地缘政治风险与经济在险增长
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广州大学

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Geopolitical Risks and Growth-at-Risk
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Guangzhou University

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    摘要:

    不断加剧的地缘政治风险是世界百年变局的重要标志之一,研究地缘政治风险对经济增长的影响及其机理,对理解政治经济联系和健全国家风险管理机制有重要意义。在拓展的分位数模型框架下,本文分析了地缘政治风险对我国经济增长概率分布及期限结构的影响,研究结果表明:第一,地缘政治风险将显著影响中国经济增长的概率分布,使其呈现左偏特征,加大经济下行的发生概率,均值建模会低估地缘政治风险的负面影响,分位数建模能够准确衡量地缘政治风险的尾部效应,且地缘政治风险在均值意义上产生的负面影响主要是通过增加经济增长的下行风险来实现的;第二,经济在险增长具有“事件驱动”特征,重大地缘政治冲突事件使得经济在险增长的区位大幅度下移,加剧经济增长下行脆弱性,且这种负面影响不会随着事件过去立刻消失,而是具有滞后和持续性特征;第三,地缘政治风险影响经济增长的机制是多重的,包括弱化市场信心、强化政策不确定性、引起股价下跌与信贷收缩、负面影响进出口贸易等,这为理解地缘政治风险的经济后果并制定应对措施提供了依据。因此,稳增长和防风险必须将地缘政治风险问题纳入重点盯防对象,要构建起抵御地缘政治风险的系统安全,阻隔政治风险向经济风险的传导。

    Abstract:

    Escalating geopolitical risks are one of the defining characteristics of the profound global changes underway. Investigating the impact of geopolitical risks on economic growth and their underlying mechanisms is crucial for understanding the political-economic nexus and improving national risk management strategies. Within the framework of an extended quantile model, this paper analyzes the effects of geopolitical risks on the probability distribution and term structure of China"s economic growth. The results reveal three key findings: First, geopolitical risks significantly alter the probability distribution of China"s economic growth, skewing it to the left and increasing the likelihood of economic downturns. Traditional mean-based models underestimate the negative impact of geopolitical risks, while quantile-based models more accurately capture the tail risks, particularly showing that the negative effects are primarily realized through an increased probability of left-tail outcomes. Second, growth-at-risk is event-driven, with major geopolitical conflict events leading to a substantial downward shift in the growth-at-risk position, heightening economic uncertainty and vulnerability to downturns. These negative impacts are not short-lived but exhibit both lagging and persistent effects. Third, the mechanisms through which geopolitical risks affect economic growth are multifaceted, including weakening market confidence, increasing policy uncertainty, causing stock market declines, credit contractions, and negatively affecting trade. These findings provide a basis for understanding the economic consequences of geopolitical risks and formulating appropriate countermeasures. Consequently, stabilizing growth and mitigating risks must prioritize geopolitical risks as a key concern.

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  • 收稿日期:2024-12-25
  • 最后修改日期:2025-06-06
  • 录用日期:2025-10-24
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