Systematic Risk Rescue Strategy Under Different Information Levels

With the development of economic globalization,the world economic network has become more and more complex,and the degree of relevance has become higher and higher.After the 2008 financial crisis spread to the world,in order to maintain the stability of the financial system,regulatory agencies in various countries have adopted the financial system as a complex network and systemic risk as the focus of macro-prudential supervision has become a new consensus.After the financial crisis,countries around the world have successively experienced liquidity crises,and liquidity crises in China's financial system have also occurred from time to time.After the 19th National Congress of the Communist Party of China,based on the development of long-term strategies and the country's security and stability,my country will focus on preventing and dissolving systemic financial risks at a new height,and maintaining the stability and security of the financial system.In the liquidity cycle,liquidity moves between participants along with the network and promotes the stable operation of the financial system.When participants in the financial system are subject to liquidity shocks,this liquidity crisis will spread to the entire system along with the network,posing a threat to the stability of the financial system and possibly causing systemic risks.For this reason,when the regulator injects liquidity into the participants in a timely manner,it can effectively prevent and resolve the systemic risks caused by insufficient liquidity.The order and timing of liquidity injection decisions made by the regulators will affect the results of the rescue,and the degree of information that the regulators have will affect the results of the decision.From the perspective of the degree of information mastery,this paper studies the rescue strategies under different information levels,and designs three information levels:no information,partial information and complete information.In order to analyze and compare the influence of the network structure on the strategy,this paper also constructed three symmetric networks(FE,RS,BS)and three asymmetric networks(ES,RN,BA)for research.This article studies the process of the day-time liquidity cycle,and analyzes the systemic risk scenarios where the liquidity gap in the network due to participant defaults,which in turn leads to the termination of the liquidity cycle.It also studies the influence of participants' initial liquidity level on the size of the liquidity gap,and analyzes the size of the liquidity gap that each participant in different networks defaults in turn.It is found that increasing the initial liquidity level can make up for some of the gaps,and the gaps caused by defaults of various participants in different network structures are different.We selected the situation that caused the largest gap,that is,the largest systemic risk,to conduct rescue strategy research.In this paper,11 rescue strategies are designed under the three information levels of no information,partial information,and complete information.Through simulation research,it is found that improving the degree of information can get better rescue effect and rescue efficiency.Therefore,as much information as possible should be grasped during rescue.When the information is complete,the rescue effect and rescue efficiency are the best.However,in practice,there is a cost to grasp the information,and financial institutions will also hinder the collection and exposure of information for various reasons.Taking into account the cost factor,the rescue effect and rescue efficiency may not be the best when the information is complete.At the same time,in the research of this article,different rescue strategies should be selected under different information levels.Different network structures have different rescue strategies when considering the rescue effect and rescue efficiency at the same time.Therefore,different information levels and network structures should be different.The choice of rescue strategy.When the rescue results of partial information are compared with the complete information,better rescue results can be obtained by giving priority to the nodes with larger gaps in the partial information,and when the number of nodes with larger gaps exceeds 20%,the partial information The difference in the results of complete information assistance has become very small,which is very similar to the "Two-Eight Law".In practice,incomplete information is the norm.This article only describes the problem of incomplete information from one aspect.In the case of limited or partial information,the best rescue strategy should be focused on.Based on the daytime liquidity cycle model,this paper uses mathematical modeling methods to analyze the cycle process,and studies the liquidity rescue problem when systemic risks appear in different network structures from the perspective of different information levels.Different rescue strategies are designed under different information levels,and the rescue effect and rescue efficiency of rescue strategies under different information levels and different network structures are studied.This provides regulators with a new perspective to observe liquidity assistance,which has a certain reference significance for financial risk management,and maintenance of the stability of the financial system.