Table 3.

Sectoral analysis of systemic risk.

Rank	Sector	SR (%)	Direct risk (%)	Indirect risk (%)	Indirect/Direct (%)
Panel A. Scenario 1
1	Insurance	4.48	3.95	0.53	13.51
2	Joint-stock bank	4.36	3.84	0.52	13.68
3	Regional bank	4.21	3.72	0.50	13.33
4	Capitals	4.03	3.53	0.50	14.11
5	State-owned bank	3.14	2.76	0.38	13.65
6	Diversified	2.59	2.26	0.32	14.17
	Average	3.80	3.34	0.46	13.74
Panel B. Scenario 2
1	Insurance	5.57	3.95	1.62	40.98
2	Joint-stock bank	5.43	3.84	1.59	41.47
3	Regional bank	5.22	3.72	1.50	40.45
4	Capitals	5.04	3.53	1.51	42.82
5	State-owned bank	3.91	2.76	1.15	41.45
6	Diversified	3.24	2.26	0.97	43.06
	Average	4.74	3.34	1.39	41.71
Panel C. Scenario 3
1	Insurance	10.15	3.95	6.21	157.16
2	Joint-stock bank	9.94	3.84	6.10	158.83
3	Regional bank	9.50	3.72	5.78	155.35
4	Capitals	9.34	3.53	5.81	164.46
5	State-owned bank	7.18	2.76	4.41	159.69
6	Diversified	6.03	2.26	3.77	166.40
	Average	8.69	3.34	5.34	160.32

Note: This table reports the systemic risk and its breakdown of direct and indirect risk by sectors in three scenarios. The average direct risk under the three scenarios is the same at 3.34%. The indirect risk for scenario 1 (in Panel A) is 0.46%, amplified by 13.74%, for scenario 2 (in Panel B) is 1.39%, amplified by 41.71%, for scenario 3 (in Panel C) is 5.34%, amplified by 160.32%. In terms of $SR$ by sectors, the ranking order remains consistent in three scenarios, whereas the Insurance ranks No. 1, followed by the joint-stock bank, the regional bank, Capitals, state-owned bank and Diversified.