We construct a connected network between China and the economies that are financially linked to it,based on the network topology of variance decompositions,and measure the cross-border contagion of financial risks amo...We construct a connected network between China and the economies that are financially linked to it,based on the network topology of variance decompositions,and measure the cross-border contagion of financial risks among these economies.We then examine whether the concerted use of macroprudential policies mitigates the cross-border contagion of financial risks.The empirical results show that the tightening of macroprudential policies,especially counter-cyclical capital buffers and limits on credit growth,in economies with net spillover risk(e.g.the US and China).can reduce the cross-border spillover of domestic financial risks to other economies.The concerted use of macroprudential policies can contribute to global financial stability.However,the tightening of"capital"macroprudential policy tools will increase domestic cross-border absorption of financial risks.Hence,macroprudential regulation of cross-border capital flows must be strengthened.展开更多
文摘1998～2000年,欧盟资助了一项称为CADAM(Concerted Actionon Dambreak Modelling)的所谓溃坝模拟协调行动计划,拟对当时所使用的方法及其在模拟和预报溃坝方面的应用加以研究。针对CADAM项目研究中提炼出来的一些关键技术问题,"IMPACT"欧洲合作工程项目对其展开了研究,IMPACT是CADAM项目的延续。IMPACT(Investigation of ExtreMe Flood Processes And UnCertainTy)项目意为特大洪水过程及其不确定性的研究。主要介绍CADAM项目得出的主要结论和对IMPACT项目进行简要介绍。
基金the Humanities and Social Science Fund Project of Ministry of Education of China(No.20YJA790003)the Natural Science Foundation of Shandong Province(No.ZR2020MG039)the Future Plan for Young Scholars of Shandong University(No.2016WLJH05).
文摘We construct a connected network between China and the economies that are financially linked to it,based on the network topology of variance decompositions,and measure the cross-border contagion of financial risks among these economies.We then examine whether the concerted use of macroprudential policies mitigates the cross-border contagion of financial risks.The empirical results show that the tightening of macroprudential policies,especially counter-cyclical capital buffers and limits on credit growth,in economies with net spillover risk(e.g.the US and China).can reduce the cross-border spillover of domestic financial risks to other economies.The concerted use of macroprudential policies can contribute to global financial stability.However,the tightening of"capital"macroprudential policy tools will increase domestic cross-border absorption of financial risks.Hence,macroprudential regulation of cross-border capital flows must be strengthened.
