The Governance of Systemic Financial Risk from the Perspective of Debt
Debt risk is the origin of systemic financial risk.Different motivations of economic entities lead to different debt financing needs,and there are also different debt options in different economic cycles.Debt accumulation makes it possible for debt risk to evolve into systemic financial risk.From a mechanical perspective,the mechanisms of debt risk transmission include liquidity mechanism,balance sheet recession mechanism,and debt-deflation circulation mechanism.From a practical perspective,systemic financial risk manifests as increasing the debt level of economic entities,reducing their sustainability,and increasing the fragility of the financial system.From a path-oriented perspective,we need to set thresholds for economic entity debt ratios,improve debt risk supervision systems,and establish debt risk isolation mechanisms.
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