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对短期利率的解释和应用探讨

Interpretation and implication of short-term interest rates
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摘要 短期利率是宏观经济的重要变量,也是主要发达国家货币政策的控制目标。该文认为,我国的银行间7天回购利率最具短期利率的代表性。而影响短期利率的主要因素中,短期利率的均衡水平又是其中的核心。短期利率的均衡水平受长期利率、收益率曲线的坡度及短期利率偏离的共同作用。理解这三个决定因素,对投资者把握收益率曲线动向有着重要的意义。 As an important variable of the macro economy,the short-term interest rate is also the primary target of major developed countries' monetary policies.This paper holds that the interbank 7-day repo rate in China is the most representative short-term interest rates.Among the factors affecting shortterm interest rates,the most primary one is the interest rate equilibrium level,which is influenced jointly by long-term interest rates,the yield curve slope,as well as short-term interest rate deviations.An understanding of these three determinants is of great significance for investors to grasp yield curve trends.
作者 阮文骏 周理
出处 《中国货币市场》 2004年第6期41-42,共2页 China Money
关键词 短期利率 回购利率 中国 定期存款利率 short-term interest rate long-term interest rate yield curve slope
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参考文献1

  • 1He Hua.Modeling Term Structure of Swap Spread[].Yale working paper.2001

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