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Abstract:With the social market economy and financial architecture continue growing stronger financial system for the impact of the market economy is continually infiltrate,Internal financial system instability issues is also increasingly prominent, where financial instability macroeconomic showing a significant asymmetric,It attracted the attention of domestic and international economic scholars.This article does not affect the financial stability of macroeconomic asymmetric preliminary research and analysis, so as to solve this problem to make some suggestions and solutions for economists reference.
Key words:Financial instability;Macroeconomic;Asymmetric
Introduction
With the rapid development of the domestic market economy, the financial system is continually improved and sound. But the economic crisis at this stage of the financial system also have occurred, where financial instability is the fuse. Whether large-scale or small-scale financial and economic crisis, turmoil in the financial system are the main core, which proves the importance of the overall nature of the financial system. Wherein the stability of the financial system is also a major factor of macroeconomic regulation and control, and they contact each other mutual integration. Scholars specialized in the economic field established the International Financial Stability Oversight Board, mainly for making an effective macroeconomic regulation and control, and regularly issue financial stability report to the social and economic fields. Wherein the macroeconomic impact of financial instability is still asymmetrical social market economy is an urgent need to solve a major problem, and this asymmetric impact of the rapid development of the social market economy is also growing, in types of financial risk gradually increased difficulty of monitoring financial risks are increasing, if not able to reasonably control the instability of the financial impact on the good macroeconomic asymmetry, social and economic development of the market will also be severely affected.
1. Financial instability Perspective and model
(1) Perspective Analysis Of Financial Instability
Instability of the financial system led to large-scale financial crisis, as a basis the root causes of the problem is based on the view angle to study the establishment of a model of the article, but this is simply an experimental model selected variables. Economic growth has a step at this stage of the formation of an unstable state of the economy professional scholars are not aware of the increasing financial risk index, changing the industrial structure of the financial system led to a further escalation of the financial risk index. (2) Financial Instability Model Approach
Many of the financial system variables have two common characteristics, namely consistency and synchronization. In this one containing a common potential variables affecting the financial system in these variables. Meanwhile economists would call this common potential instability variable state of the financial system, thereby performing data analysis can be taken when dealing with dynamic factor model, and then finish creating space model regime switching state is based on "financial instability hypothesis "knowledge-based theory of the last available financial variables affect the common potential instability.
2. financial instability Overview
(1) The instability of financial reasons
Factors affecting the market at the present stage of socio-economic stability of the financial system are too many, this article focuses on the following three points:
First,changes in the financial markets
Present social market economy that is the main branch of the financial markets, it has the universal nature of the market. Funds rate between supply and demand in the economic structure affected, profit and cost stock market and so there is a common phenomenon, namely the phenomenon of volatility. Financial instability is also due to the ever-changing financial markets, caused by large fluctuations.
Second,The risk prevention mechanisms are inadequate
In recent years, although the pace of industrial development finance is relatively fast, but due to the late start for risk prediction and assessment of the financial industry generated, monitoring and prevention, measures and capacity issues and other aspects of post-processing are not perfect and sound . If the financial turmoil appears, the structure of the financial industry chain will be seriously challenged, capital and other aspects of the loss is very large. Therefore, an important reason for making the financial system there is always a state of instability is due to the financial risk forecasting system and regulatory aspects of the lack of prevention capabilities.
Third,changes in the country's macroeconomic policies
There is also a very important reason for the instability of the financial system, that change in the national government's macroeconomic policies, such as in the development of SMEs has been supported by the national policies of the Government, it issued a major firm interest rate shall be lowered at the same time financial institutions also allow easy recovery of funds industry. But if the social market economy at a higher rate of inflation in state, national policies will be promulgated by appropriate policy solutions, for example, the government will make a major firm in a corresponding increase in interest rates, so that the money in circulation is reduced. In the meantime the securities markets and investment banks and other financial companies are subject to different degrees of impact, which is one of the causes of the financial market instability created. (2) Performance of financial instability
As mentioned earlier, the fuse of the financial crisis that is financial instability, and financial instability is also reflected in the wide variety of levels of respect. Wherein the instability of the most direct expression is the most important financial potential economic crisis.
