Research On The Dynamic Impact Of Structural Monetary Policy On Systemic Financial Risk

In recent years,with the development of global integration and the promotion of financial supply-side reform,the relevance and innovation of the financial industry has developed rapidly.In this tone,China’s financial market has gradually improved and flourished towards diversification,and the safety of the financial system has become more and more important in maintaining the healthy development of the national economy.In addition,in the process of China’s economic development from "speed" to "quality" into a new normal,a series of problems such as structural imbalance of the real economy and imperfect financial supervision system have been exposed.At this time,if there is a single or local financial institutions risk events,will spread to other sectors through the entire financial system network,resulting in the outbreak of systemic financial risk in the entire financial market.Therefore,in recent years,the bottom line of not occurring systemic financial risks has become a key financial work in China.At the same time,China’s macroeconomic environment is becoming more and more complex,and the stable and safe development of the national economy has put forward higher requirements for the macroeconomic control of the monetary authorities.As a result,monetary policy is increasingly reflecting structural features as it becomes more difficult to achieve monetary policy objectives.While implementing structural monetary policy to achieve its policy objectives,will the central bank have any impact on systemic financial risks? What kind of impact will it have? It is worthwhile for monetary authorities to pay attention and think about it.Based on the existing literature,it is found that scholars have fully explored the impact of traditional monetary policy on financial risk,but less attention has been paid to the emerging structural monetary policy,and the research perspective is mostly limited to the impact on bank risk-taking,while the research on systemic financial risk is not deep enough.Based on the above background,after clarifying the research objectives of this paper and clarifying the research ideas,this paper sorts out the existing literature results and theoretical foundations.At the theoretical level,the mechanism of structural monetary policy affecting systemic financial risk is analyzed.After that,this paper selects TVP-VAR model to test the dynamic impact of structural monetary policy on systemic financial risk,and the study shows that: both types of structural monetary policy have a certain degree of impact on systemic financial risk;MLF and SLF have a certain inhibitory effect on systemic finance in the medium and long term,while PSL raises systemic financial risk in different periods,while targeted The overall view is that the negative impact of China’s structural monetary policy on systemic financial risk is gradually weakening compared to the early stage of implementation.With reference to the study results,the monetary authorities should pay close attention to its impact on systemic financial risk while achieving the monetary policy objectives,and at the same time,they should further achieve results in many aspects such as improving the communication mechanism between the central bank and the market,improving the macro monetary policy framework,unblocking the monetary policy transmission channels,and establishing an effective financial regulatory system.