Abstract: Based on a macro prudential perspective, this article examines the ability of fiscal policy to prevent systemic financial risks by establishing a new Keynesian DSGE model that includes multiple fiscal policy tools and financial characteristics. Research has found that: (1) various fiscal policy tools have varying degrees of financial stability, and a more flexible long-term response mechanism can significantly improve regulatory effectiveness; (2) Fiscal policy and macro prudential policy have complementary effects in controlling asset prices, and attention should be paid to risk sources and coordination in policy design and use; (3) The land finance problem in China limits the operational space of fiscal policies in preventing systemic financial risks. Research suggests that fiscal policies based on a macro prudential perspective should enhance flexibility, regularity, and coordination, thereby promoting financial stability.

Keywords: fiscal policy; Macro prudence; Financial risk prevention; NK-DSGE model;