我国银行间市场利率的独立性和作用分析

发布时间：2018-01-28 02:59

本文关键词： 银行间市场利率管制利率利率独立性利率自由化　出处：《中南财经政法大学学报》2011年01期 　论文类型：期刊论文

【摘要】：在任何国家的经济运行中,银行间市场短期利率都发挥着重要作用:一是反映宏观经济状况和流动性状况;二是为金融资产定价提供了基础。我国目前管制利率与市场利率共存,银行间市场短期利率能否独立于管制利率发挥以上作用,值得深入研究。对此,本文从管制利率与银行间市场利率的相关性出发,探讨我国银行间短期市场利率是否能够有效反映资金流动性状况以及能否作为资产定价的基础。研究结论是:只有进一步推动利率市场化,银行间利率才可以完全发挥这些作用。
[Abstract]:The short-term interest rate in the interbank market plays an important role in the economic operation of any country: first, it reflects the macroeconomic situation and liquidity situation; The second is to provide the basis for the pricing of financial assets. At present, China's regulated interest rate and market interest rate coexist, and whether the short-term interest rate in the interbank market can play a role independently of the regulated interest rate is worth further study. This paper starts from the correlation between the regulated interest rate and the interbank market interest rate. To explore whether the short-term market interest rate between banks in China can effectively reflect the liquidity situation and whether it can be used as the basis for asset pricing. The conclusion of the study is: only to further promote the marketization of interest rates. Only interbank interest rates can fully play these roles.
【作者单位】：上海财经大学应用经济学博士后流动站;
【基金】：第47批国家博士后科学基金资助项目“国际黄金价格影响因素研究”(20100470667)
【分类号】：F832.0
【正文快照】： 一、我国利率结构现状———管制利率与市场利率共存(一)管制利率在过去的20多年,伴随经济市场化进程的加快,中国一直稳步地推进利率市场化。在批发利率不断市场化的同时,对零售存贷款利率的管制也日渐放松。从1998年开始,贷款利率上限逐步减弱。2004年10月,基本取消了金融机

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