There is growing recognition that prolonged monetary policy easing of major economies can have extraterritorial spillovers, driving up financial system leverage

This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the �

We study the impact of the US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error-correction model (GVECM) an

The current Global Financial Stability Report (April 2016) finds that global financial stability risks have risen since the last report in October 2015. The new

The Global Financial Stability Report examines current risks facing the global financial system and policy actions that may mitigate these. It analyzes the key