摘要
本文从基准利率体系的市场代表性、定价基础性、波动合理性、政策可控性和经济相关性五个基本属性出发,对我国基准利率体系的现状,特别是SHIBOR在其中的地位,进行了较为全面的评估。评估结果表明,现阶段SHIBOR、同业拆借利率和债券回购利率都无法单独承担货币市场基准利率的重任。货币市场实际的基准利率是由管制利率和市场利率混合组成的:SHIBOR、债券回购利率,构成了基准利率短端的核心;而同业拆借利率和存贷款管制利率则构成了基准利率的长端。在不同期限的基准利率中,1周的SHIBOR和2周的债券回购利率最有可能成为央行调控的目标基准利率。其中,1周的SHIBOR虽然政策可控性和经济相关性较强,但报价的非理性程度较高;而2周的债券回购利率虽然报价理性较强,但可控性和相关性都很差。
From the perspective of the five basic features of the interest rate system, i. e., market representativeness, pricing importance, rational fluctuations, policy controllability and economic correlations, the article conducts a relatively thorough evaluation of the current situations of the domestic benchmark interest rate, and the roles SHIBOR play in particular. The result shows that none of SHIBOR, iaterbank offered rates and repurchase rates of bonds can independently act as benchmark interest rates. The actual benchmark interest rates are a combination of both controlled interest rates and market interest rates. SHIBOR and the repurchase rates of bonds are in the core of the short-end interest rates; interbank offered rates and the controlled loan-deposit interest rates constitute the longend interest rates. As for interest rates of different durations, the one-week SHIBOR and the two-week repurchase rate of bonds are most likely the target interest rates under PBC＇s regulations; the former, though having strong policy-controllability and economic correlation, moves more irrationally whereas the latter, though behaves more rationally, is weak in controllability and economic correlation.
出处
《金融监管研究》
2013年第6期31-54,共24页
Financial Regulation Research
关键词
SHIBOR
市场基准利率
央行基准利率
SHIBOR
Benchmark Interest Rate
Target Interest Rate of the Central Bank
