China has always insisted on expanding the opening up of the financial industry,and has made breakthrough progress.Opening up helps to diversify potential risks in economic operation,but also enhances the linkage effect between the financial system and other economies.This article uses the entropy method to construct a systematic financial risk indicator system,and empirically studies the linkage between financial openness and various components of risk through the TVP-SV-VAR model.The results show that after reaching its lowest level in 2008,China's systemic financial risks began to show a slow upward trend,with external risks being the most prominent;There is a non-linear linkage effect between financial openness and various risks,which exhibits significant heterogeneity and temporal variability in different periods.Financial openness has a positive effect on systemic financial risks in different periods,but shows a gradual downward trend,and the magnitude of long-term shocks is significantly smaller than that of short-term shocks;Financial openness is positively correlated with external risks,but the medium and long-term impact effects have approached zero;The impact of financial openness on macroeconomic risks is the greatest,always above 1％;The negative correlation effect between financial openness and financial system vulnerability gradually weakened and turned into a positive shock in 2018.Therefore,we should continue to explore open financial protection policies that are in line with China's actual situation and enhance our ability to regulate foreign-related finance.
NETL
NSTL
万方数据
