关键词: 资金流量表, 列昂惕夫逆矩阵, 系统性风险

Abstract: This research transposes the data which from China’s Flow of Funds Account to Flow of Funds Matrix, and clarifies the features of the assets and the liabilities between sectors. Then, using the principle of Leontief Inverse, this paper builds the ripple effect model for measuring financial risk, conducts a multiplier analysis to explain the ranking of the risk ripple effect of each financial transaction item, and analyzes the final ripple effect of the systematic financial risk in the whole China’s financial market. Results from estimation and analysis suggest that the systematic risk of each one of China’s financial transaction items in 2010 was higher than that of the U.S that generated the subprime mortgage crisis in 2007.

Key words: Flow-of-Funds Account, Leontief Inverse, Systemic Risk