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The research on the international propagation mechanism of financial volatility based on the global large-scale system

The paper firstly points out that along with the rapid progress of global economic-financial integration, the country economic systems have been evolving into a world economic large-scale system with strong coupling among the subsystems from the initial isolated disperse systems. Therefore the international propagation of financial volatility should be researched from the point of view of the global large-scale system. The economic-financial link model of three countries is established. The economic system, which the model describes, is a double time-scale system. With an eye to the feedback structure in the system, the effects of several link channels among which the financial one is the leading one in the origin, propagation, eruption and stabilization of the financial crises are analyzed. Finally the analysis of the model shows that the fragility of the financial system in the age of the global integration is rooted in the fundamental changes happening to the link structure among the subsystems of the world economic large-scale system, and the financial link mechanism has been critical to the structural changes.