论国际金融市场的利率传导机制

Interest Rate Conducting System in International Financial Market

当国际金融市场的利率与一国利率存在差距时,国际资本便会流入或流出,随之又会影响其他国家的资本供给和利率。由于利差的经常存在,国际游资数额巨大,利率差的传导渠道不容低估。从利率的流动性效应着手,运用开放经济条件下利率传导的基本原理及利率、汇率和通胀率之间的关联性,分析国际金融市场利率传导机制的表现,得出来自利率汇率平价机制的市场性传导在金融全球化过程中有力地影响着各国的利率水平,并且通过实际利率的变化影响经济运行步伐。

When interest rate difference exists between international financial market and a certain country,international capital will flow in or out of the country.This subsequently affects other nations' capital supply and interest rate.Due to the usually existing interest rate differentiates and the large amount of hot money,it is not wise to underestimate the interest rate conducting channel.This paper begins with the liquidity effect of interest rate by using foundamental principles of interest rate conduction in open economic condition and the relevancy among interest rate,exchange rate and currency inflation.Then it analyzes the behavior of international financial interest rate conducting system.In the end,it makes a conclusion that in the course of financial internationalization,market conduction which arises from interest rate and exchange rate parity has a great influnence on each country's interest rate,and by the way of real interest rate change it can affect economy developments as well.