我国四部门金融杠杆对系统性金融风险的影响——基于空间溢出视角

张  影

我国四部门金融杠杆对系统性金融风险的影响——基于空间溢出视角

引用本文：张影.我国四部门金融杠杆对系统性金融风险的影响——基于空间溢出视角[J].财经理论与实践,2022,(4):18-25

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作者	单位
张影	（聊城大学商学院，山东聊城 252000）

中文摘要:基于金融杠杆对系统性金融风险的区域内和区域间作用机制的理论分析，运用空间偏微分方法，依据测算出的2010—2019年我国各省（区、市）四部门金融杠杆和系统性金融风险数据，考量我国四部门金融杠杆对系统性金融风险的空间溢出。结果显示：我国系统性金融风险具有较强的空间趋同性特征；由于金融杠杆部门结构和所在区域的不同，其对系统性金融风险的区域内溢出存在显著差异；此外，金融杠杆对系统性金融风险的区域间外溢效应明显，忽视该区域间溢出，将不利于准确评估金融杠杆对系统性金融风险的冲击。

中文关键词:四部门金融杠杆系统性金融风险空间溢出空间偏微分模型

Research on the Impact of China’s Financial Leverage of Four Sectors on Systemic Financial Risks: A Perspective of Spatial Overflow

Abstract:Based on the theoretical analysis of the regional and inter-regional mechanism of financial leverage on systemic financial risks, based on the measured data of financial leverage and systemic financial risks in the four sectors of China’s provinces from 2010 to 2019, we adopt the spatial partial differential method to empirically test the spatial spillover of China’s financial leverage of four sectors to systemic financial risks. The conclusions obtained are as follows: China’s systemic financial risk has strong spatial convergence characteristics; different sectoral structures and regions where financial leverage exists lead to significant differences in intra-regional spillovers to systemic financial risks; in addition, the inter-regional spillover effect of financial leverage on systemic financial risk is obvious, and ignoring the inter-regional spillover will not be conducive to accurately assessing the impact of financial leverage on systemic financial risk.

keywords:financial leverage of four sectors systemic financial risk spatial spillover spatial partial differential model

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