Research on the Nonlinear Impact of Systematic Financial Risks on Macroeconomic Operations
In the critical stage of China's economic transformation,systematic financial risks have a signifi-cant impact on macro-economy.The study used CRITIC and factor analysis methods to construct a system-atic financial risk index and a macroeconomic resilience level index.The researchers explored the nonlinear effects of financial risk on macro-economy under different regimes using the MS-VAR model.The results show that systematic financial risks have a time-varying impact on macro-economy,causing a negative im-pact on macro-economy in the short term,but in the long run,they will actually improve economic resilience.The research conclusion indicates that systematic financial risks have obvious time-varying characteristics on macro-economy.Real time prevention and control measures are taken to orderly dispose of prominent risks,which helps to promote high-quality economic development.