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我国利率市场化进程中的利率结构问题 总被引:1,自引:0,他引:1
本文阐述了在利率市场化过程中建立合理利率结构的重要性。文章在分析我国利率结构中现存的问题及其市场环境的基础上,提出发展货币市场和资本市场、完善利率结构以促进利率市场化、提高货币政策有效性的政策建议。 相似文献
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随着金融体制改革的不断深化,我国利率市场化的条件也日益成熟。该分析了利率市场的条件和环境,介绍了市场化后的利率结构,提出了相应的政策建议。 相似文献
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贾玉革 《中央财经大学学报》2002,(1):65-69
目前 ,我国金融市场整体框架基本形成 ,金融工具发行总量、交易总量也已初具规模 ,此时研究利率结构问题更显其重要性。本文从利率的风险结构、期限结构和决定结构三个方面探讨了我国利率结构的现状及存在问题 相似文献
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傅雪峰 《金融经济(湖南)》2014,(7):57-58
在当前我国经济金融进入改革深水期的宏观环境下,利率市场化正酝酿着迈出至关重要的一步——存款利率市场化.鉴于解除存款利率上限对我国金融市场的诸多利弊,因此不能急于求成,需要秉持理性的态度,切实结合我国金融市场的发展实情,在未来一段时间内渐进深入,稳妥推进,确保顺利赢得利率市场化这场攻坚战. 相似文献
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利率市场化与我国利率体制改革 总被引:3,自引:0,他引:3
“十五大”明确提出了深化经济体制改革和金融体制改革的战略目标,利率体制改革是我国经济体制改革和金融体制深化改革的重要环节,利率市场化改革则是利率体制改革的核心。 相似文献
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管制利率政策对我国 债券市场发展的制约 发达国家的经验表明,利率政策和债券市场是相互影响、相辅相成、相互促进的。没有发达的债券市场,就不会有市场化的利率政策和灵活的利率机制;没有市场化的利率政策,债券市场也就缺少了一 相似文献
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一、利率市场化的内涵 利率市场化是指将利率决定权交给市场,由市场的资金供求状况决定市场利率,市场主体可以在市场利率的基础上,根据不同金融交易的不同特点,自主制定利率. 相似文献
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美国自20世纪30年代大危机后开始在Q条例下实施存款利率管制,后自20世纪70年代开始放松存款利率管制。本文回顾了此过程中美国的具体做法,将放松Q条例过程区分为大额存款利率市场化、储蓄存款和小额定期存款利率市场化,及活期存款利率市场化三个阶段,分析其动因,阐明所采取的市场和监管方面的创新举措。 相似文献
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Kin Pang 《Review of Derivatives Research》1998,2(4):315-345
We show how the recently introduced Gaussian random field interest rate term structure models can be calibrated accurately and quickly to market caps and swaptions prices. We show how the calibrated random field model can be approximated arbitrarily closely with a multi-factor Gaussian Heath, Jarrow and Morton model. We argue that the Gaussian random field model is easier to calibrate and can be used as an indirect way to calibrate multi-factor Gaussian Heath, Jarrow and Morton interest rate models.This work was carried out when the author was at the Financial Options Research Centre, Warwick Business School, University of Warwick. I wish to thank Stewart Hodges for many helpful discussions and comments and Martin Cooper of Tokai Bank, Europe, for supplying the data used in this paper. I also wish to thank the Economic and Social Research Council and FORC for funding. An earlier version of this paper entitled Multi-Factor Gaussian HJM Approximation to Kennedy and Calibration to Caps and Swaptions Prices was presented at the 9th Annual Conference, FORC., Warwick Business School, September 1996. Another version also appears in the author's Ph.D. thesis. I am grateful to the helpful comments provided by Marti Subrahmanyam and the two anonymous referees. All errors are my own and the views expressed in no way reflect the opinion of my employer. 相似文献
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近年来我国理财产品市场发展迅速。在我国存款利率尚未完全市场化的条件下,银行理财产品成为我国利率市场化的重要推动力。本文分析了理财产品在推进存款利率市场化方面的优势和有效性,探讨了理财产品在发现和推动存款利率市场化方面的重要作用,并提出了相关建议。 相似文献
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本文以隔夜SHIBOR为基准,借鉴美国隔夜指数互换期货,首次提出了人民币隔夜利率指数以及指数隐含利率。通过研究指数与期限利率的信息传递关系,构建指数和指数隐含利率动态数据,分析了指数的信息价值。研究结果认为,人民币隔夜利率指数衍生品能有效对冲隔夜利率风险,促进金融市场信息效率,强化各期限利率关系。指数的信息价值包括:预测市场利率变化趋势,预测货币政策,定量刻画银行体系风险溢价水平。 相似文献
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近年来,我国的利率市场化改革不断稳步推进,并取得重要进展。当前,《中共中央关于全面深化改革若干重大问题的决定》就加快利率市场化改革提出了新的任务和要求,在此背景下,该文就我国进一步推进利率市场化改革的意义、难点、风险和路径进行深入研究。文章认为,加快推进利率市场化改革有利于发挥市场在资源配置中的决定性作用,促进当前中国经济结构调整和转型升级;需特别关注表外风险监管与风险控制的思想、机制和措施滞后于利率市场化等风险;在实施路径上,要在巩固前期改革措施和推进主动负债产品利率市场化的基础上,将改革重心进一步转移到培育完善利率调控框架和利率传导机制上来。 相似文献
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We characterize the effects of interest rate liberalization on OECD banking crises, controlling for the standard macro prudential variables that prevail in the current literature. We use the Fraser Institute’s Economic Freedom of the World database. We test for the direct impacts of interest rate liberalization on crisis probabilities and their indirect effects via capital adequacy. Over the period 1980–2012, we find that interest rate liberalization has a crises reducing effect, and it appears that the beneficial effects work by strengthening capital buffers. We also show that when controlling for liberalization, capital adequacy and liquidity, the main driver of financial crises is property price growth. Our results are invariant when we control for alternative sensitivity tests for robustness purposes. 相似文献
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This study investigates the interest rate transmission in China. We analyze the extent to which the benchmark and wholesale interest rates are transmitted to the retail interest rates and focus particularly on the change in the interest rate pass-through after the interest rate liberalization. Using data of 16 listed banks from 2007Q1 to 2017Q3, we find that the pass-through is not yet complete. Even though interest rates have been liberalized on the policy level, the sensitivity of the retail interest rates to the wholesale rates has not increased enough as expected and may be explained by the market power of Chinese commercial banks. 相似文献
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