数字金融与银行间市场的传染关联性分析

Research on the Infection Relationship between Digital Finance and Interbank Market

数字金融打通了货币市场、银行金融体系、债券市场之间的联系,作为各种融资路径的信用链条,数字金融产品流动性的管理非常重要。数字金融产品主要投放于同业存款,同时还参与债券交易,其收益与货币市场和债券市场的整体状况密不可分。数字金融产品与短期银行间利率市场变化有很大的关系,研究它们之间的这种传染关联性具有重要意义。通过分析发现,银行间质押式回购市场、买断式回购市场、同业拆借市场与数字金融产品收益之间存在传染关联性,但由于数字金融的发展地位和不确定性态势,这种传染关联性在逐步减弱。

Digital finance communicates among the currency market, bank and finance system, bond market. It is very important to manage digital financial product fluidity. Digital financial product mainly invests in interbank deposit, as well as bond trading market, its profit has great relationship with currency market and bond market situation, so research on the infection relationship between digital finance and interbank interest rate market has stupendous significance. This paper finds that there is a infection relationship between digital finance product profit and interbank pledge repurchased market, buyout repurchased market, interbank borrowing peer market,but because of the development status and uncertainty of the digital finance, the infection relationship is gradually weakened.