摘要
金融价格相对于实体价格来说,在短周期波动上更具前瞻性,因此利率是衡量经济周期性的重要指标。本文分析了在货币存量不足的背景下,2016年货币市场流动性以及利率的走势,并讨论在这一货币环境下,信用债的收益率将会如何变化。
Short-term fluctuations in the cost of funds are often more indicative of future economic trends than short term price changes of goods. This gives interest rates an important role in measuring periods of economic activity. This article examines money market liquidity and likely interest rate trends in 2016 against a background of a low money stock. The article also assesses likely trends for bond yields under these circumstances.
出处
《金融市场研究》
2016年第1期55-68,共14页
Financial Market Research
关键词
流动性
货币政策
债券市场
利率
liquidity
monetary policy
bond market
interest rate
