中国金融稳定性的测度

本文参照IMF(2006)和ECB(2006)对金融稳定性的定义,将金融稳定性归纳为金融体系基本要素平稳运行和具有抵抗巨大冲击的能力两个维度,在此基础上构建了包含18个基础指标的金融稳定性指数,以中国2004~2008年间相关数据为样本,采用主成分分析法并以均值化后的协方差矩阵作为输入来对当前金融稳定性的状态进行测度,研究发现2004年以来的5年间,我国金融稳定性不断增强,金融体系基本要素平稳运行,但抵抗外部冲击的能力却略有下降。

Measurement of the Financial Stability of China

By referring to the definition of financial stability in IMF(2006) and ECB(2006),the authors reduce financial stability to two dimensions: the stable operation of the basic factors in the financial system and the capability of withstanding great shocks,and on the basis of this construct the financial stability indices which include 18 basic indices.Taking the relevant data of China between 2004 and 2008 as samples,using principal component analysis,and mean value treatment as input variables,the authors mea...