IMF-全球金融稳定报告.pdf

R E T P A H 1 GETTING THE POLICY MIX RIGHT C Financial Stability Overview economic and financial stagnation have led to a shift Financial stability has improved since the October 2016 in consensus and market-implied expectations toward Global Financial Stability Report (GFSR). Growth is higher growth, inflation, and long-term interest rates. gaining momentum and reducing macroeconomic risks, Reflation expectations have taken hold across advanced rekindling hopes for reflation. Rising equity prices and economies (Figure 1.3). steeper yield curves have mitigated some of the negative Against this stronger economic backdrop, risk side effects of low interest rates for banks and insurance appetite has increased, as reflected in more buoyant companies. Emerging market risks remain elevated but investor confidence (Figure 1.2, panel 5). Market unchanged, as recovering commodity prices and modest and liquidity risks have eased from elevated levels deleveraging in some corporate sectors are offset by higher as risk premiums have fallen and volatility remains subdued. These trends in market indicators have been external financing risks and rising financial vulner- abilities in China. Despite these improvements, there a global phenomenon, starting last September and are new downside risks and uncertainties around the accelerating following the U.S. elections (Figure 1.3, policy outlook. A key risk is