Abstract This study analyzes the impact of the dynamic rational expectations model and covid-19 on financial system stability in China, America, Russia, Italy, Spain, and Indonesia. This study uses the VAR analysis method with testing using Eviews 10. The results of the VAR analysis show that there is a change in the effect of each standard deviation of each variable from being favorable to negative and vice versa, from being harmful to being positive in the medium term and the long time. These results explain different responses from the money supply variable and the inflation variable, both positive and negative reactions. This condition shows that all the variables studied are correlated with each other in the medium and long term.