Shibor与货币市场利率体系的关系初探

Shibor的推出对于完善货币市场利率体系具有很重要的作用。文章探讨了自Shibor推出以来，其与货币市场其他利率之间的关系；重点采用相关性分析、协整检验、因果检验等数量分析方法，确定了决定Shibor利率水平变动的货币市场因素，通过建立模型初步研究了这些因素对Shibor利率曲线结构的影响，并提出相应建议。

On relationship between Shibor and money market interest-rate system

The introduction of Shibor is of great significance for improving the interest-rate system in China＇s money market. This paper discusses the relationship between Shibor and other interest rates in the money market. By using statistical approaches, such as correlation analysis, co-integration test and causal test, the author finds out the money market factors that determine Shibor changes, and establishes models to measure the influence of these factors on the Shibor curve structure. Finally, the paper offers relevant recommendations.