The contribution of (shadow) banks and real estate to systemic risk in China
利用2006-2019年中国数据，评估传统银行、影子银行和房地产金融服务中会计与金融变量对系统性风险的影响，发现大型金融机构（尤其是影子银行）规模增加风险，而房地产金融服务对期限错配和杠杆更敏感。
We empirically evaluate how accounting and financial variables affect the level of systemic risk in traditional and shadow banks, and in real estate finance services in China over the period 2006–2019. We also conduct some stability analysis by evaluating the impact of crisis sub-periods. We find that systemic risk increases in the Size of large financial institutions, particularly shadow entities, while it is insensitive to the Size of real estate finance services. Real estate finance services are instead particularly sensitive to Maturity Mismatch and Leverage. Finally, systemic risk differs across state and non state owned banks.