公众信心与金融稳定性——来自跨国调研数据的证据  

Public Confidence and Financial Stability: Evidence from Cross-country Survey Data

作　　者：王丽丽[1] 韩雨晴 Wang Lili;Han Yuqing(Institute of International Economy,University of International Business and Economics,Beijing 100029,China;School of Economics,Renmin University of Ghina,Beijing 100872,China)

机构地区：[1]对外经济贸易大学国际经济研究院,北京100029 [2]中国人民大学经济学院,北京100872

出　　处：《金融经济学研究》2021年第3期16-28,共13页Financial Economics Research

基　　金：教育部人文社会科学基金规划项目(19YJA790125)。

摘　　要：基于跨国调研数据,将主观因素融入金融稳定性的分析,实证检验公众对金融机构的信心对于金融稳定性的影响,研究发现,公众对金融机构信心的增加会显著提升金融稳定性,对降低银行、货币与主权债务风险也有显著影响。同时,金融发展程度在公众信心影响金融稳定性的过程中发挥了重要的"金融加速器"作用;当一国的金融发展程度较高时,公众对金融机构的信心提升对于金融稳定性的促进效应会更为明显。为更好发挥公众信心对金融稳定性的正向促进作用,建议进一步加强政策信息的公开与透明,注重公众信心的稳定与提振,推动公众信心与金融市场的协同发展。This study incorporated subjective factors to analyze and empirically test the impact of public confidence in financial institutions on financial stability based on cross-country survey data.This study obtained the following findings.Increased public confidence in financial institutions enhanced financial stability and also had a significant impact on reducing bank, currency, and sovereign debt risks.At the same time, the degree of financial development also played a vital “financial accelerator” role as public confidence influenced financial stability.When a country experienced a higher degree of financial development, increased public confidence in financial institutions had a more apparent facilitative effect on financial stability.In order to better realize the positive facilitative effect of public confidence on financial stability, this study recommended further strengthening the openness and transparency of policy information, focusing on stabilizing and boosting public confidence, and promoting the coordinated development of public confidence and financial markets.

关 键 词：金融稳定性 金融机构 公众信心 

分 类 号：F832.5[经济管理—金融学]