奥纬咨询：2023年美国金融服务业展望报告-驾驭新的货币秩序（中译版）（38页）.pdf

1、 NewMonetaryOrderTHEThe State of Financial ServicesUnited StatesPerspectives Oliver Wyman1The New Monetary Order|US PerspectivesDear Reader,The global financial system transformed after the global financial crisis in response to a unique policy context that lasted roughly a dozen years,ending only r

2、ecently.Monetary policy targeted low or ultra-low interest rates across most of the world and central bank balance sheets expanded dramatically.A major program of regulatory reform added to the pressures for change.These forces reshaped the financial system in profound ways,affecting liquidity and f

3、unding structures,capital levels,the amount of interest rate risk in the system,and the growth of different forms of credit.The period also brought significant shifts in the roles of competitors in finance,with the growth of non-bank financial institutions,the rise of regional and domestic banks in

4、some parts of the world,and increasing challenges with cross-border and international banking.What does the future hold?Whether or not you believe the world has moved into a longer period of inflation taming,high interest rates,and lower liquidity,it is clear that“Low for Long”is over.This represent

5、s a major paradigm shift that will undoubtedly also reshape the financial system in the coming years.Do we understand the possible scenarios before us?Do we retain the expertise in the industry to manage through these scenarios after a dozen years of Low for Long?Who will the winners and losers be?I

6、n our State of Financial Services work this year on the New Monetary Order,we explore these questions.Our analyses will look at the dynamics of different regions and segments in a series of papers,and conclude with our global perspectives.Here is our US Perspectives paper on the New Monetary Order.W