减轻压力?减轻压力? 资金结构和对COVID冲击的抵御力
Kristin Forbes1, Christian Friedrich2, Dennis Reinhardt3
1MIT-Sloan School of Management, NBER and CEPR, United States.
概括
在Covid-19期间,融资结构对财务压力产生了重大影响. 对非银行金融机构 (NBFI) 和美元融资的暴露增加了压力,突出了政策重点领域.
科学领域:
- 经济学 经济学 经济学
- 金融 金融 金融 金融 金融
- 国际金融 国际金融
背景情况:
- COVID-19 疫情在全球范围内造成了前所未有的财务压力.
- 了解融资结构在金融弹性中的作用至关重要.
研究的目的:
- 在Covid-19大流行期间分析多样化的融资结构和财务压力之间的关系.
- 评估不同政策干预措施在缓解财务压力的有效性.
主要方法:
- 分析资金来源,工具,货币和对手的位置.
- 基于融资特征的压力水平的比较评估.
- 对金融弹性政策影响的评估.
主要成果:
- 对非银行金融机构 (NBFI) 和美元融资的更多依赖与金融压力明显增加有关.
- 通过债务工具或跨境交易的融资没有明显影响性.
- 针对美元互换线和NBFI风险的政策被证明比广泛的银行支持更有效.
结论:
- 宏观审慎法规应优先管理对NBFI和美元融资的风险.
- 资金安排中的结构性脆弱性需要有针对性的政策干预.
- 未来的金融稳定框架必须考虑到国际资本流动的细微差别.
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