Abstract：There are differences in the impact of systemic risk on macroeconomic stability under institutional heterogeneity. The spatial and temporal points of economic policy implementation vary from state to state. Based on the stock market to construct financial institution risk and non-financial institution risk measurement indicators, the quantile autoregressive method is used to study the impact of systemic risk indicators on macroeconomic development in different stages of economic growth. The empirical results show that when the economy runs at a high or low level, both financial institution risk and non-financial institution risk have different predictive effects and influences on macroeconomic development. Non-financial institution risks have greater impact on the macro economy than information contained in financial institution risks. Therefore, in the risk prevention process, the risks caused by non-financial institutions should not be ignored. In the risk prediction process, financial institutions and non-financial institutions need to be differentiated, and at the same time we should identify the risks originating from the financial sector and the real economy, and take into account the stage of economic development, so as to avoid the superposition effect of the two directions in the same direction, thus exceeding the expectations range of policy measures.

Keyword：Systemic Risk; Financial Institutions; Non-financial Institutions; Macroeconomics; Quantile Regression;