金融市场压力的测度：文献述评

Financial Market Stress Measurement:Literature View

金融压力指数是目前国际社会普遍采用的监测系统性风险状况的综合指数,该指数可以作为实时监测金融市场系统性风险的工具,为政策制定者制定相关政策以避免金融市场过度波动提供信息。国际上影响力最大的金融压力指数是测度美国金融市场系统性风险的金融压力指数,包括堪萨斯城联储金融压力指数、圣路易斯联储金融压力指数和克利夫兰联储金融压力指数。通过分析国内外关于金融压力指数的已有研究发现,中国金融压力指数的构建存在指数频度过低、对历史事件解释能力有限等问题。

The paper first differentiates and analyzes the notion and correlation of financial stress, index of financial stress and NFCI to further put an emphasis on summarizing the related study of the financial stress index, in particular, to systematically illustrate the measurement of three major indexes of American financial stress. Based upon the above summarization and analysis, it is concluded that there exist some research contributions by illustrating the research into the index of China＇s financial market stress to lead a probably meaningful way to the future research.