全球风险、非银行金融中介和新兴市场脆弱性

IF 6.8 2区 经济学 Q1 ECONOMICS
Anusha Chari
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引用次数: 0

摘要

过去20年,非银行金融中介空前增长,尤其是开放式共同基金和交易所交易基金(etf)的兴起,占新兴市场外部融资流量的近一半,超过了全球银行的跨境贷款。有证据表明,投资资金流动加强了跨境风险分担,并为新兴市场提供了获得更多样化融资形式的途径。然而,越来越多的证据也表明,在全球金融市场承压期间,投资基金本质上更容易受到流动性和赎回风险的影响,这加大了流向新兴市场的资本的波动性。与主动型基金相比,基准驱动型投资,即被动型基金,似乎对全球风险冲击尤其敏感,比如美元融资条件收紧。在全球紧张时期,投资资金流向新兴市场的顺周期性引发了对金融稳定的担忧,并对宏观审慎政策的作用产生了影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Global Risk, Non-Bank Financial Intermediation, and Emerging Market Vulnerabilities
Over the last two decades, the unprecedented increase in non-bank financial intermediation, particularly the rise of open-end mutual funds and exchange-traded funds, accounts for nearly half of the external financing flows to emerging markets, exceeding cross-border lending by global banks. Evidence suggests that investment fund flows enhance risk sharing across borders and provide emerging markets access to more diverse forms of financing. However, a growing body of evidence also indicates that investment funds are inherently more vulnerable to liquidity and redemption risks during periods of global financial market stress, increasing the volatility of capital flows to emerging markets. Benchmark-driven investments, namely passive funds, appear particularly sensitive to global risk shocks, such as tightening US dollar funding conditions, compared to their active fund counterparts. The procyclicality of investment fund flows to emerging markets during times of global stress poses financial stability concerns, with implications for the role of macroprudential policy.
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来源期刊
CiteScore
9.70
自引率
3.60%
发文量
34
期刊介绍: The Annual Review of Economics covers significant developments in the field of economics, including macroeconomics and money; microeconomics, including economic psychology; international economics; public finance; health economics; education; economic growth and technological change; economic development; social economics, including culture, institutions, social interaction, and networks; game theory, political economy, and social choice; and more.
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