With systemic linkage and bank tail risk distinguished,we employ the cutting-edge risk de-composition method to examine the effect of shadow banking on systemic risk.The results show that shadow banking increases systemic risk by amplifying systemic linkage and bank tail risk,of which the latter dominates.Further analysis indicates that the above-mentioned effects are heterogenous with levels of bank size,institutional background,etc.,and has changed structurally before and after the stock market crash and the introduction of Asset Management Regulation.On this basis,we provide suggestions about strengthening mechanism to prevent and control shadow banking risks.
万方数据
维普
