我国银行间市场利率的独立性和作用分析  

On Independence and Function of Inter-bank Interest Rate in China

作　　者：年四伍[1] 

机构地区：[1]上海财经大学应用经济学博士后流动站,上海200433

出　　处：《中南财经政法大学学报》2011年第1期45-49,143,共5页Journal of Zhongnan University of Economics and Law

基　　金：第47批国家博士后科学基金资助项目"国际黄金价格影响因素研究"(20100470667)

摘　　要：在任何国家的经济运行中,银行间市场短期利率都发挥着重要作用:一是反映宏观经济状况和流动性状况;二是为金融资产定价提供了基础。我国目前管制利率与市场利率共存,银行间市场短期利率能否独立于管制利率发挥以上作用,值得深入研究。对此,本文从管制利率与银行间市场利率的相关性出发,探讨我国银行间短期市场利率是否能够有效反映资金流动性状况以及能否作为资产定价的基础。研究结论是:只有进一步推动利率市场化,银行间利率才可以完全发挥这些作用。The inter-bank interest rate plays a key role in all economy.It is a signal of macro-economy and liquidity condition,and also provides the basis of assets pricing.In China,it is worth studying that whether or not the inter-bank interest rate can play the above mentioned functions based on independence of regulated rate under the current circumstances of coexist of regulated rate and market rate.The paper firstly discusses the relationship between regulated interest rate and market interest rate.Based on the study,the paper discusses whether or not the inter-bank interest rate can reflect capital liquidity condition effectively and can be the basis of asset pricing.Lastly,the paper draws a conclusion that inter-bank interest rate can play the above mentioned role only after the further interest rate liberalization.

关 键 词：银行间市场利率 管制利率 利率独立性 利率自由化 

分 类 号：F830.9[经济管理—金融学]