Systematic Risk Research Based On The Perspective Of Financial Network Correlation

Since the subprime crisis in 2008,our country financial markets about the product and the type of innovation and development has increased the risk of a link between financial institutions,risk contagion higher homogeneity increases the micro mechanism of the extent of the actual need to bear the risk of loss,so that the financial markets and the structure characteristics of "is both robust and fragile".So this article to financial institutions because of the risk of creditor's rights debt relations formed by the connection between structure for the Angle of view,by combining the macro to the micro mechanism of research methods to reveal the formation of systemic risk,transmission characteristics and the formation of the relationship between the financial system's internal risk,so that they can better fit the development of the financial system is complex and changeable reality,provide the reality basis for preventing systemic risk.Starting from the point,line and plane of network structure,this paper studies the dynamic impact of spillover effect,resonance effect and negative externality on systemic risk caused by risk contagion between financial institutions and financial sectors.The specific research content is as follows:firstly,the risk characteristics of the financial system are analyzed.After the financial crisis,the structural characteristics and risk correlation degree of the financial system have changed,and relevant data show that the risk contagion in the financial network is endogenous and time-varying,the risk structure in the financial market is asymmetric,and the banking industry is still the core department of risk control in the financial market.Then analyze the formation and contagion of systemic risk in the networked financial system.Systemic risk generated by default channels,liquidity and asset price channel,the micro risk in direct and indirect transmission way into a market impact macro risk,and on the basis of the subprime mortgage crisis after measure the systemic risk in the financial market in China,the results support the time-varying characteristics of the systemic risk is endogenous,and because of the risk of infection on the ceiling effect exists in limit.Finally,the paper analyzes the impact of the structural characteristics of financial network on systemic risk.Formed by many financial institutions has the characteristics of the structure of the financial networks can also be spread from different aspects influence of systemic risk,the risk correlation degree and balanced degree index increased risk can significantly improve the level of systemic risk,but the two indicators of interactions can to some extent weaken the positive relationship between these indicators and systemic risk,so as to express the complex influence of network structure on systemic risk.In a word,the study of systemic risk from the perspective of financial structure can adjust the risk contagion mode among financial institutions,coordinate the contradictions in the development process of financial institutions,and increase the motivation for financial institutions to take the initiative in risk management.From a macro point of view can increase the risk of financial markets tolerance ability,reduce the risk of excessive spillover effects on the impact of the financial market,making the financial development and the use of science and technology innovation of financial institutions in the harmonious coexistence and reasonable sharing of the financial risks,and standardize the order of financial market transactions,to improve the efficiency of the financial regulation at the same time increase the financial market.