CAJ | 학술논문

同业拆借市场是货币市场最重要的子市场之一,市场化的同业拆借利率能及时灵敏地反映货币市场资金的供求状况,是市场上其他利率波动的重要参照与金融资产定价的重要基础。本文收集了1998-2003年、2005-2010年的相关数据,利用ADF单位根检验和格兰杰因果关系检验,对同业拆借利率的市场化情况进行实证分析,再对我国同业拆借市场的发展现状和存在问题进行分析,最后针对同业拆借利率市场化发展提出建议。
동업탁차시장시화폐시장최중요적자시장지일,시장화적동업탁차리솔능급시령민지반영화폐시장자금적공구상황,시시장상기타리솔파동적중요삼조여금융자산정개적중요기출。본문수집료1998-2003년、2005-2010년적상관수거,이용ADF단위근검험화격란걸인과관계검험,대동업탁차리솔적시장화정황진행실증분석,재대아국동업탁차시장적발전현상화존재문제진행분석,최후침대동업탁차리솔시장화발전제출건의。
Interbank market is one of the most important sub-markets of money markets. Marketized interbank interest rates reflect the condition of funds supply and demand timely and exactly. Therefore, interbank interest rates are the basic reference to the fluctuations of other market interest rates and the important foundation of pricing of fi- nancial assets. Based on the data of interest rates（1998-2003, and 2005-2010）,using ADF unit root test and Granger causality test, the paper conducts an empirical study on the marketization of interbank interest rates. Then the paper analyzes the present situation of China Interbank market and the existing problems. At last, it puts forward some suggestions on the improvement of interbank interest rate marketization.