liu bai a, zhang Ailian B and Pan mengmeng C

A, B and C SCHOOL of Business and Management, Jilin University

　　bet365 live casino games The Development of Financial Technology has Made Financial Sub-Markets InCreasingly Interconnect, And this internedependence Magnifies the Instability of Financial Markets and the Posses of Risk. Cial Sub-Markets from Time Domain, But Empirical Evidence that Effectively Identify the Pattern of Comovement of Multiple Financial Sub-Markets from Frequency is Lacking. Tudy Assesses The Dynamic Relationship among Interest Rates, Stock PriceS and Exchange Rates in China from January 2006 To December 2021 USING The Wavelet Model. FURTHERMORE, We IntRoduce The TVP-VAR-SV Model to Study WHether The Dynamic Relationship has Changed Structurally Under The ImpaaCT of Covid-19. We Find TH E following: 1) With the deepening of the Financial Market and the IMPROVEMENT of the Information Level, The Frequency of Risk Transmission among Financial Sub-Markets Decreases, And the Linkage Relationship Changes from Frequent Linkage in the Medium Term to related Ship Between The Three Variables in Short-Term Fluctuations is more complex, While The Relationship Between Financial Variables in Long-Term Fluctuations is More Stable; 3) After the Outbreak of Covid-19, The Positive IMPACT of Interest Rates and Stock PriceS Has Bout ABOUT A LARGER RANGES in Exchange Rate Volatility, with a longer impact period and a stronger linkage.

　　Keywords: Financial Sub-Market, Financial Risk, Financial Stability, Time-Frequency Domain