美国二元利率定价机制分析及对我国的启示
发布时间：2019-04-13 08:03
【摘要】：美国银行业利率的形成,采用的是由央行宏观利率和银行微观利率共同作用的两元定价机制和框架。宏观利率定价是美国利率定价机制的关键也是基础,美联储是造市商和标杆制定者;银行则是美联储利率目标的追随者,它们作为盈利主体,自行决定微观利率,以达到息差最大化、风险最小化的目标。两种定价机制各司其职,相辅相成,缺一不可。两种利率同时达到均衡是利率定价合理的标准。中国的利率定价机制可以围绕着建立"两元——宏观/微观均衡利率框架结构"的核心思路展开。
[Abstract]:The formation of American banking interest rate adopts the dual pricing mechanism and framework, which is combined by the central bank macro-interest rate and the bank micro-interest rate. Macro-interest rate pricing is the key and foundation of the interest rate pricing mechanism in the United States, and the Federal Reserve is the market maker and benchmarking maker. Banks are followers of the Fed's interest rate targets, which, as profit-makers, set their own micro-interest rates to achieve the goal of maximizing spreads and minimizing risks. The two pricing mechanisms each perform their duties, complement each other, and are indispensable to each other. At the same time two kinds of interest rates to achieve equilibrium is a reasonable standard of interest rate pricing. China's interest rate pricing mechanism can be developed around the core idea of establishing a two-yuan-macro / micro equilibrium interest rate framework.
【作者单位】： 中国银行纽约分行;中国国际金融学会;中国银行战略发展部;
【分类号】：F827.12;F822
[Abstract]:The formation of American banking interest rate adopts the dual pricing mechanism and framework, which is combined by the central bank macro-interest rate and the bank micro-interest rate. Macro-interest rate pricing is the key and foundation of the interest rate pricing mechanism in the United States, and the Federal Reserve is the market maker and benchmarking maker. Banks are followers of the Fed's interest rate targets, which, as profit-makers, set their own micro-interest rates to achieve the goal of maximizing spreads and minimizing risks. The two pricing mechanisms each perform their duties, complement each other, and are indispensable to each other. At the same time two kinds of interest rates to achieve equilibrium is a reasonable standard of interest rate pricing. China's interest rate pricing mechanism can be developed around the core idea of establishing a two-yuan-macro / micro equilibrium interest rate framework.
【作者单位】： 中国银行纽约分行;中国国际金融学会;中国银行战略发展部;
【分类号】：F827.12;F822
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