摘要：This box assesses potential vulnerabilities facing large emerging market economies (EMEs) more than a year after the onset of the COVID-19 pandemic and the risks posed to euro area financial stability. It shows that financial conditions in EMEs have weathered the pandemic well so far, despite an intense but short-lived stress episode when the pandemic first emerged. While many EMEs benefit from more solid fundamentals than in past crises, high debt burdens and exposures to the US dollar and foreign investors may pose challenges for some countries. A structural decomposition of capital flows shows that global factors have been the most important driver of the recovery of EME capital flows over the past year. Looking ahead, risks to EME financial stability could arise from a reversal in global risk sentiment, as well as from rising yields in the United States and other advanced economies and US dollar appreciation. Euro area financial stability could be vulnerable to wider turbulence affecting a number of EMEs, although country-specific shocks do not appear to have a sizeable impact.
