Time-Frequency Domain Characteristics and Transmission Order of China Systemic Financial Risk Spillover Under Mpes Impact

Based on the connectedness time-frequency domain decomposition method are adopted in this paper. With the help of network topology for visualization, the characteristics and transmission path of financial risks in the time-frequency domain under major emergencies are studied. The results show that after the occurrence of MPEs, the level of risk spillover in China's financial market usually decreases in the short term, medium term and long term. When the policy has a long time lag or the market reaction is not timely, the medium term risk spillover will be higher than the short term risk spillover