[20220113]IF10700_金融服务简介：系统性风险.pdf

https:/crsreports.congress.gov Updated January 13, 2022Introduction to Financial Services: Systemic RiskRecent Episodes of Financial Instability The 2007-2009 financial crisis was characterized by system-wide financial instability. Overtaken by panic, market participants became unwilling to engage in even routine transactions at the height of the crisis. Distress at large financial firms was central to the crisis. Financial stability was not restored until large-scale financial intervention by the Federal Reserve (Fed) and Congress helped stabilize markets and provided assistance to financial firms. The result was a sharp and long-lasting contraction in credit and economic activity. The COVID-19 pandemic also caused significant financial market turmoil in spring 2020, as investors were faced with uncertainty and unprecedented disruptions to economic activity. But this time, financial stability was quickly restored, albeit again through large-scale financial intervention by the Fed and the CARES Act (P.L. 116-136). Unlike the previous crisis, distress at large financial firms was not central to the instability. Both episodes suggest that financial markets remain inherently fragile