国际货币基金组织：2024年商业地产带来的金融稳定风险：德国（英文版）

:Following post-pandemic tightening of monetary policy in advanced economies, commercial reales tate (CRE) markets have been under press ure globally, including in Germany. This paper explores thechannels of CRE impact for the German financlal sector, and the potential size ofimpact for individual Germanbanks based on publicly avallable data. lt finds that German banks, in aggregate, are adequately capitalizedand sufficiently liquid to abs orb potential losses. However, elevated CRE-related cred