Research On The Spatial Spillover Effects Of "The Belt And Road" National Financial Market Risk

The proposal of "The Belt and Road" new cooperation concept not only promoted the inter-regional trade between countries,but also promoted the integration of global financial opening.Under the trend of financial integration,it is worth pondering and exploring how a country(region)can prevent the introduction of international financial market risks into its own country,thus affecting the healthy development of its economy and finance.First of all,based on the perspective of spatial spillover effect,this paper analyzes the mechanism of the spatial spillover effect of financial market risk among countries in "The Belt and Road" approach.Second,before and after"The Belt and Road" strategy was put forward,the status quo of" The Belt and Road" financial markets in the 14 countries was analyzed.Finally,we selected"The Belt and Road," fourteen countries' financial market development data,national macro data,and globalize financial market data from 2007 to 2017,combined with the actual construction of the physical distance spatial weight matrix and the economic system similarity weight matrix.Test results Select the corresponding spatial panel regression model for empirical analysis of spatial spillover effects.The study finds that there is a strong global geospatial and economic regime correlation between the EFRI,CFRI,and SFRI;through the analysis of the financial market's sub-market risk spillover effect,it is found that the spatial spillover effect of "The Belt and Road" countries' foreign exchange market risk,money market risk and stock market risk is very significant;through the financial market risk pressure index(FRI)An empirical analysis of the time interval shows that after the "Belt and Road" strategic cooperation was put forward,the risk spillover effect of " The Belt and Road" financial market in the four countries remained significant,but the coefficient was reduced.