Multi-dimensional Characterization and Regulatory Strategies of Systemic Financial Risks
Risk prevention and control is an eternal theme in financial work.This article takes Diebold-Yilmaz's Risk Network Analysis framework as the core,characterizes the risk contagion(spillover)structural characteristics of China's financial industry,real estate industry,and capital market from 2007 to 2023,evaluates the risk status at the system level,tests the dual characteris-tics of the risk correlation network,which is stable yet fragile,and provides suggestions for comprehensively strengthening finan-cial regulation in the new era.The results indicate that the banking industry and capital market are the main sources of net risk spillover in China's financial system,with significant contagion(spillover)effects.The real estate industry has strong negative externalities during specific periods;The new system level risk indicator system can be understood as a weighted average combi-nation of individual level contagion(spillover)effects based on the degree of"system importance",which can effectively charac-terize the dual mechanism of risk correlation networks and accurately identify warning importance risk events.
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