First,Present occurrence probability of domestic financial crisis the IMF is not high, it is because we take the national socialist economic system, the high capacity of the national government's macro-control, so that when the international financial crisis and economic turmoil, our country against pressure capacity is also stronger than the capitalist countries. Although to some extent, so that economic development has been hampered, as the appreciation of the yuan. But from the side view, it also makes the investment behavior of the national currency of the financial sector can be reduced. And the chances of our national currency, the financial crisis is due to a lower level of foreign exchange reserves and increasing decline of the inflation rate and formation.
Second, Present the country temporarily does not make the debt crisis storm. In recent years the level of economic development of the domestic market continues to improve, in which the state with respect to the international level is still good. Debt repayment rate and retention rate low level state. So we sum up the possibility of short-term national debt crisis storm is relatively small.
Third, The probability of domestic capital crisis stage is also low, the Government has adopted the policy of our country is to encourage the development of capital markets. In recent years, national governments are gradually standardize the supervision of the capital market, so the good development of the situation so that investors have more confidence, leaving them optimistic about the development of capital markets and securities investment market.
Fourth, The stage of China faces more potential banking crisis. It's also currently the largest domestic financial security threats. We need to address the country's most pressing problem is the financial security as a focus of attention, as well as to further strengthen its preventive measures and to make supervision of. The most important reason leading to the development of the banking sector is facing a crisis of non-performing loans ratio insecurity, gradual decline in bank profitability and inadequate capital. At the moment, though our national government macro-control ability is superior to capitalist countries, the ability pressed against the financial turmoil and the crisis stronger than also, but for post-processing solutions and problem solving skills level of the financial crisis is still at a low level of state, which would further threaten the country's finances, and far-reaching. There are also accelerating in recent years, partly because of the commercial bank market rate caused. 3. the financial instability verification analysis of macroeconomic asymmetric impact on
(1) Financial instability potentially unobservable common factor
Finally got the relationship between the three financial variables is to establish synchronization and data analysis through the model mentioned earlier. After a series of data obtained after analysis of the results: three-year relationship between the variables of up to 89.7%, with higher synchronization and consistency. And this also proved affect the reference variable is due to the instability of the financial result, where the price of credit products for floating the greatest impact, and the duration of the financial system district system in a stable state than the long period of instability, it also shows the instability of many factors, but the intensity of the adjustment is not very high, into a stable state after the system area can be maintained for a long period of time.
(2) Financial instability is the fundamental cause of the financial risk.
Prior period financial risk or financial crisis, the financial system is still mired in "money managers dominated capitalism" model of development, which will allow financial institutions in credit conditions, low-risk, further use of the price of credit products that balance fluctuations to get supreme interests. The end result of this instability of the financial system gradually improved, instability factors are also gradually increasing. Such a situation is not conducive to the development of the financial industry, and not only after reaching a certain degree of social market economy will suffer a serious blow, it will further lead to the loss of financial benefits and many other multi-level, thereby triggering the financial crisis.
(3) Asymmetric Effect financial instability on the macroeconomic
Instability of the financial system is the direct cause of economic fluctuations and a substantial lift, leading to economic stress in the financial industry continued to grow. For further verification, we are three kinds of real estate prices and credit products and equities into the model, its overall comprehensive analysis. When socio-economic growth can occur in two high growth and moderate growth trend. At the same time these two trends is symmetrical. In reference variable degree of influence on the analysis, moderate growth is influenced by the degree of growth than the low height. And the data showed that the instability of the financial system of our country to a certain extent, can play a role in promoting socio-economic growth, it is not for the financial industry is completely negative. But when such a degree of economic growth in depressed state, promoting the role is not prominent, and social and economic development benefits and no positive role in promoting. In summary therefore, the instability of the financial system for macroeconomic growth will exhibit asymmetry influence. 4. The Financial Impact Of Macroeconomic Instability
(1) Financial instability led to the financial risks
