当代经济管理2024，Vol.46Issue(8)：73-96,24.DOI:10.13253/j.cnki.ddjjgl.2024.08.009
数字金融、金融监管与传统金融跨市场风险溢出
Digital Finance,Financial Regulation and the Cross-market Risk Spillover of Traditional Finance
摘要
Abstract
Preventing systemic financial risks has always been the core of financial regulation,and it is impossible to do a good job in digital finance without guarding against financial risks.The development of digital finance has changed the structure and density of the traditional financial network,which may intensify the contagion of cross-market risks in traditional finance,and even trigger systemic financial risks.This paper uses the TVP-VAR-SV model to analyze how the development of digital finance affects the cross-market risk spillover effect of traditional finance,and examines the regula-tory differences and functional heterogeneity of the impact of digital finance on the risk spillover effect under different regulatory intensities and function-al differences of digital finance.The research findings of this paper are as follows:first,the development of digital finance exacerbates the total spillover effect of cross-market risks in traditional finance;second,the impact of digital finance on the cross-market risk spillover effect of various markets in tra-ditional finance has market differences;third,the current regulation of digital finance is difficult to effectively regulate the impact of digital finance on the cross-market risk spillover effect of traditional finance;finally,there is functional heterogeneity in the impact of digital finance on the cross-market risk spillover effect of traditional finance.Research suggests that in preventing systemic financial risks,it is necessary to comprehensively consider the mechanism and the effect of digital finance on the cross-market risk spillover of traditional finance,and further incorporate all functions of digital fi-nance into regulation.关键词
数字金融/传统金融/金融监管/风险溢出效应Key words
digital finance/traditional finance/financial regulation/risk spillover effect分类
管理科学引用本文复制引用
梁洪..数字金融、金融监管与传统金融跨市场风险溢出[J].当代经济管理,2024,46(8):73-96,24.基金项目
国家自然科学基金面上项目"利率市场化视角下金融发展、货币政策对网络借贷的影响研究"(71873104) （71873104）
重庆市社会科学规划博士项目"数字金融、货币政策对系统性金融风险的影响研究"(2021BS060). （2021BS060）
