摘要
票据市场作为我国最早开始推进利率市场化改革的金融市场之一,其价格的影响因素和形成机制随着利率市场化的进程而不断演进。本文围绕利率市场化改革的宏观背景,结合我国票据市场的特点,从货币政策、宏观经济、利率市场、信贷收支四个方面选取了八个变量,分析了我国票据市场价格的影响因素和形成机制。研究对商业银行和监管部门系统认识票据市场利率运行规律、变动趋势及其影响因素具有一定的参考意义。
As one of the earliest financial markets to promote interest rate reforms in China,the domestic bills market has seen an evolution of its key price formation mechanism.Based on the macro background of interest rate reform and the characteristics of China’s bills market,this paper selects eight variables from four areas to analyze the factors that influence the market and have a role in price formation.The research paper is meant to be used as a reference for commercial banks and regulatory authorities in understanding the operating rules and trends as well as the key factors that affect interest rates in the bills market.
出处
《金融市场研究》
2020年第8期56-67,共12页
Financial Market Research
基金
中国票据研究中心“利率市场化改革下票据市场价格的影响因素及形成机制”课题成果
