解决非银行金融中介机构的市场失灵和流动性压力

Addressing Market Dysfunction andLiquidity Stresses in NonbankFinancial Intermediaries Antonio Garcia Pascual, Thomas Piontek,Romain Veyrune, and Jason Wu NOTE/2025/004 GLOBAL FINANCIAL STABILITY NOTE Addressing Market Dysfunctionand Liquidity Stresses inNonbank FinancialIntermediaries Prepared by Antonio Garcia Pascual, Thomas Piontek, Romain Veyrune,and Jason Wu September 2025 ©2025 International Monetary Fund Addressing Market Dysfunction and Liquidity Stresses inNonbank Financial IntermediariesNote 2025/004 Prepared by Antonio Garcia Pascual, Thomas Piontek, Romain Veyrune, and Jason Wu Cataloging-in-Publication DataIMF Library Names: Garcia Pascual, Antonio, author. | Piontek, Thomas 1984-, author. | Veyrune, Romain, author. |Wu, Jason J., author. | International Monetary Fund, publisher.Title: Addressing market dysfunction and liquidity stresses in nonbank financial intermediaries / Antonio Garcia Pascual, Thomas Piontek, Romain Veyrune, and Jason Wu Other titles: Global financial stability notes.Description: Washington, DC : International Monetary Fund, 2025. | Sep. 2025. | Note/2025/004. | Includes bibliographical references.Identifiers: ISBN: DISCLAIMER: The views expressed are those of the author(s) and do not necessarily represent theviews of the IMF, its Executive Board, or IMF management. RECOMMENDED CITATION: Garcia Pascual, Antonio, Thomas Piotek, Romain Veyrune, and Jason W2025. “Addressing Market Dysfunction and Liquidity Stresses in Nonbank Financial Intermediaries.”Global Financial Stability Note 2025/004, International Monetary Fund, Washington, DC. Publication orders may be placed online or through the mail:International Monetary Fund, Publication ServicesP.O. Box 92780, Washington, DC 20090, USAT. +(1) 202.623.7430publications@IMF.orgIMFbookstore.orgelibrary.IMF.org Contents Central Bank Interventions Help Achieve Price and Financial Stability Mandates..............................1 Introduction .............................................................................................................................................1Changing Nature of Financial Intermediation .........................................................................................2Assessing Systemic Importance of Nonbank Financial Intermediaries..................................................3Increasing Interconnectedness of Nonbank Financial Intermediaries and the Financial System ..........4 Central Bank Toolkit for Nonbank Financial Intermediaries ..................................................................6 Discretionary Market-Wide Interventions ...............................................................................................7Funding Liquidity Problems.................................................................................................................8Market Liquidity Problems ...................................................................................................................8Lending Operations versus Market Purchases ......................................................................................9Lender of Last Resort, Standing Facilities, and Emergency Liquidity Assistance ...............................10 Operational Considerations for Central Bank Interventions ................................................................13 Timing of an Intervention ......................................................................................................................13Coordinated Crisis Management Response.........................................................................................13Cross-Border Considerations ...............................................................................................................14 Central Bank Interventions Should Complement Established Guardrails..........................................15 Supervision and Regulation of Markets and Nonbank Financial Intermediaries..................................15Closing Regulatory Data Gaps .............................................................................................................15 References .................................................................................................................................................20 Box 1. Nonbank Financial Intermediaries Leverage and Liquidity Vulnerabilities Can Amplify FinancialStress ..................................................................................................................................................... 18 FiguresFigure 1. Total Global Financial Assets ........................................................................................................ 2 TablesTable 1. Preliminary Assessment of Vulnerabilities of Major Nonbank Financial Intermediaries ................. 4 Table 2. Liquidity Frictions: Diagnoses and Potential Responses ................................................................ 7Table 3