Research On The Construction And Evaluation Of China’s Financial Pressure Index Under The Background Of "One Belt And One Road"

China is in a critical period of financial regulatory reform.It is essential to establish a sound financial supervision system and prevent and quantify syste micfinancial risks.The financial pressure index is one of the methods to quantify systemic financial risk.After years of research,the foreign academic com munity has matured understanding and application of the financial pressure index.In China,the research and application of the financial pressure index is not yet mature.Although China has not experienced a serious financial crisis in recent years,it still suffers from the adverse effects of financial risks.Moreover,with the advancement of the "One Belt and One Road" strategy,it is bound to pose new challenges to financial supervision.In this context,it is very mean ingful to carry out research on the financial pressure index and its conduction in the context of the “Belt and Road”.This paper selects seven indicators from the banking sector,the stock market,the bond market,and the foreign exchange market.It uses factor analysis methods,such as weighting method,credit-weighted method,and CDF-credit weighting method to construct China’s financial pressure index,and constructs dif ferent methods.The indicators were compared and found that the index constructed by factor analysis performed best.Using the VAR model and impulse response analysis,China’s financial stress level and the national macroeconomic performance of South Africa,Russia,and Turkey have different conduction effects in two periods before and after the implementation of the “One Belt and One Road” strategy.It was found that the conduction effect showed a large difference at different time periods.In summary,the full text can be obtained that the fluctuation of China’s financial pressure level will spread in the “One Be lt and One Road” economic region and will be affected by the economic fluct uations of countries along the route.Finally,this paper proposes to establish a multi-dimensional official financial pressure index and build a regional financial anti-risk system.