国际金融组织抗风险能力评估

2008年金融危机爆发后，欧美货币政策传导机制失灵，信贷市场停滞，国际金融组织却逆势大幅扩张资产负债表，发挥了关键的逆周期稳定器的作用。虽然国际金融组织部分股东国由于危机）中击而导致信用评级下调，但三大评级机构却几乎不约而同地给予各家国际金融组织AAA的最高评级，这背后的原因是什么？支撑国际金融组织信用的增益机制有哪些？国际金融组织面临哪些主要潜在风险？本文从国际金融组织的股东构成、资本结构、业务模式、流动性管理机制、资产质量等方面进行剖析，试图对上述问题作出解答。

Anti-risk Capacity Evaluation of International Financial Institutions

After the financial crisis in 2008 broke out, US and European monetary transmission mechanism failed, and the credit market functioned poorly. While in the mean time, international financial institutions （IFIs） expanded their balance sheets rapidly and functioned as counter-cyclical stabilizer. Although credit ratings of some IFIs＇share-holding countries were downgraded, all three credit rating institutes almost unanimously granted AAA ratings to all IFIs. What＇s the rationale behind this？ What are the credit enhancing mechanism supporting IFIs？ What are the potential risks facing IFIs？ This article tries to answer above questions by analyzing IFIs＇ share-holding structure, capital structure, operating mode, liquidity management mechanism and asset quality.