Evaluation of Spatial Spillover Effect of Multidimensional Hybrid Financial Risk Contagion Based on the DAI Spatial Econometric Model

Abstract

The process of global integration has accelerated, and the international financial market has become increasingly closely linked. The financial risks that come with them are becoming more complex and difficult to guard against. Multimedia modeling in Health Cloud biometric authentication and data management systems can be applied to the analysis of financial markets. Most of the current financial risk analysis models are based on a single time, and the models are relatively simple and cannot adapt to the current complex multidimensional mixed financial risk environment. Therefore, this paper aimed to analyze the spatial spillover effect of financial risk contagion based on the directed asymmetric (DAI) spatial econometric model. This paper proposed to transfer entropy information weight information and introduce the GARCH (generalized auto-regressive conditional heteroskedasticity) model to improve the traditional econometric model. By constructing a DAI measurement model, the spatial contagion of multidimensional mixed financial risks was analyzed, and on this basis, a generalized multidimensional economic space was established to analyze spatial spillover effects and analyze the specific path of spatial spillover effects. The model results in this paper showed that the degree of correlation between the stock and bond market varied greatly between countries. Among them, the change coefficient W s ⟶ b r s D of the event period was judged to have a large degree of negative change in the United Kingdom, Germany, and France in the European Union, which were −0.9885, −0.9876, and −0.9748, respectively. This showed that the model in this paper had a good and reliable ability to cope with the current multidimensional mixed complex financial risk environment and could be used as a reference for financial risk-related research. At the same time, it also proved that multimedia modeling in health cloud biometric authentication and data management system could provide a role in financial risk contagion analysis.