没有合适的资源?快使用搜索试试~ 我知道了~
资源推荐
资源详情
资源评论
Phone: +41 61 280 80 80 E-mail: fsb@fsb.org CH-4002 BASEL, SWITZERLAND
THE CHAIR
16 February 2023
To G20 Finance
Ministers and Central Bank Governors
The financial stability outlook remains challenging. Inflation persists above target in many
jurisdictions. Despite easing recently, global financial conditions are significantly tighter than a
year ago and may undergo further tightening in the months to come. Economic growth has
slowed markedly in recent months. Whilst expectations of a ‘soft landing’ for the global
economy have grown, the outlook remains clouded by uncertainty. Emerging market and
developing economies (EMDEs) have been largely resilient thus far, but this backdrop may
present challenges to them as we move forward.
Despite being buffeted by several severe shocks in recent years, the core of the financial
system has largely coped with these real-world stress tests, with limited and temporary support
where necessary. The post-global financial crisis reform agenda coordinated by the FSB,
working with the sectoral standard-setting bodies, has gone a long way in bolstering the
resilience of the global financial system. But there is further work to be done.
Economic history reminds us that the combination of near-record high levels of public and
private sector debt, rising debt service costs and stretched asset valuations in some key
markets can pose serious threats to financial stability. As we confront this environment in 2023,
monitoring and addressing remaining conjunctural vulnerabilities, as well as a number of
structural vulnerabilities, will require particular vigilance.
The remainder of this letter briefly discusses how the FSB aims to do this.
Non-bank financial intermediation (NBFI)
Events over the last year have continued to emphasize the importance of addressing
vulnerabilities in the non-bank sector. Early last year, after Russia’s invasion of Ukraine, some
commodities firms faced challenges in sourcing cash collateral to cover the spike in margin
requirements, and this led to some market volatility. This follows previous episodes of liquidity
demand in the non-bank sector amplifying market shocks and spilling over to broader financial
markets, underscoring the importance of the FSB and its members taking steps to materially
enhance the resilience of the sector.
We are delivering for this meeting a report on the financial stability aspects of commodity
markets, which identified a number of vulnerabilities. In contrast to the structure in many other
financial markets, a small number of non-financial trading firms play an outsized role. These
non-financial firms are connected with core financial market participants through their activities
across a range of physical and derivatives markets. Commodities traders can be highly
leveraged and rely on banks for short-term funding. Importantly, many of the vulnerabilities
资源评论
每天读点书学堂
- 粉丝: 1038
- 资源: 1万+
上传资源 快速赚钱
- 我的内容管理 展开
- 我的资源 快来上传第一个资源
- 我的收益 登录查看自己的收益
- 我的积分 登录查看自己的积分
- 我的C币 登录后查看C币余额
- 我的收藏
- 我的下载
- 下载帮助
最新资源
资源上传下载、课程学习等过程中有任何疑问或建议,欢迎提出宝贵意见哦~我们会及时处理!
点击此处反馈
安全验证
文档复制为VIP权益,开通VIP直接复制
信息提交成功