金融稳定理事会（FSB）：2022年美元融资与新兴市场经济体脆弱性研究报告（英文版）

This report presents the findings of the FSB-IMF work on the interaction between US dollar (USD) funding and external vulnerabilities in emerging market economies (EMEs). The report, which forms part of the FSB’s work programme on non-bank financial intermediation, takes stock of recent trends in the structure of EMEs’ external borrowing, focusing on the shift towards nonbank financing; examines how these developments contributed to the build-up of vulnerabilities in EMEs and to the USD fundi