The IMF Global Financial Stability Report (GFSR) - 60 Core Indicator

 

The Pulse of Global Finance: A Masterclass in IMF Stability Analytics

Deciphering the 60 Pillars of the Global Financial Stability Report (GFSR)

As the global economy navigates an era of rapid digital transformation and shifting geopolitical alliances, the International Monetary Fund (IMF) relies on its premier surveillance tool to safeguard the international monetary system. The Global Financial Stability Report (GFSR) stands as the definitive "health check" for the world's financial markets, providing a sophisticated early warning system designed to detect vulnerabilities before they evolve into systemic crises. By synthesizing vast amounts of data into actionable insights, the GFSR guides central banks and finance ministries in maintaining the delicate balance between fostering growth and ensuring financial resilience.

The report warns that the "apparent calm" in 2026 is supported by temporary liquidity, and a failure to address the high Debt-at-Risk in the corporate sector could lead to a sudden tightening of financial conditions. Policymakers are urged to utilize this 60-metric shield to identify local vulnerabilities before they contribute to a global "Growth-at-Risk" event.

The IMF GFSR -Global Financial Stability Indicators

#	Indicator Name
1	Currency Mismatch
2	Sovereign Term Premia
3	Quantifying Asset Price Misalignments
4	Non-Bank Financial Intermediation (NBFI) assets share
5	Financial Stability Map
6	Growth-at-Risk (GaR)
7	Return on Equity (ROE)
8	Interest Margin to Gross Income
9	Non-interest Expenses to Gross Income
10	Liquid Assets to Total Assets
11	Liquid Assets to Short-term Liabilities
12	Net Open Position in Foreign Exchange to Capital
13	Large Exposures to Capital
14	Gross Asset Position in Financial Derivatives to Capital
15	Gross Liability Position in Financial Derivatives to Capital
16	Net Stable Funding Ratio (NSFR)
17	Liquidity Coverage Ratio (LCR)
18	Household Debt to GDP
19	Non-financial Corporate Debt to Equity
20	Residential Real Estate Prices (Index)

#	Indicator Name
21	Commercial Real Estate Prices (Index)
22	Total Debt Service to Income (Households)
23	Net Foreign Exchange Exposure to Equity
24	Number of Large Exposures to Capital
25	Credit to the Public Sector to Total Gross Loans
26	Credit to the Private Sector to Total Gross Loans
27	Assets of Insurance Corporations to GDP
28	Shareholder Equity to Invested Assets (Insurance)
29	Combined Ratio (Insurance Profitability)
30	Pension Fund Assets to GDP
31	Pension Fund Return on Investment
32	Assets of Money Market Funds (MMFs) to GDP
33	Total Assets of Other Financial Intermediaries to GDP
34	Earnings Before Interest and Taxes (EBIT) to Interest Expense
35	Corporate Interest
36	Net Open Position in Equities to Capital
37	Customer Deposits to Total (Non-interbank) Loans
38	Foreign-Currency-Denominated Loans to Total Loans
39	Foreign-Currency-Denominated Liabilities to Total Liabilities
40	Spread Between Lending and Deposit Rates

#	Indicator Name
41	Value of Real Estate Loans to Total Gross Loans
42	Loan-to-Value (LTV) Ratio (New Loans)
43	Debt-Service-to-Income (DSTI) Ratio
44	Number of Banks with Capital Below Regulatory Minimum
45	Bank-NBFI Linkages Indicator
46	Personnel Expenses to Non-interest Expenses
47	Refinancing Pressure
48	Large Exposures to Number of Borrowers
49	Credit to Central Government to Total Assets
50	Interbank Money Market Rates (Spread)

#	Indicator Name
51	Average Bid-Ask Spread (Securities Market)
52	Average Daily Turnover Ratio (Securities Market)
53	Number of Applications for Protection from Creditors (Business Failures)
54	Ratio of Domestic Assets to Total Assets (Geographical Concentration)
55	Share of Top 5 Banks in Total Assets (Market Concentration)
56	Credit to Households for Consumption to Total Loans
57	Gross Asset Position in Financial Derivatives to Capital
58	Gross Liability Position in Financial Derivatives to Capital
59	Net Equity of Households in Pension Fund Reserves
60	Market Complacency Index

The IMF Flagship: Navigating Global Risks

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In summary, the Global Financial Stability Report (GFSR) provides more than just a list of numbers; it offers a narrative of the hidden tensions within the global economy. By 2026, the IMF’s monitoring reveals a world that has been "remarkably resilient" yet remains "tenuous" as new risks emerge from the shadows of traditional banking.

Final Closing: The Road Ahead for 2026

The core message of the 2026 reporting cycle is that the "apparent calm" in financial markets may be a liquidity mirage. While growth remains steady at approximately 3.3%, the IMF concludes that the safety of the global system now depends on moving beyond traditional bank regulation. To ensure long-term stability, the report issues a final call to action for three key areas:

• Vigilance over AI & Tech: Policymakers must prepare for potential "abrupt corrections" if the high productivity expectations for AI fail to materialize quickly enough to support current stock valuations.

• Shadow Banking Transparency: Closing the data gaps in the Non-Bank Financial Institution (NBFI) sector is no longer optional; it is essential to prevent a systemic "contagion" that the current banking safety nets are not designed to catch.

• Fiscal Discipline: Governments must aggressively rebuild their "fiscal buffers" now, while conditions are accommodative, to ensure they have the "firepower" to respond when the next inevitable shock arrives.

The GFSR 2026 underscores that financial stability is not a static equilibrium but a transient state, necessitating a rigorous recalibration between conventional debt sustainability and the structural risks emerging from the rapid integration of digital and climate-related financial architectures. By positing that systemic resilience is contingent upon the ability of regulators to navigate this "Shifting Ground," the report maintains that policy frameworks must harmonize legacy macroprudential tools with nascent, high-velocity developments in the non-bank and technological sectors.

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