本章从纵向与横向两个维度对支付清算运行与宏观经济波动及金融系统稳定之间的关系进行了考察。在纵向维度，本章以支付清算运行指标与经济增长之间的长期稳定关系为基准，通过当前支付清算运行规模与上述基准关系的对比，评估了金融体系中是否存在泡沫及其严重程度。在横向维度，本章分析了近年来银行类金融机构在资金流动模式上的结构变化，并分析了其对于金融系统稳定性的含义。
This chapter discusses the implication of payment and settlement indexes on macroeconomic fluctuation and financial stability. Taking the long-term relationship between payment and settlement transaction and GDP growth as a reference，it evaluate the scale of bubbles in the economy. It also analyzes the structural changes of fund flow pattern between banking institutions and their implication on financial fragility.