Learn from the example of the financial crisis in some capitalist countries has undergone, the financial crisis which broke out in the early stage of the financial system has been in a highly unstable state. Further in-depth analysis of the data, the choice of financial institutions at this stage to put more focus on the pursuit of corporate interests, and for the prevention and supervision of financial risk but did not pay attention, resulting in increased financial supervision and risk factors growing. Increasing these factors led to the financial instability, once the system is not affordable range reached, the system can not accommodate these uncertainties, followed by the outbreak of the financial crisis. Under the current conditions of economic globalization, a large body of economic crisis tends to bring a global impact. Comprehensive China's actual situation, the interbank market is the largest financial risks at this stage. China's capital market and money market including External debt basically in a relatively stable state, economists do not predict a crisis in the short term. But economists believe that at this stage the bank market is the largest financial risk, because it has been in a state of instability. The first is the development of SMEs make loans rate increased loan rate increased the lead to further increase in NPLs. Bank funds already in short supply, if it is this phenomenon, the consequences will be disastrous. In addition to funding the majority of domestic banks are relatively scarce, it is important for banks, if it is short-term shortages, appear in the financial industry, this phenomenon is normal. Once the banks are experiencing a shortage of long-term funds, the bank would certainly be running a variety of constraints and limitations, there would be no development. Besides domestic commercial banks have been restricted by the national government, more limited, although the upgrade banking reform has been deepening its economic benefits but compared with developed countries, our country is still bank at a low level. Furthermore, the current state of the Government's main control measures for the banking crisis of the state financial allocations, so that corrective measures can only alleviate the current situation, does not solve the root of the problem, and the cost of such measures is very high, once the country can not afford this enormous financial funds, and banks Instability has also accumulated to a certain extent, our country is very vulnerable to a financial crisis.
(2) The impact of financial instability on the macroeconomic is asymmetrical
In general, the intensity of the role of financial instability have asymmetric macroeconomic impact, and presents two prominent characteristics, and in two of the characteristics exhibited by financial instability is not the same.
In recent years, the domestic economic growth and other related financial market data analysis, financial stability has periodic changes in 2008, when the subprime crisis, China's financial instability has reached the highest level in history.
After the subprime mortgage crisis, the volatility is very large, and now basically maintained in a stable state. But our economy is not in a situation of steady growth, but the performance has two high growth and moderate growth, and financial instability in the influence of these two manifestations are not consistent ,, in the case of high economic growth financial instability effect on the economy to be more obvious. Through data analysis and comparison when found to be highly economic growth, good body when economic trends, financial instability and economic growth are positively correlated, that is,
To a certain extent this instability will promote economic development, but economic development as gentle, socio-economic doldrums, the financial instability and will not have a positive role in promoting economic development, and therefore to say that financial instability macroeconomic has an asymmetric impact.
5. Responding To The Financial Instability
(1) Reduce the rate of inflation
Keeping inflation low state to make long-term financial stability in the state, and also very beneficial for socio-economic growth, far-reaching. Monetary policy promulgated by the state related to the implementation of socio-economic lets and response.
Appropriate for the amount of money in circulation to reduce the inflation rate to be stable if, then price stability can be guaranteed. This level of quality of life to improve residents also have great significance and value. Present RMB in the international financial markets is in appreciation of the state, if long-term to maintain this state, largely negative impact on economic growth. So governments need stability of the RMB exchange rate against foreign currencies. National government agencies in order to reduce the rate of inflation, prices will stabilize within a reasonable range, so as to formulate the corresponding inflation rate, further target control. While the implementation of appropriate monetary policy and interest rate policy to achieve this goal. (2) Strengthen the regulation of financial markets
Volatility in financial markets is also an important factor in financial stability. In the financial markets regulate their own strong supervision, control over the financial stability objective can be achieved. Domestic financial industry started behind the United States and Europe, reflected in the way of financial regulation and financial architecture. So the domestic urgent need for the current financial regulatory model to make appropriate adjustments. The first step is before the separate regulatory model to adjust and change. It can allow the development of financial markets to promote mixed supervision by the way. And national governments also need to learn advanced Western regulatory experience to improve our regulatory approach. Stage of China has not yet set a specific financial regulatory agencies, which also is not conducive to the overall risk of financial market regulation, so our set regulatory authorities but also to ensure the level of quality and regulatory personnel.
