With the deepening degree of financial industry conglomeration,the impact of various types of non-banking financial industries on the systemic risk of the banking industry is more complex,and there are two different directions of impact,namely,risk contagion and risk sharing,which increases the difficulty of risk identification and disposal.This article estimates the net spillover effect of various types of non-banking financial industries on banking systemic risk through the dual-ΔCoVaR systemic risk spillover model.On average,industries with a net spillover greater than zero exacerbate banking systemic risk,i.e.,risk contagion is more important,such as insurance,investment banking and brokerage;while those with a net spillover less than zero reduce banking systemic risk,i.e.,risk sharing is more important,such as diversified financial services,diversified capital markets,asset management and custodian banking.Disentangling the spillover effects further reveals that the correlation between the non-banking financial industries and the banking industry is crucial in determining the direction of impact.From the above,this article argues that in the process of the development of financial industry conglomeration,it is necessary to pay attention to the prevention of risks brought by the non-banking financial industries,as well as the research on the optimization of the structure of the financial system,so as to give full play to the non-banking financial industries as a useful supplement to the banking industry in serving the real economy.
Financial industry conglomerationNon-banking financial industriesBanking industry Systemic riskSpillover effect
NETL
NSTL
万方数据
