Shibor波动的非对称性与“钱荒”

Non Symmetry Shibor Fluctuations with the "Money Shortage"

2013年,金融系统流动性紧张问题非常突出,6月20日银行间同业拆借利率1天利率上升到13%以上,7天利率上升到12%以上,Shibor一周利率创出11%以上新高,货币市场资金紧张局面愈演愈烈,出现所谓的"钱荒"。但是从货币供给角度来看,我国金融体系并不缺乏流动性,中国经济出现的奇怪现象引起金融管理者、学者的高度关注和研究热情。部分学者从商业银行的盲目逐利性导致期限错配、资本的整体外流等方面解释"钱荒"的原因。基本所有研究都将银行间同业拆借利率的飙升作为"钱荒"的代名词,而没有研究银行间同业拆借市场本身的波动特点与"钱荒"之间的关系。

In 2013, tight liquidity problems in the financial system is very prominent, June 20 th interbank interest rate 1 days interest rates rose to more than 13%, 7 days interest rates rose to more than 12% Shibor a week, more than 11% high hit rates, money market tensions intensifi ed, the so-called ＂shortage of money＂. But from the perspective of monetary supply, China＇s fi nancial system is not lack of liquidity, the economy appears strange phenomenon Chinese caused great concern and research enthusiasm of the whole society shock and fi nancial managers and scholars. Some scholars from the Commercial Bank of the blind pursuit of profit led to the maturity mismatch, the overall capital outfl ow to explain the reasons of ＂shortage of money＂. All the basic research will be the interbank interest rate soared as a synonym for ＂shortage of money＂, but no relationship between fl uctuation characteristics of the interbank market itself and ＂shortage of money＂