(3) Improve the financial markets
Perfection of the financial markets is also an important measure to maintain financial instability. The first step is to effectively regulate a reasonable daily behavior of financial market participants through appropriate legal regulations. And the relevant regulatory authorities but also to carry out supervision and enforcement intensify. If the harm occurs the affected units and individuals to the normal operation of financial markets be severely punished. In addition the country's financial business also focuses on building personal and business credit system, its purpose is to facilitate financial institutions to individuals and companies of credit test. The establishment of such inspection measures will be conducive not only to minimize the rate of non-performing loans, thereby improving the bank's management level and economic benefits. There are also in favor of transparency in financial markets, so that the interests of both transactions is guaranteed. Finally, the establishment of appropriate risk assessment and prediction, prevention mechanisms, if the financial turmoil may be the first financial companies to resolve them, thus reducing the economic losses. Also, note that financial restructuring, focused on the financial balance of urban and rural areas and innovative financial products.
(4) Improve the efficiency of empirical research
Reduce the efficiency of empirical research will be extended to the balanced development of the financial sustainable economic growth Case Study of. On the contrary, empirical research to enhance the efficiency of research can be shortened in fact permit. First, to enhance the efficiency of research can enhance the overall quality and professional skills empirical research staff, and by raising a person empirical research and analysis of the efficiency in the processing unit time, can have a significant effect. Second, according to big data and cloud storage technology, the use of high-efficiency computer capabilities to achieve the data analysis and empirical research work, which makes the brain have been liberated. Since the purpose of empirical research and implementation tasks is not the same. It must first clear the purpose of empirical research, based on sustainable economic growth can be characterized, and then go into research institutions and inadequate financial services now exist, on the other hand, can draw up proposals for empirical research is planned to avoid the course of the study detours, leading to the results obtained blurred. 6. Conclusion
Domestic economic development is in turn crucial stage of transformation and upgrading. This period are extremely vulnerable to external influences. Macroeconomic affected non-symmetrical, and the appropriate factor of instability will promote social and economic development. Too many unstable factors it will hinder social and economic development, but also induced a serious financial risk. Therefore, the government needs to implement appropriate monetary and administrative policies in order to maintain macroeconomic stability, development, and ultimately to promote economic development. Words and short, empirical research exists to match poor, weak substantive analysis, progress is slow, long cycle and other issues, they can conduct research activities through the balanced development of the financial and economic sustainable growth effect relationship between the status quo and two. According to the existing problems and make the appropriate preventive measures and solutions means to improve the efficiency of research certification, to promote sustainable economic development.
Key words:Financial instability;Macroeconomic;Asymmetric
Introduction
With the rapid development of the domestic market economy, the financial system is continually improved and sound. But the economic crisis at this stage of the financial system also have occurred, where financial instability is the fuse. Whether large-scale or small-scale financial and economic crisis, turmoil in the financial system are the main core, which proves the importance of the overall nature of the financial system. Wherein the stability of the financial system is also a major factor of macroeconomic regulation and control, and they contact each other mutual integration. Scholars specialized in the economic field established the International Financial Stability Oversight Board, mainly for making an effective macroeconomic regulation and control, and regularly issue financial stability report to the social and economic fields. Wherein the macroeconomic impact of financial instability is still asymmetrical social market economy is an urgent need to solve a major problem, and this asymmetric impact of the rapid development of the social market economy is also growing, in types of financial risk gradually increased difficulty of monitoring financial risks are increasing, if not able to reasonably control the instability of the financial impact on the good macroeconomic asymmetry, social and economic development of the market will also be severely affected.
1. Financial instability Perspective and model
(1) Perspective Analysis Of Financial Instability
Instability of the financial system led to large-scale financial crisis, as a basis the root causes of the problem is based on the view angle to study the establishment of a model of the article, but this is simply an experimental model selected variables. Economic growth has a step at this stage of the formation of an unstable state of the economy professional scholars are not aware of the increasing financial risk index, changing the industrial structure of the financial system led to a further escalation of the financial risk index. (2) Financial Instability Model Approach
Many of the financial system variables have two common characteristics, namely consistency and synchronization. In this one containing a common potential variables affecting the financial system in these variables. Meanwhile economists would call this common potential instability variable state of the financial system, thereby performing data analysis can be taken when dealing with dynamic factor model, and then finish creating space model regime switching state is based on "financial instability hypothesis "knowledge-based theory of the last available financial variables affect the common potential instability.
