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This paper applies the “market microstructure” literature to the specific features of government securities markets and draws implications for the strategy to develop government securities markets. It argues for an active role of the authorities in fostering the development of efficient market structures.

Brokerage --- Brokers and dealers --- Capital market --- Event Studies --- Finance --- Finance: General --- Financial Institutions and Services: Government Policy and Regulation --- Financial Institutions and Services: Other --- Financial institutions --- Financial instruments --- Financial markets --- General Financial Markets: General (includes Measurement and Data) --- Government securities --- Information and Market Efficiency --- Investment & securities --- Investment Banking --- Investments: General --- Market Structure and Pricing: General --- Over-the-counter markets --- Ratings and Ratings Agencies --- Securities markets --- Securities --- Stockbrokers --- Treasury bills and bonds --- Venture Capital --- Italy

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The Global Financial Crisis unleashed changes in the operating and regulatory environments for large international banks. This paper proposes a novel taxonomy to identify and track business model evolution for the 30 Global Systemically Important Banks (G-SIBs). Drawing from banks’ reporting, it identifies strategies along four dimensions –consolidated lines of business and geographic orientation, and the funding models and legal entity structures of international operations. G-SIBs have adjusted their business models, especially by reducing market intensity. While G-SIBs have maintained international orientation, pressures on funding models and entity structures could affect the efficiency of capital flows through the bank channel.

Accounting --- Banks and Banking --- Industries: Financial Services --- International Financial Markets --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Business Objectives of the Firm --- International Finance: Other --- Financial Institutions and Services: General --- Public Administration --- Public Sector Accounting and Audits --- Investment Banking --- Venture Capital --- Brokerage --- Ratings and Ratings Agencies --- Financial Institutions and Services: Government Policy and Regulation --- Banking --- Finance --- Financial reporting, financial statements --- Global systemically important banks --- Foreign banks --- Financial statements --- Investment banking --- Financial institutions --- Public financial management (PFM) --- Financial services --- Banks and banking --- Financial services industry --- Banks and banking, Foreign --- Finance, Public --- United States

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The Global Financial Stability Map was developed as a tool to interpret the risks and conditions that impact financial stability in a graphical manner. It complements other existing tools for assessing financial stability, and seeks to overcome some of the drawbacks of earlier approaches. This paper provides the motivation for the tool, a detailed discussion of its construction, including the choice of risk factors and conditions, a description of the underlying indicators, and a discussion on how the final assessment is determined. When applied to past events of financial instability, the Global Financial Stability Map performs reasonably well in signaling risks to stability, as well as in characterizing the depth of crisis episodes.

Financial crises --- Economic stabilization. --- International finance. --- Risk assessment. --- Economic forecasting. --- Prevention. --- Economics --- Forecasting --- Economic indicators --- Analysis, Risk --- Assessment, Risk --- Risk analysis --- Risk evaluation --- Evaluation --- International monetary system --- International money --- Finance --- International economic relations --- Adjustment, Economic --- Business stabilization --- Economic adjustment --- Stabilization, Economic --- Economic policy --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Banks and Banking --- Finance: General --- Financial Risk Management --- General Financial Markets: Government Policy and Regulation --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Financial Crises --- Financial services law & regulation --- Economic & financial crises & disasters --- Financial sector stability --- Market risk --- Financial sector risk --- Credit risk --- Financial risk management --- Financial services industry --- United States