关键词: 数字金融, 货币政策, 系统性金融风险

Abstract: With the rapid development of digital finance, the research on how the digital finance affects monetary policy and systemic financial risk has significant theoretical and practical implications. We use the TVP-VAR-SV model to examine the dynamic relationship between the digital finance, monetary policy and systemic financial risk, and then analyze the asymmetric dynamic relationship with different regulatory intensities of digital finance. Furthermore, we examine the driving role of the digital finance on economic growth and its shock effect on macro risk-return ratio. The findings of this paper are as follows: The development of digital finance exacerbates systemic financial risk, but a contractionary monetary policy helps to reduce systemic financial risk. The development of digital finance significantly affects the effectiveness of monetary policy and the contractionary monetary policy promotes the development of digital finance. The development of digital finance effectively stimulates economic growth and enhances the economic benefits of risk-bearing in the economic system. Furthermore, this article provides policy suggestions from the aspects of regulating the development of the digital financial market, optimizing the monetary policy transmission mechanism, and strengthening investor education in the digital financial market.

Key words: Digital Finance, Monetary Policy, Systemic Financial Risk