国际货币基金组织：金融失衡、系统性压力和宏观审慎影响（英文版）

The effectiveness of macroprudential policy framework depends to a large extent on how the process of monitoring and assessing systemic risks and the calibration of macroprudential policy tools are operationalized in practice. This paper has two main contributions. First we propose an enhanced composite indicator, the Systemic Vulnerabilities Index (SVI), which captures the buildup of systemic vulnerabilities. The index is built on an innovative approach that uses optimal aggregation of subin