The Internal linkage Mechanism of Credit Scale Change Among Departments ——An Empirical Analysis Based on Cases in the United States
YANG Feng-juan1, WANG Meng-ke2
1.School of Economics, Henan University, Kaifeng 475001,China; 2.School of Statistics, Tianjin University of Finance and Economics,Tianjin 300222, China
Abstract:
Based on the credit scale data of the U.S. government, residents, finance and enterprises from 1952 to 2016, this paper empirically studies the inter sector linkage mechanism of credit scale change from multiple perspectives. The empirical results show that: the change of credit scale not only exists between single sectors, but also has a strong transmission effect in the joint change of two or three sectors. In the linkage mechanism of the change of credit scale of four sectors, the financial sector is in the core position in risk contagion, with the strongest transmission, and is not easily affected by other sectors; the residents’ risk transmission is the weakest; the government sector is most vulnerable to other sectors. In the three levels of credit risk transmission process, the first, second and third levels of the linkage of credit scale increases successively. This study is of great significance to China’s credit governance, especially for the prevention of systematic risks caused by disordered changes in credit scale.
YANG Feng-juan, WANG Meng-ke.The Internal linkage Mechanism of Credit Scale Change Among Departments ——An Empirical Analysis Based on Cases in the United States[J] Economic Survey, 2019,V36(6): 157-164
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