The Effectiveness of Monetary Policy in Reducing Systemic Financial Risks
At present,China is facing the double challenges of economic transformation and overall reform of finan-cial system.In order to ensure the stable growth of the economy,the study on the impact of monetary policy on sys-temic financial risk has practical guiding significance for the stable development of Chinese economy.This paper constructs a four-dimensional 14-index of systemic financial risk,and finds that from 2011 to 2023,systemic fi-nancial risk in China as a whole shows an upward trend.Based on quantitative and price-based monetary policy theory,a time-varying parameter Vector autoregression including stochastic volatility is established,the time-va-rying impact effect of different monetary policies on systemic financial risks through the equal-interval impulse re-sponse function has been analyzed,which indicates that it is necessary to use two monetary policy tools to reduce the occurrence of financial crisis.
monetary policysystemic financial riskSV-TVP-VAR model
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