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Risk spillovers between FinTech and traditional financial institutions: Evidence from the U.S.

机译：金融气与传统金融机构之间的风险溢出：来自美国的证据

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摘要

In this paper, we propose a novel approach to examine the risk spillovers between FinTech firms and traditional financial institutions, during a time of fast technological advances. Based on the stock returns of U.S. financial and FinTech institutions, we estimate pairwise risk spillovers by using the Granger causality test across quantiles. We consider the whole distribution: the left tail (bearish case), the right tail (bullish case) and the center of the distribution and construct three types of spillover networks (downside-to-downside, upside-to-upside, and center-to-center) and obtain network-based spillover indicators. We find that linkages in the network are stronger in the bearish case when the risk of spillover is higher. FinTech institutions' risk spillover to financial institutions positively correlates with financial institutions' increase in systemic risk. These results have important policy implications, as they underscore the importance of enhancing the supervision and regulation of FinTech companies, to maintain financial stability.
机译：在本文中，我们提出了一种新颖的方法来审查金融气公司与传统金融机构之间的风险溢出，在快速技术进步。根据美国金融和金融科机构的股票回报，我们通过使用跨定量的GRANGER因果关系测试来估算成对风险溢出效果。我们考虑整个分布：左尾（看跌案例），右尾（看涨案例）和分布的中心，并构建三种类型的溢出网络（倒下，上行，上行和中心 - 到中心）并获得基于网络的溢出指示灯。我们发现，当溢出的风险较高时，网络中的联系在看跌案中更强大。 FINTECH机构对金融机构的风险溢出与金融机构的全身风险的增加相关。这些结果具有重要的政策影响，因为他们强调了加强金融气公司监督和监管的重要性，以维持金融稳定。

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  • 来源
    《International Review of Financial Analysis》 |2020年第10期|101544.1-101544.13|共13页
  • 作者

    Li Jianping; Li Jingyu; Zhu Xiaoqian; Yao Yinhong; Casu Barbara;

  • 作者单位

    Chinese Acad Sci Inst Sci Beijing 100190 Peoples R China|Chinese Acad Sci Inst Dev Beijing 100190 Peoples R China|Univ Chinese Acad Sci Sch Econ & Management Beijing 100190 Peoples R China|Univ Chinese Acad Sci Sch Publ Policy & Management Beijing 100049 Peoples R China;

    Chinese Acad Sci Inst Sci Beijing 100190 Peoples R China|Chinese Acad Sci Inst Dev Beijing 100190 Peoples R China|Univ Chinese Acad Sci Sch Publ Policy & Management Beijing 100049 Peoples R China;

    Chinese Acad Sci Inst Sci Beijing 100190 Peoples R China|Chinese Acad Sci Inst Dev Beijing 100190 Peoples R China;

    Chinese Acad Sci Inst Sci Beijing 100190 Peoples R China|Chinese Acad Sci Inst Dev Beijing 100190 Peoples R China|Univ Chinese Acad Sci Sch Publ Policy & Management Beijing 100049 Peoples R China;

    City Univ London Cass Business Sch London EC1Y 8TZ England;

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  • 原文格式 PDF
  • 正文语种 eng
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  • 关键词

    Financial technology (FinTech); Financial risk; Risk spillover; Systemic risk; Financial stability;

    机译：金融技术（Fintech）;财务风险;风险溢出;系统风险;金融稳定性;

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