The Risk Spillover Effect Between the Real Economy and the Financial System in Huizhou
In recent years,the issue of risk spillover effects between the real economy and the financial system has attracted wide-spread attention.This paper focuses on the case of Huizhou City and uses both time-domain and frequency-domain spillover index models to analyze the risk spillover effects between the real economy and the financial system in Huizhou.The results show that:firstly,there are significant risk spillover effects among the primary industry,secondary industry,financial industry,and real estate industry in Huizhou.Secondly,the financial industry plays the largest role as a net transmitter of shocks,while the primary industry is the sole net receiver of shocks.Thirdly,the primary industry is the most affected by the risk transmission of the financial system,followed by the real estate industry.The risk spillover effects received by the financial industry mainly come from the real estate industry.Lastly,the risk spillover effects between the real economy and the financial system in Huizhou are mainly revealed in the long term,while the short-term risk spillover effects are relatively small.The findings provide certain policy implications for addressing and mitigating re-gional risk spillover effects in China specifically in Huizhou.
risk spillover effectthe real economyfinancial systemHuizhou City
万方数据
维普
