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ID:42624942
大小:39.77 KB
页数:13页
时间:2019-09-19
《《全球金融稳定报告》概要原文及翻译》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、附录EXECUTIVESUMMARYTheglobalfinancialsystemremainsunderseverestressasthecrisisbroadenstoincludehouseholds,corporations,andthebankingsectorsinbothadvancedandemergingmarketcountries.Shrinkingeconomicactivityhasputfurtherpressureonbanks’balancesheetsasassetvaluescontinuetodegrade,threateningtheircapita
2、ladequacyandfurtherdiscouragingfreshlending.Thus,creditgrowthisslowing,andeventurningnegative,addingevenmoredownwardpressureoneconomicactivity.Substantialprivatesectoradjustmentandpublicsupportpackagesarealreadybeingimplementedandarecontributingtosomeearlysignsofstabilization.Evenso,furtherdecisive
3、andeffectivepolicyactionsandinternationalcoordinationareneededtosustainthisimprovement,torestorepublicconfidenceinfinancialinstitutions,andtonormalizeconditionsinmarkets.Thekeychallengeistobreakthedownwardspiralbetweenthefinancialsystemandtheglobaleconomy.Promisingeffortsarealreadyunderwayforthered
4、esignoftheglobalfinancialsystemthatshouldprovideamorestableandresilientplatformforsustainedeconomicgrowth.Tomendthefinancialsector,policiesareneededtoremovestrainsinfundingmarketsforbanksandcorporates,repairbankbalancesheets,restorecross-bordercapitalflows(particularlytoemergingmarketcountries);and
5、limittheunintendedsideeffectsofthepoliciesbeingimplementedtocombatthecrisis.Alltheseobjectiveswillrequirestrongpoliticalcommitmentunderdifficultcircumstancesandfurtherenhancementofinternationalcooperation.Suchinternationalcommitmentanddeterminationtoaddressthechallengesposedbythecrisisaregrowing,as
6、displayedbytheoutcomeoftheG-20summitinearlyApril.Awiderangeofnonbankfinancialinstitutionshascomeunderstrainduringthecrisisasassetpriceshavefallen.Pensionfundshavebeenhithard—theirassetshaverapidlydeclinedinvaluewhilethelowergovernmentbondyieldsthatmanyusetodiscounttheirliabilitieshavesimultaneously
7、expandedtheirdegreeofunderfunding.Lifeinsurancecompanieshavesufferedlossesonequityandcorporatebondholdings,insomecasessignificantlydepletingtheirregulatorycapitalsurpluses.Whileperhapsmostoftheseinstitution
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