Global Financial Stability Report, April 2024: The Last Mile: Financial Vulnerabilities and Risks

Near-term risks to global financial stability have receded as disinflation is entering its last mile but medium-term vulnerabilities are mounting.
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Volume/Issue: Volume 2024 Issue 001
Publication date: April 2024
ISBN: 9798400257704
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Summary

Chapter 1 documents that near-term global financial stability risks have receded amid expectations that global disinflation is entering its last mile. However, along it, there are several salient risks and a build-up of medium-term vulnerabilities. Chapter 2 assesses vulnerabilities and potential risks to financial stability in corporate private credit, a rapidly growing asset class—traditionally focused on providing loans to midsize firms outside the realms of either commercial banks or public debt markets—that now rivals other major credit markets in size. Chapter 3 shows that while cyber incidents have thus far not been systemic, the probability of severe cyber incidents has increased, posing an acute threat to macrofinancial stability.