货币政策与互联网金融风险的非线性门限效应研究——基于面板平滑转换模型的实证分析

The Research on Non-linear Threshold Effect of Monetary Policy and Internet Financial Risk--An Empirical Analysis Based on PSTR Model

基于2013年第3季度-2018年第1季度的省际面板数据,利用面板平滑转换模型,实证研究了货币政策等因素对互联网金融风险的非线性效应。研究发现:货币政策对互联网金融风险具有显著的非线性效应,存在明显的门限特征和区域差异;在门限值前后,货币政策对互联网金融风险的影响由正向转变为负向。

Based on 2013Q3-2018Q1 provincial panel data,the nonlinear threshold effect of monetary policy and other factors on internet financial risk is empirically studied by using the Panel Smoothing Model.The results show that monetary policy has significant nonlinear effect on internet financial risk,and there are obvious threshold features and regional differences.Before and after the threshold value,the influence of monetary policy on internet financial risk is changed from positive to negative.