关于美国场外衍生品市场的实证分析

利用美国1998年至2011年的季度数据,通过建立多元回归模型来分析基础资产、场内衍生品、经济增长、货币政策、政府监管等因素对场外衍生品市场的影响,提出我国发展场外衍生品市场必须服务于实体经济,要推进衍生品市场参与者的内控建设,优先发展场内衍生品市场,并加强对场外衍生品市场的监管等政策建议。

Positive Study on Market in the OTC Derivatives United States

Based on quarterly dates from 1998 to 2011 in the United States and the multi - regression model, this paper analyzes the impact of underlying assets, exchange - traded derivatives, economic growth, monetary policy and government regulation on the OTC derivatives market. Finally, it gives suggestions that the development of OTC derivatives markets in China must serve the entity economy, and we must promote the internal control construction of derivatives market participants, give priority to development of derivatives market, and strengthen the supervision of OTC derivatives market.