金融系统风险的成因、传导机制和度量:一个综述

Systemic Risk in Financial Sphere: A Literature Review on Causes, Transmission Mechanisms and Measurement

金融危机中整个金融体系普遍出现运作困难的情况称为金融系统风险,它通常由某些机构的困难或者某些风险事件而起,进而引发金融市场的动荡乃至对实体经济产生负面影响。次贷危机的爆发使得学界对系统风险的研究达到一个高潮。本文对现有研究成果进行了梳理分析,包括系统风险的界定、系统风险的成因和传导机制,分析了目前系统风险度量研究中的一些重要方法,并对各种方法在实践中的应用进行了评述。

Systemic risk refers to the circumstance where the whole financial system meets problems during crisis. It is generally triggered by the failures or insolvency of some particular institutions or other risk events. Bringing about market turmoil and laying a negative effect on the real economy, systemic risk has attracted wide attention and heated discussion, especially since the outbreak of the Sub-prime Crisis. This paper presents a literature review clarifying the concepts of financial systemic risk, the mechanism of its formation and propagation as well as its measurement methods on which we also make some comments.