IMF-银行向主权风险传导：新证据（英）

Bank to Sovereign Risk Transmission: New Evidence Tobias Adrian, Mahvash Qureshi, and Tomohiro Tsuruga Note/2025/003 GLOBAL FINANCIAL STABILITY NOTE Bank to Sovereign Risk Transmission: New Evidence Prepared by Tobias Adrian, Mahvash Qureshi, and Tomohiro Tsuruga June 2025 iii ©2025 International Monetary Fund Bank to Sovereign Risk Transmission: New Evidence Note 2025/003 Prepared by Tobias Adrian, Mahvash Qureshi, and Tomohiro Tsuruga* Cataloging-in-Publication Data IMF Library Names: Adrian, Tobias, 1971-, author. | Qureshi, Mahvash Saeed, author. | Tsuruga, Tomohiro, author. | International Monetary Fund, publisher. Title: Bank to sovereign risk transmission : new evidence/ Tobias Adrian, Mahvash Qureshi, and Tomohiro Tsuruga. Other titles: New evidence. | Global Financial Stability Notes. Description: Washington, DC : International Monetary Fund, 2025. | June. 2025. | NOTE/2025/003. | Includes bibliographical references. Identifiers: ISBN: 9798229012195 (paper) 9798229012263 (ePub) 9798229012287 (WebPDF) Subjects: LCSH: Banks and banking—United States. | Finance—Risk management—United States. | Bank failures—United States—Case Studies. Classification: LCC HG2491.A3 2025 DISCLAIMER: The views expressed are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. RECOMMENDED CITATION: Adrian, Tobias, Mahvash Qureshi, and Tomohiro Tsuruga. 2025. “Bank to Sovereign Risk Transmission: New Evidence.” Global Financial Stability Note 2025/003, International Monetary Fund, Washington, DC. Publication orders may be placed online or through the mail: International Monetary Fund, Publication Services P.O. Box 92780, Washington, DC 20090, USA T. +(1) 202.623.7430 publications@IMF.org IMFbookstore.org elibrary.IMF.org *We are grateful to Andrea Deghi for helpful comments and to Enyu Shao and Mustafa Yasin Yenice for excellent research assistance. Any errors are our responsibility. GLOBAL FINANCIAL STABILITY NOTES Bank to Sovereign Risk Transmission: New Evidence INTERNATIONAL MONETARY FUND iv Contents Abstract ........................................................................................................................................................ v Introduction ................................................................................................................................................. 1 Sovereign–Bank Nexus: Some Stylized Facts ......................................................................................... 3 The Collapse of Silicon Valley Bank and Banking Sector Turmoil: A Snapshot.................................. 5 The Unraveling of Silicon Valley Bank ................................................................................................... 5 The Aftermath ...............................................................................................