关键词: 货币政策, 系统性金融风险, 向量自回归模型

Abstract: In the context of the ever-changing international financial environment and financial markets, preventing systemic financial risks has become an important research topic for governments of various countries. By constructing a systemic financial risk indicator system, this article mainly uses the vector autoregressive model VARto study the impact of different types of monetary policies on China忆s systemic financial risk. The research results show that:"quantity" monetary policy has a positive impact on systemic financial risks. Under the active monetary policy, the increase of market money supply is likely to cause the accumulation of systemic financial risks; "price" monetary policy has a negative impact on systemic financial risks. By adjusting interest rates, systemic financial risks will have varying degrees of impact up or down. Therefore, it is found that the coordinated use of "quantity" and "price" monetary policy tools can help to prevent systemic financial risks and stabilize financial markets.

Key words: monetary policy, systemic financial risk, vector autoregressive model