焚毁 NBFIRE ： 汉国国债运动基金 （ LDI ） 机的宗教 （ 汉 ）

发现报告（www.fxbaogao.com）致力于打造国内最全的研报库，报告数量在业内遥遥领先。无论您需要什么行业的深度分析或公司财报，这里都能找到。我们的用户量非常大，深受广大投资者的喜爱。平台设计追求极简，操作方便，凭借先进的技术手段，助您从海量信息中快速提炼价值，让您的每一次决策都更加精准有力。

The UK's Liability-Driven Investment (LDI) crisis, which occurred after the September 2022 UK "mini-budget," highlights vulnerabilities in the non-bank financial institution (NBFI) sector. The crisis, which followed the "Dash for Cash" and "Archegos" stress episodes, was centered on LDI funds. This paper seeks to understand the factors that amplified the gilt market turmoil, leading the Bank of England (BoE) to intervene. The authors thank Ali Abbas, Laura Pappi, the Bank of England, the Financial Conduct Authority, HM Treasury, the Pension Regulator, and major market players for their comments and support. The views expressed in the paper are those of the authors and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.