中文摘要：

针对经济新常态下货币政策工具的选择和系统性金融风险防范问题，本文运用内生性网络模型和仿真模拟技术考察了不同货币政策工具实施下的系统性金融风险演变。研究发现，短期中当向市场释放或者收缩大致相同的流动性时，利率工具比法定存款准备金率工具更有利于金融体系稳定。系统性金融风险随法定存款准备金率和央行目标利率的调整表现出不同的演化趋势，异质性银行的系统性风险贡献对不同货币政策工具的反应存在差异。金融稳定视角下的货币政策实施可通过对银行的差别监管政策或宏观审慎工具的搭配使用来降低其对系统性金融风险的不利影响。

英文摘要：

As far as questions of the choice of monetary policy instruments and the precaution of financial systemic risk under the new normal economy are concerned, this paper investigates the evolution regularity of systemic financial risk under different monetary policy instruments via endogenous network model and simulating technique. Our results show that interest rate instrument is more beneficial for financial stability than the statutory deposit re- serve ratio when the same amount of liquidity is released or tightened in short term. Systemic financial risk exhibits different evolution trends with the adjustments of statutory reserve ra- tio and central bank＇s target rate, and heterogeneous banks＇ systemic risk contributions react differently to them. From the perspective of financial stability, some negative effect on systemic risk posed by monetary policy can be reduced though differential regulation for banks or macro-prudential tools.