美联储理事会：2021年金融稳定报告（英文版）（80页）.pdf

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1、Board of Govern ors o f t h e Fe d e r a l Re s e rv e Sy s t e mFinancial Stability ReportMay 2021Board o f Gov e r no r s o f t h e Fe d e ra l Re s e rv e Sys t e mFinancial Stability ReportMay2021This and other Federal Reserve Board reports and publications are available online at www.federalres

2、erve.gov/publications/default.htm.To order copies of Federal Reserve Board publications offered in print, see the Boards Publication Order Form (www.federalreserve.gov/pubs/orderform.pdf)or contact: Publications Fulfillment Mail Stop N-127 Board of Governors of the Federal Reserve System Washington,

3、 DC 20551(ph) 202-452-3245(fax) 202-728-5886(email) Publications-BOGfrb.gov iiiContentsPurpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Framework. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4、 . . . . . . . . . . 3Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71. Asset Valuations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92. Borrowing by Businesses and Households. . .

5、. . . . . . . . . . . . . . . . . . . . . . 233. Leverage in the Financial Sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 374. Funding Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45Near-Term Risks to the Financial System

6、. . . . . . . . . . . . . . . . . . . . . . . . . . . 59Figure Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65Note: This report generally reflects information that was available as of April19, 2021.Vulnerabilities from Asset Valuations, Ri