BIS 研究论文· Mathias Drehmann·· Sep 29, 2026
High Public Debt and Non-Bank Financial Institutions Increase Market Dysfunction Risk
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AI brief
A BIS research paper found that near record-high government debt levels and the growing role of non-bank financial institutions have reshaped government debt markets. High government sector debt is expected to worsen future market liquidity and increase the risk of market dysfunction, while a large non-bank financial institution footprint heightens this risk but also makes very favorable liquidity conditions more likely.
Source: BIS 研究论文 · bis.org