The Core Problem,Formation Mechanism and Solutions with Chinese Characteristics of Systematic Risk:From the Perspective of Real Economy and Fictitious Economy
Taking the path of financial development with Chinese characteristics and preventing and resolving financial risks is the guarantee of China's sound and high-quality economic devel-opment.Based on the perspective of real economy and fictitious economy,this paper discusses the core problems,formation mechanism and solutions with Chinese characteristics of system-atic risk,in order to improve the financial risk prevention and disposal mechanism.The study found that:First of all,the core problem of systematic risk lies in the accumulation of non-performing assets in the field of fictitious economy.There are different laws in the operation of loan capital between real economy and fictitious economy.Ponzi debt expansion and default caused by self-circulation in fictitious economy become more important risk source of systematic risk.Secondly,the formation mechanism of systematic risk stems from the systematization of individual risks.From the perspective of financial risk management,this paper reveals that fi-nancial innovation tools hedge or avoid individual risks,which leads to the process of risk de-posit and continuous accumulation in the system,accelerating the generalization of debt default and triggering financial crisis.Finally,China's financial risk disposal practice demonstrates the advantages of the socialist system with Chinese characteristics.The future orientation should adhere to financial services for the real economy at the macro level,avoid the generalization of innovative technology of risk hedging at the micro level,adhere to the synchronization of risk resolution and economic growth at the risk disposal goal,and emphasize the combination of policy and market in risk disposal methods.
NETL
NSTL
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