银行间现券市场流动性问题的制度分析

Analysis of Low Liquidity in the Interbank Bond Market

2002年七、八月份银行间现券市场流动性问题的再次显现,说明2002年上半年成交量的上涨并未从根本上解决流动性的问题。本文认为,一些制度上的原因扭曲了交易者的市场行为,导致了市场流动性的短缺。因此,提高银行间现券市场的流动性,必须要从制度上消除这些障碍。

The low liquidity of the interbank bond market in July and August of 2002 indicated that the rising turnover in the first half of 2002 fundamentally had not solved the liquidity problem. In the author's opinion, some institutional factors distort traders' market behavior and lead to a shortage of market liquidity. Therefore, these obstacles must be eliminated systematically, so as to improve liquidity in the interbank bond market.