The Impact of International Liquidity Shocks on China's Financial Stability and Time Varies Characteristics
Firstly,the SDK weighted method and principal component method were used to measure international liquidity and China's financial stability,and the re-sults showed that there was volatility in the short term and an upward trend in the long term.Based on the shock response analysis of SVAR model,international liq-uidity shocks and M2 have a positive impact on China's financial stability,while GDP has a negative impact on GDP.According to the results of variance decomposi-tion,international liquidity shocks are the most important factors affecting China's financial stability.Based on breakpoint regression,the time-varying characteristics of the impact of international liquidity shocks on China's financial stability are veri-fied.China's monetary policy authorities could adopt quantitative monetary policy of M2 and price-based monetary policy of interest rates according to the economic sit-uation to promote economic growth while resolving the impact of international liq-uidity shocks on China's financial stability.
万方数据
维普
