The dominant role of the US dollar as a global currency allows the Federal Reserve's monetary policy to significantly influence economic and financial dynamics in other countries through mechanisms such as exchang...The dominant role of the US dollar as a global currency allows the Federal Reserve's monetary policy to significantly influence economic and financial dynamics in other countries through mechanisms such as exchange rates,interest rates,and capital flows.This paper examines how shifts in the Federal Reserve's policy can precipitate economic disruptions in peripheral nations,potentially heightening the risk of systemic financial crises.By utilizing the directed acyclic graph(DAG)technique and network topology analysis,we explore the dynamic evolution of systemic risk within global financial markets from a network perspective.Our findings reveal that the US financial market is a net exporter of risk spillovers,whereas China predominantly receives these volatility transmissions.Such systemic financial risks prove contagious across markets.In the wake of Federal Reserve adjustments,China's financial markets invariably experience impacts,compelling them to align with U.S.policy rate changes and thereby compromising China's monetary policy independence.展开更多
Hu Xiaolian,Vice Governor of the People’s Bank of China,the country’s central bank, published an article concerning China’s managed floating exchange rate regime and the effectiveness of the monetary policy on the ...Hu Xiaolian,Vice Governor of the People’s Bank of China,the country’s central bank, published an article concerning China’s managed floating exchange rate regime and the effectiveness of the monetary policy on the bank’s website on July 26.She pointed out monetary policy,as an important instrument of China’s macroeconomic control,has faced many challenges in recent years.A more flexible exchange rate regime will help improve the effectiveness of the policy.Edited excerpts follow展开更多
基金supported by the Ministry of Science and Technology of China under Grant 2020AAA0108402by the Fundamental Research Funds for the Central Universities(KG16182801,KG16275701)+1 种基金grants from the National Social Science Foundation of China[No.2022-SKJJ-B-114]grants from the National Natural Science Foundation of China[No.72033001,72271014].
文摘The dominant role of the US dollar as a global currency allows the Federal Reserve's monetary policy to significantly influence economic and financial dynamics in other countries through mechanisms such as exchange rates,interest rates,and capital flows.This paper examines how shifts in the Federal Reserve's policy can precipitate economic disruptions in peripheral nations,potentially heightening the risk of systemic financial crises.By utilizing the directed acyclic graph(DAG)technique and network topology analysis,we explore the dynamic evolution of systemic risk within global financial markets from a network perspective.Our findings reveal that the US financial market is a net exporter of risk spillovers,whereas China predominantly receives these volatility transmissions.Such systemic financial risks prove contagious across markets.In the wake of Federal Reserve adjustments,China's financial markets invariably experience impacts,compelling them to align with U.S.policy rate changes and thereby compromising China's monetary policy independence.
文摘Hu Xiaolian,Vice Governor of the People’s Bank of China,the country’s central bank, published an article concerning China’s managed floating exchange rate regime and the effectiveness of the monetary policy on the bank’s website on July 26.She pointed out monetary policy,as an important instrument of China’s macroeconomic control,has faced many challenges in recent years.A more flexible exchange rate regime will help improve the effectiveness of the policy.Edited excerpts follow
