Glossary  3

Executive Summary  4

Introduction  6

The Rising Prominence of Nonbank Financial Institutions  6

The Need for a Systemwide Perspective  8

Literature  10

Theory  10

Empirical and Operational Risk Assessment  11

The Development of Systemwide Exercises  12

IMF's Generic Systemwide Analysis Models  15

Excel-Based Systemwide Liquidity Analysis Tool  15

Market Impact from Investment Funds Liquidity Distress (MILD)  17

FSAP Application and Advancement  18

Early work  18

Systemwide analysis  19

Key issues by financial system development  19

Application and enhancement of Excel-Based systemwide analysis tool  20

Bespoke Analyses  23

Way Forward  29

Conclusion  32

Annex I. Coverage of NBFI and FMIs in recent FSAPs  33

References  34