The unusual volatility that has taken hold of financial markets in recent weeks, resulting in some impressive moves up in asset prices and many more harrowing declines, will be with us for a while. Driven by a combination of tactical and structural forces, it is indicative of an ongoing shift in markets’ operating environment. And because of its potential for altering household and corporate behaviour, as well as the heightened risk of financial accidents, it amplifies the need to better manage downside risks to the global economy.
近幾周金融市場的異常波動導致一些資產價格出現可觀的上漲,但更多的是觸目驚心的下跌。一段時間內,波動將繼續存在。此輪波動受到策略性和結構性因素的綜合作用,反映市場的運行環境正在發生變化。而由于它可能改變家庭和企業的行為,加上發生金融事故的風險增大,我們更加有必要改進對全球經濟中的下行風險的管理。