IMF-2023全球金融稳定报告（英）-2023.4-126页_3mb

The Global Financial Stability Report from the IMF highlights severe financial stress due to high inflation and geopolitical risks, exacerbating vulnerabilities in the global financial system. Banking turmoil, as seen with events like the collapses of Silicon Valley Bank and Credit Suisse, exposed risks from interest rate hikes, maturity mismatches, and regulatory gaps, potentially limiting credit access and amplifying market volatility.

Nonbank financial intermediaries (NBFIs) face amplified risks due to high leverage, liquidity constraints, and interconnectedness with banks. The rapid growth in private credit markets increases vulnerabilities for borrowers, especially amid tighter financial conditions. Data gaps hinder effective surveillance and crisis management, posing systemic risks such as contagion through liquidity spirals and crowded trades.

Geopolitical fragmentation is elevating risks while high interest rates increase asset fire sale risks and pressure on bank solvency. These interconnected challenges could widen macro-financial volatility, amplifying vulnerabilities in emerging markets. The IMF urges policymakers to balance inflation control with financial stability measures, enhance supervision, and strengthen international cooperation to mitigate these risks and maintain global financial resilience. Swift policy action is critical to prevent further destabilization.