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Systemwide Stress Test at the IMF: Integrating Nonbank Financial Intermediary Risks

Author

Listed:
  • Ms. Hiroko Oura
  • Guillaume Arnould
  • Xiaodan Ding
  • Pierpaolo Grippa
  • Mr. Marco Gross
  • Mr. Dimitrios Laliotis
  • Mindaugas Leika
  • Caterina Lepore
  • Elisa Letizia
  • Ms. Laura Valderrama
  • Yuchen Zhang

Abstract

This paper presents the IMF’s systemwide stress testing approaches, which cover multiple financial sub-sectors and their clients. Developing these tools is crucial for identifying cross-sector and cross border amplification channels and enhancing policy responses, as recognized by the international financial stability community. The paper reviews classic and modern theories and operational methods for analyzing systemic liquidity risks that impact numerous institutions simultaneously, illustrating how shocks can spread through banks, nonbank financial institutions (NBFIs), and market-based finance via runs, redemptions, margin and collateral calls, fire sales, price dynamics, and disruptions in core markets. It details two base IMF tools—an Excel-based flow-of-funds framework and investment fund liquidity analysis with fire sale and market-impact dynamics—and their application and enhancement within Financial Sector Assessment Programs (FSAPs) across various countries.

Suggested Citation

  • Ms. Hiroko Oura & Guillaume Arnould & Xiaodan Ding & Pierpaolo Grippa & Mr. Marco Gross & Mr. Dimitrios Laliotis & Mindaugas Leika & Caterina Lepore & Elisa Letizia & Ms. Laura Valderrama & Yuchen Zha, 2026. "Systemwide Stress Test at the IMF: Integrating Nonbank Financial Intermediary Risks," IMF Working Papers 2026/170, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2026/170
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