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GRA · 私募信贷

空间金融资本与危害、风险暴露和转型的交汇之处

面向私募信贷的金融经济学与宏观金融

Financial economics explains why private credit has grown, how lenders and borrowers respond to incentives and how risk is priced without public markets. On this platform it frames bank-nonbank substitution, sponsor behaviour, valuation incentives and liquidity mismatch.

提出咨询 Back to STEM foundation of Private Credit
01登记

Financial economics and macro-finance for private credit on the record.

方法记录STEM 方法
  1. 方法金融经济学与宏观金融
  2. 管理者金融稳定
  3. 应用于私募信贷
  4. 数据3 inputs
  6. 规范页面STEM 公共资源
02申请

What financial economics and macro-finance does here.

Financial economics and macro-finance study how asset prices, credit and financial institutions interact with the real economy. They explain how shocks are amplified or absorbed through balance sheets and markets. In capital markets and investment and financial stability, financial economics traces how physical, health or cyber shocks transmit to credit, sovereign debt and markets. It informs 宏观审慎政策 and the pricing of risk. The canonical description is on STEM Commons.

Bank to nonbank substitution

Studies of how bank capital rules and 风险偏好 shift lending to private credit funds are reviewed, with identification methods stated.

Sponsor and lender incentives

The roles of sponsor equity support, lender control rights and fee structures are analysed for their effect on outcomes in distress.

Liquidity mismatch

First-mover incentives in semi-liquid vehicles are analysed, with how gates and pricing tools change investor behaviour in stress.

03风险暴露、损失与资本

What it means for exposure, loss and capital.

风险官、监管者或财政部会要求的风险暴露、损失、情景和资本视图，以及它们据以报告的框架。结构遵循监管和精算实务。数值为说明性：绝非价格、评级或建议。

资本、偿付能力和财政指标

The indicators a risk officer, supervisor or ministry of finance reads first on financial economics and macro-finance for private credit.

指标单位谁来阅读框架
CET1 比率占风险加权资产的百分比银行、监管机构巴塞尔框架
流动性覆盖率压力流出的 %银行、中央银行巴塞尔框架
偿付能力充足率占偿付能力资本要求的百分比保险公司、监管机构IAIS《保险核心原则》
综合成本率占已赚保费的百分比保险公司精算实践
保护缺口未投保部分占经济损失的比例保险公司、财政部已公布的损失统计
公共债务占 GDP 的 %财政部、IMF债务可持续性框架
总融资需求每年占 GDP 的 %财政部、投资者债务可持续性框架
Source: the frameworks named in each row. Indicator names, units and frameworks only; values belong to each institution’s own reporting and are never shown here.
NGFS 气候情景 · 央行与监管机构绿色金融网络IFRS S2 气候相关披露 · ISSBTCFD 建议 · 金融稳定理事会 TCFD有效管理气候相关金融风险的原则 · 巴塞尔银行监管委员会
04数据

该方法使用的输入。

Datasets and records used by financial economics and macro-finance on this platform, with the role each plays and the label its values carry. Sources are listed in 来源登记册.

数据角色标签
Fund and BDC filingsPortfolio and terms已发布统计
Bank regulatory dataCredit supply已发布统计
Deal databasesMarket terms已报告
05流程

流程如何运行。

Process explorer · Process

Financial economics and macro-finance for private credit: PRISMA 2020 review reporting

10 steps4 个阶段

流程

Financial economics and macro-finance for private credit: PRISMA 2020 review reporting

PRISMA 2020 是系统综述的报告指南；各步骤依循其核查清单，而非强制顺序，且没有任何 Nexus 文件采纳它。

  1. 01 Plan

    1. 01注册与协议记录 · 审查团队该指南要求说明注册信息、方案的获取方式以及任何修订。
    2. 02资格标准记录 · 审查团队该指南要求说明纳入与排除标准以及研究的分组方式。

  2. 02 查找与遴选

    1. 03检索：来源与策略步骤 · 审查团队该指南要求说明信息来源与完整的检索策略。它并不规定使用哪些来源。
    2. 04研究的遴选步骤 · 审查团队该指南要求说明如何判定研究符合纳入条件，包括有多少名审查人进行筛选。它并不规定审查人数量。
    3. 05流程图记录流程图显示检索到的记录数量、纳入的研究数量以及排除的理由。

  3. 03 分析

    1. 06数据收集步骤 · 审查团队该指南要求说明如何从报告中收集数据以及寻求了哪些数据项。
    2. 07偏倚风险步骤 · 审查团队该指南要求说明评估偏倚风险所使用的方法与工具。
    3. 08综合模型 · 审查团队该指南要求说明效应量指标与综合方法。它并不规定必须进行荟萃分析。
    4. 09证据的确定性步骤 · 审查团队该指南要求说明评估确定性所用的方法，并按结局报告结果。它并未指定分级量表。

  4. 04 报告

    1. 10审查报告记录该指南帮助作者报告开展综述的原因、所做的工作以及所得的发现。

报告Outline of an externally published reporting guideline, not a Nexus process and not a record of operation. PRISMA 2020 mainly covers reviews of intervention effects. No Nexus page names it. Every programme is at service level R0.

06验证

结果如何核查。

Models are back-tested against historical market episodes and crises. Results are compared with supervisory data and alternative specifications.

核查如何开展
识别Causal claims state how confounders are handled
Sample coverageThe share of the market in the data is stated
Institutional detailAnalysis reflects actual fund and loan terms

Relationships estimated in calm periods may break down in stress. Hidden leverage and interconnections are often unobserved.

07关联

依赖该方法的主题。

08管理责任

由谁维护该方法。

金融稳定 stewards financial economics and macro-finance for the Consortium and reviews how it is applied across platforms.

Canonical page: Financial economics and macro-finance

09已关联

本页在整个联合体中通向何处。

10问题

问题与解答。

What are the limits of financial economics and macro-finance in this field?
Relationships estimated in calm periods may break down in stress. Hidden leverage and interconnections are often unobserved.
结果如何核查？
Models are back-tested against historical market episodes and crises. Results are compared with supervisory data and alternative specifications.
本页面上的数值是真实的吗？
The data names, roles and checks are real descriptions of practice. The canvas shows a design of the method’s use, not a run; no result is reported here.
该方法还应用于何处？
维持社会运转的各个 规范方法页面 列出应用该方法的每个平台。
报告贡献

从本页贡献证据。

Reports is the Consortium’s quarterly publication. What you know about this subject can become evidence, a case or a correction in the next edition, credited to you and published under CC BY 4.0 where it is your own work.

全球风险联盟（Global Risks Alliance）私募信贷金融与保险准备度情景与压力测试

切勿发送个人数据、敏感基础设施细节或您无权分享的任何内容。贡献在使用前会经过审查；发送贡献不赋予署名权或编辑权，赞助也绝不能换取研究结论。

私募信贷

向联盟提出风险暴露或资本问题。

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法律

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