Financial Stability Report-May 2019

金融稳定报告- 2019年5月

2019/05/07 09:24
对照中文英文原文
本报告概述了美国联邦储备委员会评估美国金融体系弹性的框架,并提出了该委员会目前的评估。通过发表这份报告,委员会打算促进公众的理解,并提高美联储对这一主题观点的透明度和问责制。

This report reviews conditions affecting the stability of the financial system by analyzing vulnerabilities related to valuation pressures, borrowing by businesses and households, financial leverage, and funding risk . It also highlights several near-term risks that, if realized, could interact with such vulnerabilities.

本报告通过分析与估值压力、企业和家庭借贷、金融杠杆和融资风险相关的脆弱性,审查了影响金融体系稳定性的条件。它还强调了几个短期风险,如果这些风险得以实现,可能会与此类脆弱性相互作用。

Investor appetite for risk appears elevated by several measures, and the debt loads of businesses are historically high . However, the financial sector appears resilient, with low leverage and limited funding risk . Despite volatility in financial markets late last year, our assessment of each of the four vulnerability categories is little changed since the November 2018 FSR .

几项指标显示,投资者的风险偏好提高,企业的债务负担也处于历史高位。然而,金融业似乎具有韧性,杠杆率较低,融资风险有限。尽管金融市场去年末出现波动,但自2018年11月《金融稳定评估报告》(FSR)以来,我们对四个脆弱性类别的评估几乎没有变化

Our view on the current level of vulnerabilities is as follows:

我们对当前脆弱性水平的看法如下:

1 . Asset valuations. Valuation pressures remain elevated in a number of markets, with investors continuing to exhibit high appetite for risk, although some pressures have eased a bit since the November 2018 FSR .

1.资产估值。许多市场的估值压力仍然很高,投资者继续表现出对风险的高偏好,尽管自2018年11月的FSR以来,一些压力有所缓解。

2 . Borrowing by businesses and households. Borrowing by businesses is historically high relative to gross domestic product (GDP), with the most rapid increases in debt concentrated among the riskiest firms amid signs of deteriorating credit standards . In contrast, household borrowing remains at a modest level relative to incomes, and the debt owed by borrowers with credit scores below prime has remained flat .

2.企业和家庭借贷。企业借贷相对于国内生产总值(GDP)的比例处于历史高位,在信贷标准不断恶化的迹象下,债务增长最快的企业集中在风险最高的企业。相比之下,家庭贷款相对于收入仍处于温和水平,信用评分低于prime的借款人所欠债务也保持不变。

3 . Leverage in the financial sector. The largest U .S . banks remain strongly capitalized, and the leverage of broker-dealers is substantially below pre-crisis levels . Insurance companies appear to be in relatively strong financial positions . Hedge fund leverage appears to have declined over the past six months .

3.金融领域的杠杆。最大的美国。银行资本依然充足,经纪自营商的杠杆率大大低于危机前的水平。保险公司的财务状况似乎相对较好。过去6个月,对冲基金的杠杆率似乎有所下降。

4 . Funding risk. Funding risks in the financial system are low . Estimates of the outstanding total amount of financial system liabilities that are most vulnerable to runs, including those issued by nonbanks, remain modest relative to levels leading up to the financial crisis . Short-term wholesale funding continues to be low compared with other liabilities, and the ratio of high-quality liquid assets to total assets remains high at large banks

4.融资风险。金融体系的融资风险很低。对最容易受到挤兑冲击的金融体系未偿还债务总额(包括非银行机构发行的债务)的估计,相对于金融危机爆发前的水平仍较为温和。与其他负债相比,短期批发融资继续较低,大型银行高质量流动资产占总资产的比例仍然很高。

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