摘要
Abstract
Based on monthly data from 2012 to 2020 and TVP-SV-VAR model,this paper studies the impact of US mone-tary policy on China's systemic financial risks.The results show that the US tightening monetary policy can increase the financial risk in the short term and contribute to the stability of the financial market in the later period,that the US loose monetary policy will increase financial risks in both the short and long term.However,with the continuous improvement of China's financial mar-ket,the risk impact brought by loose monetary policy is reduced,while the impact of tight monetary policy on China's financial stability is gradually strengthened.In order to reduce the spillover effects of the US monetary policy,China should make compre-hensive use of various monetary policy tools to maintain reasonably abundant market liquidity,further promote market-oriented reform of the"three rates"policy and improve macro-prudential management of cross-border financing,improve the competitive-ness of China's export commodities in the international market to build a domestic demand-oriented export production system,strengthen monitoring and early warning of price fluctuations and give full play to the role of structural fiscal policy.关键词
美国货币政策/系统性金融风险/金融市场/金融安全Key words
US monetary policy/systemic financial risk/financial markets/financial security分类
管理科学
