摘要
文章回顾了国际金融危机对金融市场的四次冲击,指出作为衡量银行间市场流动性压力和交易对手风险的指标——Libor-OIS,对于市场冲击具有较为敏感的反应。为进一步完善利率形成和传导机制,促进货币政策效力,应明晰市场利率的风险构成及其变化,关注利率传导机制的有效性,重视交易对手风险的识别,由中央银行开发处置交易对手风险的工具,并改善Libor等报价利率的定价机制。
This article reviews four crashes caused by the international financial crisis in the financial market, and points out that, as an indicator for liquidity pressure and counterparty risks in the interbank market, Libor-OIS is sensitive to market changes. In order to complete the formation and transmission mechanism of interest rates and promote the effects of monetary policy, it is necessary to clarify the risk components and changes in market interest rates, pay attention to the effectiveness of the interest rate transmission mechanism and identify counterparty risks. The central bank should develop tools against counterparty risks, and improve the pricing system for Libor and other interest rates.
出处
《中国货币市场》
2009年第10期21-25,共5页
China Money
