银行持债行为影响国债市场的实证研究

An Empirical Study on the Influence to Public Debt from Banks Holding Bonds Behavior

本文从2003年银行间国债市场的回购利率和国债收益率的角度出发,同时结合货币政策对银行的资金调节作用,对银行持债行为与国债市场之间的关系进行了实证研究,从而揭示出银行持债行为对国债市场的重大影响作用,并得出有关债券市场的三个基本结论。

This article makes an empirical study on the relat ionship of banks holding bonds behavior and the Public Debt Market through the r epo rate and the yield in the Public Debt Market,at the same time,taking the adj ust which the Monetary Policy has made on the banks financing into account.From this research,we can reveal the great influence that banks holding bonds behavio r has been making on the Public Debt Market,and further more,we can get three ba sic conclusions.