Yuxuan Liu

Trade Policy Uncertainty and Systemic Risk in Commercial Banks: Empirical Evidence from the China–U.S. Trade War

China–U.S. trade tensions and rising trade policy uncertainty (TPU) have become an important external source of financial instability. This paper examines how TPU affects systemic risk in the real sector using China’s A-share non-financial listed firms as the sample, with a focus on the transmission channels underlying...