风险输入视角下金融稳定对宏观经济影响研究

利用2000—2020年年度数据，从金融机构、金融市场、国内宏观经济和国际输入性风险四个维度选取31个基础指标，本研究运用主成分分析法构建我国金融稳定综合指数（CFSCI），进一步探讨金融稳定与宏观经济之间的关联影响。研究结果表明：2008年国际金融危机之后，我国金融稳定水平总体呈现波动上升态势，但外部输入性风险对我国金融稳定产生明显冲击；分析表明，金融稳定性上升能够降低经济波动，使得经济增长更加平稳；相比之下，宏观经济的运行对金融稳定影响不显著。

Research on the Impact of Financial Stability on Macroeconomics from the Perspective of Risk Input

Based on the annual data from 2000 to 2020, this paper selects 31 basic indicators from four dimensions of financial institutions, financial markets, domestic macro-economic and international imported risks to construct China Financial Stability Composite Index (CFSCI), and further discusses the correlation between financial stability and macro-economic impact. The results show that the overall level of financial stability in China shows a rising trend of fluctuation, but the external input risk has a significant impact on financial stability. Further analysis shows that the rising financial stability can reduce economic fluctuations and make economic growth more stable. In contrast, the operation of macro-economy has no significant impact on financial stability.