系统性金融风险度量研究——基于关联性角度的分析

Abstract

系统性金融风险（FinancialSystemicRisk）或金融系统性风险，与不可分散风险（SystematicRisk，也常被译作系统性风险）不同，是能够威胁金融系统整体稳定甚至导致系统崩溃的风险，它的极端表现形式是金融危机。中国经济经历30多年的高速增长后已进入“新常态”阶段，经济增速放缓、产业结构调整的过程中一些隐藏的风险可能显现；当前我国正在进行金融改革，利率市场化逐步推进，影子银行和互联网金融发展迅猛，局部金融风险逐渐显现；随着人民币加入SDR货币篮子，国内与国际两个金融市场的联系更加紧密，金融系统受到外部冲击和被风险传染的可能性增加，防范和监管系统性金融风险已成为现阶段金融风险管...

Different from systematic risk,systemic risk is the risk that could destabilize the financial system, disrupt the normal running of the system, and even make it collapse. Financial crisis is usually considered as its extreme form. After a more than thirty- years rapid growth, China's economy has entered the "new normal" stage which is accompanying with growth slowdown, structural adjustment as wel...