Abstract：In order to prevent and resolve financial risks,the government has taken a series of financial reform measures,which leads to high economic policy uncertainty.This article measures the impact of economic policy uncertainty on financial stability.First,we constructed the financial stability index,and then used the TVP-SV-VAR model to analyze the impact of economic policy uncertainty shocks on financial stability,based on the economic policy uncertainty index constructed by Baker et al.The empirical result of the model shows that the economic policy uncertainty has a negative impact on the financial stability,but the impact is different in the short term and the long term.The degree of impact gradually increases in the short term,while gradually decreases in the medium and long term.Therefore,the government needs to pay attention to the consequences of policy uncertainty and enhance the continuity of economic policies to ensure the stable development of China's finance.

Keyword：financial stability; economic policy uncertainty; TVP-SV-VAR model;