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Chapters 2 and 3 of the October 2015 Global Financial Stability Report respectively examine the determinants and resilience of market liquidity and the growing level of corporate debt in emerging markets. In terms of market liquidity, the current levels are being sustained by benign cyclical conditions and accommodative monetary policy. At the same time, some structural developments may be eroding its resilience. As for the growing level of corporate debt in emerging markets, which quadrupled between 2004 and 2014, global drivers have played an increasing role in leverage growth, bond issuance, and corporate spreads. The greater role of global factors during a period when they have been exceptionally favorable suggests that emerging markets must prepare for the implications of global financial tightening.
IMF Global Financial Stability Report -- October 2015
http://www.imf.org/External/Pubs/FT/GFSR/2015/02/index.htm
