Measuring financial stability

Following the IMF's latest global financial stability review, released on Wednesday, one might expect central bankers to be relaxing. The Fund could see few threats on the horizon. In fact, central bank crisis watchers have never been busier. Mostly they are toiling away on their own domestic financial stability reports.

Since 1996 these reviews, modelled often on those of the Bank of England and the Sveriges Riksbank have become de riguer. Following recent financial crises, a huge amount of

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