有关次贷危机的总结及经济走势的分析。

Chapter I. Assessing Risks to Global Financial Stability
	Global Financial Stability Map
	The Default Cycle
	Financial System Deleveraging
	Systemic Implications
	Emerging Market Resilience Is Being Tested
	Financial Stability Policies
	Annex 1.1. Global Financial Stability Map: Construction and Methodology
	Annex 1.2. Financial Investment in Commodities Markets
	Annex 1.3. Loss Estimates on U.S. Credit Instruments
	Annex 1.4. Factors Influencing the Pace and Level of Bank Capital Rebuilding
	References
Chapter II. Stress in Bank Funding Markets and Implications for Monetary Policy
	The Microstructure of Bank Funding Markets
	The Causes of Elevated Interbank Spreads
	Implications for the Interest Rate Transmission Mechanism of Monetary Policy
	Policy Recommendations
	Annex 2.1. Empirical Framework: The Causes of High Interbank Spreads
	Annex 2.2. Empirical Framework: Monetary Transmission
	References
Chapter III. Fair Value Accounting and Procyclicality
	Fair Value Accounting Through the Business Cycle
	Conclusions and Policy Recommendations
	Annex 3.1. Data and Modeling Assumptions
	References
Chapter IV. Spillovers to Emerging Equity Markets
	Performance of Emerging Market Equity Markets
	Cross-Country Equity Price Correlations
	Determinants of Emerging Market Equity Prices
	Spillovers and their Impact
	The Role of Local Institutional Investors
	Key Results and Conclusions
	Annex 4.1. Panel Estimation Specification and Results
	Annex 4.2. Vector Autoregression Model Results
	References