【英文】世界银行报告：2023全球经济展望（198页）

liquidated more than 15 percent of gross official  reserves to cushion the fall in domestic currencies,  with larger losses among countries contending  with higher inflation (figure 1.14.D). To smooth  disruptive short-term volatility in currency  markets and bolster investor sentiment, EMDEs  can consider foreign exchange interventions where  reserves are judged to be adequate. While these  actions may alleviate immediate pressures, policy  makers will eventually need to rebuild foreign  exchange reserve buffers and realign prudential  policy to prepare for the possibility of financial  stress. Prudential policy efforts will need to  prioritize, among other things, adequate bank  capital and liquidity, better currency alignment of  assets and liabilities, and appropriate levels of  leverage in the household and corporate sectors.  

Banking system exposures to exchange rate risk  and rollover risk need to be monitored carefully  and contained through macro- and microprudential policies. Credit quality, nonperforming  loans, and currency mismatches need to be  reported transparently such that prompt corrective  action can be taken. There is an elevated risk of  episodes of market dislocation in response to  adverse events, given the sharp increase in interest rates after a prolonged period of low borrowing  costs. The buffers of both banks and non-bank  financial institutions therefore need to be  sufficient to absorb sizable shocks, and should be  stress-tested where institutions pose potentially  systemic risks. In addition, risks from highly  indebted corporate sectors can be allayed through  insolvency reform and rapid, transparent  treatment of nonperforming loans.