general direction of Jaime Caruana, the former Financial Counsellor and Director,
and finalized by the present Financial Counsellor and Director, Jose Vinals. The project has been
directed by MCM staff Jan Brockmeijer, Deputy Director; Peter Dattels and Laura Kodres, Division
Chiefs; and Elie Canetti and Brenda Gonzalez-Hermosillo, Deputy Division Chiefs. It has benefited
from comments and suggestions from the senior staff in the MCM Department and especially, Mahmood
Pradhan, Assistant Director.
Contributors to this report also include Myrvin Anthony, Sergei Antoshin, Amitabh Arora, Barbara
E. Baldwin, Christian Capuano, Alexandre Chailloux, Jorge Chan-Lau, R. Sean Craig, Marco
Espinosa-Vega, Kay Giesecke, Dale Gray, Kristian Hartelius, Geoff Heenan, Heiko Hesse, David Hoelscher,
Gregorio Impavido, Andreas Jobst, John Kiff, Rebecca McCaughrin, Paul Mills, Ken Miyajima,
Christopher Morris, Inci Otker-Robe, Michael Papaioannou, L. Effie Psalida, Mustafa Saiyid, Jodi Scarlata,
Miguel Segoviano, Seiichi Shimizu, Juan Sole, Mark Stone, Tao Sun, Rupert Thorne, Ian Tower,
and Luisa Zanforlin. Martin Edmonds, Oksana Khadarina, Yoon Sook Kim, In Won Song, Carolyne
Spackman, and Narayan Suryakumar provided analytical support. Christy Gray, Nirmaleen Jayawardane,
and Ramanjeet Singh were responsible for word processing. Andrew Lo, Art Rolnik, and Ken
Singleton provided helpful comments. David Einhorn of the External Relations Department edited the
manuscript and coordinated production of the publication.
This particular issue draws, in part, on a series of discussions with banks, clearing organizations,
securities firms, asset management companies, hedge funds, standard setters, financial consultants, and
academic researchers. The report reflects information available up to February 28, 2009.
The report benefited from comments and suggestions from staff in other IMF departments, as well
as from Executive Directors following their discussion of the Global Financial Stability Report on March
30, 2009. However, the analysis and policy considerations are those of the contributing staff and should
not be attributed to the Executive Directors, their national authorities, or the IMF.
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