Tobias Adrian told CNBC the market sell-off had been driven by higher interest rates so far, but a collapse in sentiment could see equities tumble.
, the IMF's baseline continued to be that global credit markets remain "in an orderly manner" and would not tip into a full-blown crisis on the scale of a "Lehman moment.""[Financial stability risks] are very elevated. They are only higher in times of acute crisis, such as the 2008 crisis, the 2020 Covid crisis or the euro crisis," he said.
"So yes, we are in a very, very stressed moment, we do hope that we will avoid a systemic event. But the likelihood is certainly elevated at this point." Banks have a lot more capital and liquidity than during the 2008 crisis, when a lot of acute stress was caused by the banking system, he noted — however, an adverse scenario in emerging markets would see 30% of banking assets undercapitalized, and vulnerabilities in the non-bank financial system could spill into the banking system, he warned.
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