FINANCIAL STABILITY
Financial shocks occur with increasing frequency in the integrated world economy, threatening the stability of financial systems, economic growth, long-term development and the well-being of individuals and businesses worldwide. It is therefore fundamental to have tools and policies in place not only to prevent the occurrence of financial shocks but also to mitigate their negative impact and contagion when they do occur.
The Global Economic Governance Initiative’s workstream on Financial Stability for Development examines the extent to which nation-states and international institutions interact to prevent and mitigate financial crises. Its research assesses whether the Global Financial Safety Net (GFSN) is fit for purpose in terms of size, policies and coverage; evaluates the effectiveness and role of informal institutions in managing sovereign debt workouts and ensuring orderly and equitable resolutions; and examines how a country’s own macroprudential policies and regional cooperation can also help manage financial risks.
Financial Stability – Latest News & Publications
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The Safe Assets Under Central Bankers’ Pillows
September 10, 2026By Marina Zucker-Marques and Kevin P. Gallagher Last month, the world’s major central bankers converged upon Jackson Hole during a period of unprecedented uncertainty. Constantly shifting... [ More ]
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Adjustment without Accumulation: Evidence on Capital Formation from IMF Programs
April 09, 2026The mission of the International Monetary Fund (IMF) is to promote international financial stability through liquidity support, surveillance and capacity building. Emerging market and developing... [ More ]
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Toward More Effective IMF Programs: Learning from the Evidence on Conditionality
April 09, 2026The International Monetary Fund (IMF) conducts periodic Reviews of Program Design and Conditionality (RoC), and it is currently undergoing the first review since 2018. These... [ More ]
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Global Financial Safety Net Tracker Database Methodology Guidebook, 2026
January 28, 2026The Global Financial Safety Net (GFSN) is a set of institutions and mechanisms that provide insurance against crises and financing to mitigate their impacts. It... [ More ]
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Geopolitics on the Rise, IMF on the Decline: Insights from the Updated Global Financial Safety Net Tracker
January 26, 2026By Laurissa Mühlich, Marina Zucker-Marques and Barbara Fritz In an era of mounting debt pressures, climate shocks and volatile international trade policies, timely and reliable financial resources are... [ More ]
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Desvendando o “Pecado Digital”: ForexTech e as Novas Fronteiras da Volatilidade Cambial
November 10, 2025Por Pedro Perfeito da Silva e Marina Zucker-Marques A expansão das FinTechs—inovações tecnológicas em serviços financeiros—está mudando a forma como pessoas e empresas poupam, investem, realizam... [ More ]
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Decoding “Digital Sin”: ForexTech and the New Frontiers of Currency Instability
November 10, 2025By Pedro Perfeito da Silva and Marina Zucker-Marques The spread of FinTech—technology-driven innovation in financial services—is changing how people and businesses save, invest, make payments, access... [ More ]
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Financial Subordination Goes Digital: Assessing the Drivers of Brazil’s Exchange Rate Instability
November 10, 2025Since the crisis of the Bretton Woods order, capitalist economies have experienced a pervasive impulse to financialization, characterized by the growing importance of financial practices... [ More ]
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IMF Lending Returns to Low Levels While the PBOC Continues as the Largest Provider of Currency Swaps: Insights from the Updated Global Financial Safety Net Tracker
September 24, 2025By Marina Zucker-Marques, Laurissa Mühlich, and Barbara Fritz In a world beset by lower growth prospects, unprecedented uncertainty in international trade and high debt service pressures, [ More ]