2026年全球金融稳定报告（10月版）（英）-IMF会员免费

INTERNATIONAL MONETARY FUNDGLOBALFINANCIALSTABILITYREPORTResilience, Risk, and Transformation2026OCTINTERNATIONAL MONETARY FUND2026OCTGLOBALFINANCIALSTABILITYREPORTResilience, Risk, and Transformation©2026 International Monetary FundCover and Design: IMF CSF Creative Solutions DivisionCataloging-in-Publication DataIMF LibraryNames: International Monetary Fund.Title: Global financial stability report.Other titles: GFSR | World economic and financial surveys, 0258-7440Description: Washington, DC : International Monetary Fund, 2002- | Semiannual | Some issues also have thematic titles. | Began with issue for March 2002.Subjects: LCSH: Capital market—Statistics—Periodicals. | International finance—Forecasting—Periodicals. | Economic stabilization—Periodicals.Classification: LCC HG4523.G557ISBNs: 979-8-22905-567-3 (paper) 979-8-22905-571-0 (ePub) 979-8-22905-569-7 (web PDF)Disclaimer: The Global Financial Stability Report is a survey by the IMF staff published twice a year, in the spring and fall. The report draws out the financial ramifications of economic issues highlighted in the IMF’s World Economic Outlook. The report was prepared by IMF staff and has benefited from comments and suggestions from Executive Directors following their discussion of the report on September 28, 2026. The views expressed in this publication are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Directors or their national authorities.Recommended citation: International Monetary Fund. 2026. Global Financial Stability Report: Resilience, Risk, and Transformation. Washington, DC, October.Please send orders to:International Monetary Fund, Publications ServicesPO Box 92780, Washington, DC 20090, USATel.: (202) 623-7430 Fax: (202) 623-7201publications@IMF.orgeLibrary.IMF.orgAssumptions and Conventions viFurther Information viiPreface viiiExecutive Summary ixIMF Executive Board Discussion of the Outlook, October 2026 xiChapter 1. Beneath the Resilience: Rising Risks, Unresolved Vulnerabilities 1Introduction 1Three Salient Risks to Financial Markets 3Vulnerabilities and Trends That Could Amplify Risks 7What Should Policymakers Do? 14Box 1.1. Risks and Vulnerabilities Framework in the Global Financial Stability Report 17Box 1.2. European Union Common Borrowing Has Mitigated Sovereign Bond Market Fragilities 18Box 1.3. Corporate Zombies Are Thwarting Debt Deleveraging 20References 22Chapter 2. Hedge Funds and Financial Stability 23Chapter 2 at a Glance 23Introduction 23Hedge Funds and the Transmission of Financial Shocks: A Conceptual Framework 26Characteristics and Evolution of the Hedge Fund Sector 28Market Impact of Hedge Fund Trading 30Role of Hedge Fund Vulnerabilities 31Macrofinancial Effects of Hedge Fund Stress 33Conclusions and Policy Recommendations 34Box 2.1. Hedge Fund Activity and the Foreign Exchange Market 36Box 2.2. Implications of US Treasury Cash-Futures Basis Trades of Hedge Funds 38Refer...