2. financial instability Overview
(1) The instability of financial reasons
Factors affecting the market at the present stage of socio-economic stability of the financial system are too many, this article focuses on the following three points:
First,changes in the financial markets
Present social market economy that is the main branch of the financial markets, it has the universal nature of the market. Funds rate between supply and demand in the economic structure affected, profit and cost stock market and so there is a common phenomenon, namely the phenomenon of volatility. Financial instability is also due to the ever-changing financial markets, caused by large fluctuations.
Second,The risk prevention mechanisms are inadequate
In recent years, although the pace of industrial development finance is relatively fast, but due to the late start for risk prediction and assessment of the financial industry generated, monitoring and prevention, measures and capacity issues and other aspects of post-processing are not perfect and sound . If the financial turmoil appears, the structure of the financial industry chain will be seriously challenged, capital and other aspects of the loss is very large. Therefore, an important reason for making the financial system there is always a state of instability is due to the financial risk forecasting system and regulatory aspects of the lack of prevention capabilities.
Third,changes in the country's macroeconomic policies
There is also a very important reason for the instability of the financial system, that change in the national government's macroeconomic policies, such as in the development of SMEs has been supported by the national policies of the Government, it issued a major firm interest rate shall be lowered at the same time financial institutions also allow easy recovery of funds industry. But if the social market economy at a higher rate of inflation in state, national policies will be promulgated by appropriate policy solutions, for example, the government will make a major firm in a corresponding increase in interest rates, so that the money in circulation is reduced. In the meantime the securities markets and investment banks and other financial companies are subject to different degrees of impact, which is one of the causes of the financial market instability created. (2) Performance of financial instability
As mentioned earlier, the fuse of the financial crisis that is financial instability, and financial instability is also reflected in the wide variety of levels of respect. Wherein the instability of the most direct expression is the most important financial potential economic crisis.
First,Present occurrence probability of domestic financial crisis the IMF is not high, it is because we take the national socialist economic system, the high capacity of the national government's macro-control, so that when the international financial crisis and economic turmoil, our country against pressure capacity is also stronger than the capitalist countries. Although to some extent, so that economic development has been hampered, as the appreciation of the yuan. But from the side view, it also makes the investment behavior of the national currency of the financial sector can be reduced. And the chances of our national currency, the financial crisis is due to a lower level of foreign exchange reserves and increasing decline of the inflation rate and formation.
Second, Present the country temporarily does not make the debt crisis storm. In recent years the level of economic development of the domestic market continues to improve, in which the state with respect to the international level is still good. Debt repayment rate and retention rate low level state. So we sum up the possibility of short-term national debt crisis storm is relatively small.
Third, The probability of domestic capital crisis stage is also low, the Government has adopted the policy of our country is to encourage the development of capital markets. In recent years, national governments are gradually standardize the supervision of the capital market, so the good development of the situation so that investors have more confidence, leaving them optimistic about the development of capital markets and securities investment market.
Fourth, The stage of China faces more potential banking crisis. It's also currently the largest domestic financial security threats. We need to address the country's most pressing problem is the financial security as a focus of attention, as well as to further strengthen its preventive measures and to make supervision of. The most important reason leading to the development of the banking sector is facing a crisis of non-performing loans ratio insecurity, gradual decline in bank profitability and inadequate capital. At the moment, though our national government macro-control ability is superior to capitalist countries, the ability pressed against the financial turmoil and the crisis stronger than also, but for post-processing solutions and problem solving skills level of the financial crisis is still at a low level of state, which would further threaten the country's finances, and far-reaching. There are also accelerating in recent years, partly because of the commercial bank market rate caused. 3. the financial instability verification analysis of macroeconomic asymmetric impact on
(1) Financial instability potentially unobservable common factor
Finally got the relationship between the three financial variables is to establish synchronization and data analysis through the model mentioned earlier. After a series of data obtained after analysis of the results: three-year relationship between the variables of up to 89.7%, with higher synchronization and consistency. And this also proved affect the reference variable is due to the instability of the financial result, where the price of credit products for floating the greatest impact, and the duration of the financial system district system in a stable state than the long period of instability, it also shows the instability of many factors, but the intensity of the adjustment is not very high, into a stable state after the system area can be maintained for a long period of time.
