期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2021
卷号：2021
语种：English
出版社：European Central Bank
摘要：Fragilities created by the interaction of stretched valuations and corporate balance sheet vulnerabilities may represent a risk to financial stability. Corporate asset prices have soared at the same time as the pandemic shock has prompted an increase in the vulnerability and indebtedness of many corporates. Corporate asset valuations look high relative to the fundamentals and rest to some degree on strong risk appetite, which could make them vulnerable to shifts in global risk sentiment. [1] In the current environment, where balance sheet fragilities depend on policy support and uncertainty about the recovery is still elevated, corporate vulnerabilities could re-emerge and stock and bond market prices may be more sensitive to reversals in global risk appetite. An interaction of such vulnerabilities may have an impact on financial conditions and pose risks to financial stability. This box examines the increased sensitivity of US corporate markets to risk-off shocks when corporate vulnerabilities are high, and considers the implications from a euro area perspective.
