国际货币基金组织最新发布的全球金融稳定性报告
Preface vii
Executive Summary ix
Chapter 1. Economic Uncertainty, Sovereign Risk, and Financial Fragilities 1
A. What Is the Outlook for Global Financial Stability? 1
B. Sovereign Risks and Financial Fragilities 4
C. Sovereign and Banking System Spillovers 13
D. Managing Risks to Emerging Markets 25
E. Policy Priorities 32
Annex 1.1. Impact of Adverse Growth Shock on Advanced Economy Debt Ratios 40
Annex 1.2. Systemic Contingent Claims Analysis of Banking and Sovereign Risk 41
Annex 1.3. Analyzing Portfolio Inflows to Emerging and Selected Advanced Markets 45
Annex 1.4. Asia’s Local Currency Corporate Bond Market—A New Spare Tire 50
Annex 1.5. Where Now for Fannie and Freddie? A Review of the Options 52
References 53
Chapter 2. Systemic Liquidity Risk: Improving the Resilience of Institutions and Markets 57
Summary 57
Review of the Systemic Liquidity Shock through Various Short-Term Funding Markets 59
Funding Markets as Propagation Channels of Systemic Liquidity Risk 64
Policies to Strengthen the Resilience of Funding Markets 70
Policies to Strengthen Prudential Liquidity Regulations for Institutions 76
Outstanding Policy Issues in Addressing Systemic Liquidity Risk 78
Conclusions and Policy Considerations 81
References 81
Chapter 3. The Uses and Abuses of Sovereign Credit Ratings 85
Summary 85
Basic Rating Definitions and Principles 88
The Evolving Roles and Regulation of Credit Ratings and Credit Rating Agencies 91
Fundamental Sovereign Credit Risk Analysis 98
The Accuracy and Informational Value of Sovereign Ratings 103
Conclusions and Policy Implications 111
Annex 3.1. Credit Rating Agencies around the World 118
References 119