(2) Financial instability is the fundamental cause of the financial risk.
Prior period financial risk or financial crisis, the financial system is still mired in "money managers dominated capitalism" model of development, which will allow financial institutions in credit conditions, low-risk, further use of the price of credit products that balance fluctuations to get supreme interests. The end result of this instability of the financial system gradually improved, instability factors are also gradually increasing. Such a situation is not conducive to the development of the financial industry, and not only after reaching a certain degree of social market economy will suffer a serious blow, it will further lead to the loss of financial benefits and many other multi-level, thereby triggering the financial crisis.
(3) Asymmetric Effect financial instability on the macroeconomic
Instability of the financial system is the direct cause of economic fluctuations and a substantial lift, leading to economic stress in the financial industry continued to grow. For further verification, we are three kinds of real estate prices and credit products and equities into the model, its overall comprehensive analysis. When socio-economic growth can occur in two high growth and moderate growth trend. At the same time these two trends is symmetrical. In reference variable degree of influence on the analysis, moderate growth is influenced by the degree of growth than the low height. And the data showed that the instability of the financial system of our country to a certain extent, can play a role in promoting socio-economic growth, it is not for the financial industry is completely negative. But when such a degree of economic growth in depressed state, promoting the role is not prominent, and social and economic development benefits and no positive role in promoting. In summary therefore, the instability of the financial system for macroeconomic growth will exhibit asymmetry influence. 4. The Financial Impact Of Macroeconomic Instability
(1) Financial instability led to the financial risks
Learn from the example of the financial crisis in some capitalist countries has undergone, the financial crisis which broke out in the early stage of the financial system has been in a highly unstable state. Further in-depth analysis of the data, the choice of financial institutions at this stage to put more focus on the pursuit of corporate interests, and for the prevention and supervision of financial risk but did not pay attention, resulting in increased financial supervision and risk factors growing. Increasing these factors led to the financial instability, once the system is not affordable range reached, the system can not accommodate these uncertainties, followed by the outbreak of the financial crisis. Under the current conditions of economic globalization, a large body of economic crisis tends to bring a global impact. Comprehensive China's actual situation, the interbank market is the largest financial risks at this stage. China's capital market and money market including External debt basically in a relatively stable state, economists do not predict a crisis in the short term. But economists believe that at this stage the bank market is the largest financial risk, because it has been in a state of instability. The first is the development of SMEs make loans rate increased loan rate increased the lead to further increase in NPLs. Bank funds already in short supply, if it is this phenomenon, the consequences will be disastrous. In addition to funding the majority of domestic banks are relatively scarce, it is important for banks, if it is short-term shortages, appear in the financial industry, this phenomenon is normal. Once the banks are experiencing a shortage of long-term funds, the bank would certainly be running a variety of constraints and limitations, there would be no development. Besides domestic commercial banks have been restricted by the national government, more limited, although the upgrade banking reform has been deepening its economic benefits but compared with developed countries, our country is still bank at a low level. Furthermore, the current state of the Government's main control measures for the banking crisis of the state financial allocations, so that corrective measures can only alleviate the current situation, does not solve the root of the problem, and the cost of such measures is very high, once the country can not afford this enormous financial funds, and banks Instability has also accumulated to a certain extent, our country is very vulnerable to a financial crisis.
(2) The impact of financial instability on the macroeconomic is asymmetrical
In general, the intensity of the role of financial instability have asymmetric macroeconomic impact, and presents two prominent characteristics, and in two of the characteristics exhibited by financial instability is not the same.
In recent years, the domestic economic growth and other related financial market data analysis, financial stability has periodic changes in 2008, when the subprime crisis, China's financial instability has reached the highest level in history.
After the subprime mortgage crisis, the volatility is very large, and now basically maintained in a stable state. But our economy is not in a situation of steady growth, but the performance has two high growth and moderate growth, and financial instability in the influence of these two manifestations are not consistent ,, in the case of high economic growth financial instability effect on the economy to be more obvious. Through data analysis and comparison when found to be highly economic growth, good body when economic trends, financial instability and economic growth are positively correlated, that is,
To a certain extent this instability will promote economic development, but economic development as gentle, socio-economic doldrums, the financial instability and will not have a positive role in promoting economic development, and therefore to say that financial instability macroeconomic has an asymmetric impact.
