全球风险、非银行金融中介与新兴市场脆弱性
Global Risk, Non-Bank Financial Intermediation, and Emerging Market Vulnerabilities
Annual Review of Economics · 2023 · [{"name": "Anusha Chari", "affiliation": ["University of North Carolina at Chapel Hill", "National Bureau of Economic Research", "Centre for Economic Policy Research"]}]
中文摘要
过去二十年间，非银行金融中介实现了前所未有的增长，尤其是开放式共同基金和交易型开放式指数基金（ETF）的兴起，二者合计几乎占新兴市场外部融资流量的一半，超过了全球银行跨境贷款的规模。证据表明，投资基金流动增强了跨境风险分担，并使新兴市场获得了更为多样化的融资渠道。然而，越来越多的证据也表明，在全球金融市场承压时期，投资基金本质上更容易受到流动性风险和赎回风险的影响，从而加剧了流向新兴市场的资本流动的波动性。与主动型基金相比，以基准为驱动的投资（即被动型基金）似乎对全球风险冲击（例如美元融资条件收紧）尤为敏感。在全球压力时期，流向新兴市场的投资基金流动所具有的顺周期性，引发了金融稳定方面的担忧，并对宏观审慎政策的作用具有启示意义。
Abstract
Over the last two decades, the unprecedented increase in non-bank financial intermediation, particularly the rise of open-end mutual funds and exchange-traded funds, accounts for nearly half of the external financing flows to emerging markets, exceeding cross-border lending by global banks. Evidence suggests that investment fund flows enhance risk sharing across borders and provide emerging markets access to more diverse forms of financing. However, a growing body of evidence also indicates that investment funds are inherently more vulnerable to liquidity and redemption risks during periods of global financial market stress, increasing the volatility of capital flows to emerging markets. Benchmark-driven investments, namely passive funds, appear particularly sensitive to global risk shocks, such as tightening US dollar funding conditions, compared to their active fund counterparts. The procyclicality of investment fund flows to emerging markets during times of global stress poses financial stability concerns, with implications for the role of macroprudential policy.