劳拉·瓦尔德拉玛和理查德·瓦加席 欧洲银行业系统中的风险传染 非银行金融（NBFIs）的放大效应与市场风险 WP/26/33WP/26/33 国际货币基金组织工作论文 描述作者（们）正在进行 的研究，并已发表以引发评论和促进辩论。 国际货币基金组织工作论文中表述的观点是作者的观点 ，并不一定代表国际货币基金组织、其执行董事会或基 金管理层的观点。 2026 二月 份 WP/26/33WP/26/33 © 2026 国际货币基金组织 国际货币基金组织工作论文 欧洲部门 欧洲银行系统风险传播：非银行金融机构和市场风险的放大效应 （*由劳拉·瓦尔德拉玛和理查德·瓦格希泽准备） 授权由Malhar Nabar分发，2026年2月 F工作论文 IM 描述作者（们）正在进行的研究，并已发表以引发评论和促进辩论。 国际货币基金组织工作论文中 表述的观点是作者的观点，不一定代表国际货币基金组织、其执行董事会或基金管理层的观点。 摘要： 网络分析以检验非银行金融机构的影响 本文研究了非银行金融机构（NBFIs）和金融市场压力对银行间网络传染 风险的影响。利用基于网络的模拟分析欧元区银行的监管数据，我们发现银行强劲的资本和流动性 ...

Core Viewpoint - The Hong Kong Monetary Authority's Chief Executive, Yu Weiwen, emphasizes the need for enhanced monitoring of emerging financial risks, particularly in non-bank financial institutions and digital assets, due to structural changes in the international financial system [1][2]. Group 1: Emerging Financial Risks - Yu highlights that non-bank financial institutions have diversified corporate financing channels but possess stronger cross-border linkages and engage in high-risk activities like leveraged trading, leading to an increased potential for financial risk propagation [1]. - The rapid advancement of technology in the financial sector has introduced new risks, such as increased reliance on third parties and heightened market interconnectedness due to the widespread use of artificial intelligence [1]. Group 2: Recommendations for Regulatory Framework - Yu suggests that international organizations should coordinate global central banks and regulatory bodies to improve monitoring capabilities and address data gaps in critical areas [1]. - There is an urgent need for a consistent regulatory framework and cross-border coordination mechanisms among countries and regions regarding crypto assets to ensure the resilience of the global financial system [2].