5. Responding To The Financial Instability
(1) Reduce the rate of inflation
Keeping inflation low state to make long-term financial stability in the state, and also very beneficial for socio-economic growth, far-reaching. Monetary policy promulgated by the state related to the implementation of socio-economic lets and response.
Appropriate for the amount of money in circulation to reduce the inflation rate to be stable if, then price stability can be guaranteed. This level of quality of life to improve residents also have great significance and value. Present RMB in the international financial markets is in appreciation of the state, if long-term to maintain this state, largely negative impact on economic growth. So governments need stability of the RMB exchange rate against foreign currencies. National government agencies in order to reduce the rate of inflation, prices will stabilize within a reasonable range, so as to formulate the corresponding inflation rate, further target control. While the implementation of appropriate monetary policy and interest rate policy to achieve this goal. (2) Strengthen the regulation of financial markets
Volatility in financial markets is also an important factor in financial stability. In the financial markets regulate their own strong supervision, control over the financial stability objective can be achieved. Domestic financial industry started behind the United States and Europe, reflected in the way of financial regulation and financial architecture. So the domestic urgent need for the current financial regulatory model to make appropriate adjustments. The first step is before the separate regulatory model to adjust and change. It can allow the development of financial markets to promote mixed supervision by the way. And national governments also need to learn advanced Western regulatory experience to improve our regulatory approach. Stage of China has not yet set a specific financial regulatory agencies, which also is not conducive to the overall risk of financial market regulation, so our set regulatory authorities but also to ensure the level of quality and regulatory personnel.
(3) Improve the financial markets
Perfection of the financial markets is also an important measure to maintain financial instability. The first step is to effectively regulate a reasonable daily behavior of financial market participants through appropriate legal regulations. And the relevant regulatory authorities but also to carry out supervision and enforcement intensify. If the harm occurs the affected units and individuals to the normal operation of financial markets be severely punished. In addition the country's financial business also focuses on building personal and business credit system, its purpose is to facilitate financial institutions to individuals and companies of credit test. The establishment of such inspection measures will be conducive not only to minimize the rate of non-performing loans, thereby improving the bank's management level and economic benefits. There are also in favor of transparency in financial markets, so that the interests of both transactions is guaranteed. Finally, the establishment of appropriate risk assessment and prediction, prevention mechanisms, if the financial turmoil may be the first financial companies to resolve them, thus reducing the economic losses. Also, note that financial restructuring, focused on the financial balance of urban and rural areas and innovative financial products.
(4) Improve the efficiency of empirical research
Reduce the efficiency of empirical research will be extended to the balanced development of the financial sustainable economic growth Case Study of. On the contrary, empirical research to enhance the efficiency of research can be shortened in fact permit. First, to enhance the efficiency of research can enhance the overall quality and professional skills empirical research staff, and by raising a person empirical research and analysis of the efficiency in the processing unit time, can have a significant effect. Second, according to big data and cloud storage technology, the use of high-efficiency computer capabilities to achieve the data analysis and empirical research work, which makes the brain have been liberated. Since the purpose of empirical research and implementation tasks is not the same. It must first clear the purpose of empirical research, based on sustainable economic growth can be characterized, and then go into research institutions and inadequate financial services now exist, on the other hand, can draw up proposals for empirical research is planned to avoid the course of the study detours, leading to the results obtained blurred. 6. Conclusion
Domestic economic development is in turn crucial stage of transformation and upgrading. This period are extremely vulnerable to external influences. Macroeconomic affected non-symmetrical, and the appropriate factor of instability will promote social and economic development. Too many unstable factors it will hinder social and economic development, but also induced a serious financial risk. Therefore, the government needs to implement appropriate monetary and administrative policies in order to maintain macroeconomic stability, development, and ultimately to promote economic development. Words and short, empirical research exists to match poor, weak substantive analysis, progress is slow, long cycle and other issues, they can conduct research activities through the balanced development of the financial and economic sustainable growth effect relationship between the status quo and two. According to the existing problems and make the appropriate preventive measures and solutions means to improve the efficiency of research certification, to promote sustainable economic development.