The Influence of Exogenous Risk Spillover on China's Systemic Financial Risk and the Countermeasures
It is one of the main tasks of risk management in China to guard against the excessive spillover of exogenous risks and build an adaptive prevention and control mechanism.This paper takes financial market investors,entity enterprises and financial institutions as the intermediary of risk spillover,explains the formation mechanism of systemic financial risks in China caused by exogenous risk spillover,realizes risk measurement and structural analysis from this perspective,and puts forward corresponding countermeasures based on macro-prudential management.It is found that the spillover of exogenous risks will trigger the systemic financial risks in China;In the process of exogenous risk spillover,the risk transmission effect of financial market investors and foreign exchange liquidity shows an increasing trend;Macro-prudential management can effectively inhibit the transmission effect of financial institutions,entity enterprises and financial market investors on the spillover of exogenous risks,but it has a weak effect on the transmission of risks to financial market investors,ad well as insignificant effect on the risk suppression of foreign exchange liquidity channels.
万方数据
维普
