2021年11月版美国金融稳定报告（英）-85正式版.pdf

文档介绍：Financial Stability Report
November 2021
B oard of G overnors of the F ederal R eserve S ystem
Financial Stability Report
November 2021
B oard of G overnors of the F ederal R eserve S ystem
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Contents
Purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
Framework . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
1.  Asset Valuations . . . . . . . . . . . . . . . . . . . . . . . 9
2.  Borrowing by Businesses and Households . . . . . . . . . . . . 27
3.  Leverage in the Financial Sector . . . . . . . . . . . . . . . . 37
4.  Funding Risk . . . . . . . . . . . . . . . . . . . . . . . .45
Near-Term Risks to the Financial System . . . . . . . . . . . . . .59
Figure Notes . . . . . . . . . . . . . . . . . . . . . . . . . 69
Boxes
Retail Investors, Social Media, and Equity Trading . . . . . . . . . .18
The Role of Foreign Investors in the March 2020 Turmoil in the
. Treasury Market . . . . . . . . . . . . . . . . . . . . .22
Liquidity Vulnerabilities from Noncash Collateral at Central
Counterparties . . . . . . . . . . . . . . . . . . . . .