金融稳定报告（2024年6月）

Financial Stability Report 2024. 6 Financial stability refers to a condition in which the financial systemworks smoothly with all of its key components satisfactorily performingtheir roles: financial institutions carrying out their financial intermediaryfunctions, market participants maintaining a high level of confidence inthe financial market, and the financial infrastructure being well devel-oped. Financial stability is regarded as one of the policy goals that must beachieved, together with price stability and economic growth, for a sus-tainable economic development. Policy authorities around the world thusdevote great efforts to achieving financial stability. As part of its conduct of macroprudential policies, the Bank of Korea hasbeen publishing the Financial Stability Report on a biannual basis since2003, analyzing and assessing the potential risks inherent in the Koreanfinancial system and suggesting related policy challenges. Notably, under the revised Bank of Korea Act of 2011 (Article 96), theBank of Korea is obliged to draw up a Financial Stability Report and sub-mit it to the Korean National Assembly at least two times each year. The Bank of Korea is devoting its best efforts to qualitative improvementof the Financial Stability Report. This report takes the potential risks tofinancial stability highlighted until May 2024 as the objects of its analy-sis. It is hoped that this Financial Stability Report will help financial marketparticipants, regulators and policymakers to recognize the risk factorsinherent in the financial system at an early stage, and deal with themappropriately. This Financial Stability Report is published in accordance with theprovisions of Article 96 of the Bank of Korea Act, and upon theresolution of the Monetary Policy Board. June 2024 Rhee, Chang YongGovernorBank of Korea ChairmanRhee, Chang YongMemberShin, Sung HwanMemberChang, Yong SungMemberRyoo, Sang DaiMemberHwang, kun ilMemberKim, Jong HwaMemberLee, Soo Hyung [ Executive Summary ]1 Contents I. Financial Stability Situation by sector11 1. Credit Markets13 (1) Household Credit13(2) Corporate Credit18(3) Credit Leverage24 2. Asset Markets33 (1) Bond Markets33(2) Stock Markets36(3) Real Estate Markets38 3. Financial Institutions52 (1) Banks52(2) Non-Bank Financial Institutions57(3) Interconnectedness65 4. Capital Flows79 II. Resilience of Financial System89 1) Banks91(2) Non-Bank Financial Institutions96 2. External Payment Capacity107 3. Financial Market Infrastructures111 III. Analysis of Financial Stability Issues115 1. Analysis of Potential Risks in the Financial System117Through the Assessment of Macro Leverage Box 1.Recent Trends in Loans to Households and SEBOs,26and Characteristics of Delinquency Rate ChangesBox 2.Current Status and Risk Assessment of Real Estate43PF-related Financial ExposuresBox 3.Factors Affecting Banks’Profitability by Interest Rate68Phase and Key Future ConsiderationsBox 4.Assessment and Implications of Asset Quality Among74Non-bank Deposit-taking InstitutionsBox 5.Comparison of Domestic and International Conditions83that Influenced the Exchange Rate Rises in the SecondHalf of 2022 and the Recent PeriodBox 6.Liquidity Stress Test Results for Non-bank Financial102Institutions List ofBoxes Guide to Using URLs and QR Codes The 'Financial Stability Report' is available on the Bank of Korea's website. You canview the relevant information using the URL and QR code provided below. Click the URL belowBank of Korea>Financial Stability>Financial Stability>Financial Stability Reports Report file users Capture the QR code below with your smartphone. Report booklet users Financial stability report at a glance Overall Assessment of Financial Stability Situation Overall, Korea's financial system hasremained stable. Financial markets have been generally stable amid therecovery of the real economy, and the resilience of finan-cial institutions and the external sector has remainedstrong. However, concerns about the deteriorating assetquality of financial institutions, such as the rising delin-quency rate of non-bank financial institutions due to theongoing repayment burden on borrowers and the slug-gish real estate PF market, remain a potential source offinancial instability. Financial stability situation by sector and Resilience of financial system Asset quality of non-bankfinancial institutions has de-teriorated Korea’s net external assetsincreasedShort-term external debtdecreased Executive Summary In this context, the Financial Vulnerability In-dex (FVI),2)a metric for assessing medium- tolong-term vulnerabilities in the financial sys-tem, stood at 30.5 in the first quarter of 2024,slightly below its long-term average of 35.3since 2008. Overall Assessment ofFinancial Stability Situation Korea’s financial system has remained stableoverall, as the resilience of financial institu-tions and Korea’s external payment capacitymaintained favorable conditions amid a rec