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数字金融、金融监管与传统金融跨市场风险溢出

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防范系统性金融风险一直是金融监管的核心,做好数字金融大文章离不开金融风险的防范.数字金融发展改变了传统金融网络结构和网络密度,进而可能加剧传统金融跨市场风险传染,甚至引发系统性金融风险.文章运用TVP-VAR-SV模型分析数字金融发展如何影响传统金融跨市场风险溢出效应,并考察在数字金融不同监管强度和功能差异下,数字金融对风险溢出效应作用的监管差异性和功能异质性.研究发现:数字金融发展加剧传统金融跨市场风险总溢出效应;数字金融对传统金融各市场风险溢出效应的影响存在市场差异性;当前数字金融监管难以有效调控数字金融对传统金融跨市场风险溢出效应的影响;数字金融对传统金融跨市场风险溢出效应的影响存在功能异质性.研究认为:在防范系统性金融风险时,需统筹考虑数字金融对传统金融跨市场风险传染的作用机制和效果,同时进一步将数字金融多种功能全部纳入监管.
Digital Finance,Financial Regulation and the Cross-market Risk Spillover of Traditional Finance
Preventing systemic financial risks has always been the core of financial regulation,and it is impossible to do a good job in digital finance without guarding against financial risks.The development of digital finance has changed the structure and density of the traditional financial network,which may intensify the contagion of cross-market risks in traditional finance,and even trigger systemic financial risks.This paper uses the TVP-VAR-SV model to analyze how the development of digital finance affects the cross-market risk spillover effect of traditional finance,and examines the regula-tory differences and functional heterogeneity of the impact of digital finance on the risk spillover effect under different regulatory intensities and function-al differences of digital finance.The research findings of this paper are as follows:first,the development of digital finance exacerbates the total spillover effect of cross-market risks in traditional finance;second,the impact of digital finance on the cross-market risk spillover effect of various markets in tra-ditional finance has market differences;third,the current regulation of digital finance is difficult to effectively regulate the impact of digital finance on the cross-market risk spillover effect of traditional finance;finally,there is functional heterogeneity in the impact of digital finance on the cross-market risk spillover effect of traditional finance.Research suggests that in preventing systemic financial risks,it is necessary to comprehensively consider the mechanism and the effect of digital finance on the cross-market risk spillover of traditional finance,and further incorporate all functions of digital fi-nance into regulation.

digital financetraditional financefinancial regulationrisk spillover effect

梁洪

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西南政法大学 经济学院,重庆 401120

数字金融 传统金融 金融监管 风险溢出效应

国家自然科学基金面上项目重庆市社会科学规划博士项目

718731042021BS060

2024

当代经济管理
石家庄经济学院

当代经济管理

CHSSCD北大核心
影响因子:0.859
ISSN:1673-0461
年,卷(期):2024.46(8)