Research on risk spillover effects of fishery enterprises at multiple time scales
This paper studies the risk spillover effects and dynamic evolution of economic policy uncertainty(EPU)and fishery enterprises in different market states at different time scales from the perspectives of time and frequency domains,using wavelet transform and spillover index method based on QVAR model.The results show that:(1)Fishery enterprises are more vulnerable to the impact of EPU under extreme conditions.Moreover,the risk correlation degree is relatively low under normal conditions,and the risk correlation degree is increasing with the increase of the impact scale.(2)The risk spillover effect has obvious time-varying characteristics in the sample period.The total spillover level in the extreme state is higher and the fluctuation range is smaller,and the dynamic change of spillover relationship will be affected by external shocks.(3)The risk spillover effect in different time scales is significantly heterogeneous,and the spillover intensity is the largest under long-term fluctuation.The research results of this paper will provide some theoretical references for risk regulators and investors,and help the development of fishery economy.
万方数据
维普
