我國利率市場化進(jìn)程中基準(zhǔn)利率的選擇

論文編號:JR231  論文字?jǐn)?shù):14044,頁數(shù):23

我國利率市場化進(jìn)程中基準(zhǔn)利率的選擇
摘要

 利率市場化是一項金融體制改革，是指貨幣當(dāng)局逐步放松或放棄對利率的直接控制或限制，最終由資金市場供求關(guān)系決定利率水平的改革過程。利率市場化是我國金融改革深化的必然趨勢。利率市場化改革的關(guān)鍵之一就在于找到合適的市場基準(zhǔn)利率，在基準(zhǔn)利率的基礎(chǔ)上形成市場利率體系。
 上海銀行間同業(yè)拆放利率(Shanghai Interbank Offered Rate，簡稱SHIBOR)是中央銀行著力打造的基準(zhǔn)利率，于2007年1月4日起正式對外公布。本文運(yùn)用歷史分析法、比較分析法、實證分析法等方法，結(jié)合金融學(xué)相關(guān)知識考察了SHIBOR在貨幣市場中的基準(zhǔn)利率地位。并基于對SHIBOR運(yùn)行狀況的分析，探究了阻礙其基準(zhǔn)地位發(fā)展的因素，并提出加強(qiáng)其基準(zhǔn)性地位的建議。本文主要從以下五個部分進(jìn)行探討。
 第一部分針對利率市場化以及我國利率市場化進(jìn)程做了簡要的概述，。
 第二部分介紹了貨幣市場基準(zhǔn)利率的概念以及貨幣市場基準(zhǔn)利率選擇的國際經(jīng)驗和一般原則。
 第三部分介紹了我國貨幣市場基準(zhǔn)利率的選取實踐，并分別從市場性、基準(zhǔn)性、利率期限結(jié)構(gòu)、與其他經(jīng)濟(jì)指標(biāo)的相關(guān)性等方面對SHIBOR的基準(zhǔn)利率地位進(jìn)行了實證分析。為下文的敘述以及提出的相關(guān)建議做了鋪墊。
 第四部分探討了SHIBOR運(yùn)行過程中遇到的問題并提出了相關(guān)建議。
 最后一個部分對全文進(jìn)行概括和總結(jié)，并對我國利率市場化改革進(jìn)行展望。

關(guān)鍵詞：利率市場化  基準(zhǔn)利率  上海銀行間同業(yè)拆放利率 
The Choosing of Benchmark Interest Rate in the Marketization of China’s Interest Rate
Abstract
    Interest Rate Marketization means the government gradually releases the restriction on interest rate, and let the financial market decide the interest rate by itself. As China is implementing financial reform, it is an inevitable trend to realize Interest Rate Marketization. One of the most important issues in the process is the choosing of benchmark interest rate, which is in a key position and plays a leading role in the financial market and interest rate system.
    Shanghai Interbank Offered Rate (SHIBOR) is created by the central bank as the benchmark interest rate in China and was officially launched on January, 4th, 2007. With the method of historical analysis, comparative analysis and empirical analysis, this paper examines SHIBOR’s statues of the benchmark interest rate and proposes appropriate policy recommendations in order to further strengthen the basic position of SHIBOR in the market rate system. This paper is divided into five parts:
 The first part gives a brief introduction of Interest Rate Marketization and China’s practice on the process.
 The second part discusses the definition of benchmark interest rate. In addition, experience from other countries and general principles are derived.
    The third part reviews China’s practice on choosing benchmark interest rate and gives a detailed discussion of SHIBOR from five different aspects.
    The fourth part focuses on the performance of SHIBOR since its birth, analyzing difficulties it faces and proposing suggestions to push forward its basic position.
  The final part gives the summary of the full text and giving prospects of future development of Interest Rate Marketization.

Key words: Interest Rate Marketization     Benchmark Interest Rate
            Shanghai Interbank Offered Rate (SHIBOR)

目 錄
一．我國的利率市場化進(jìn)程 - 1 -
（一）利率市場化概述 - 1 -
（二）我國利率市場化進(jìn)程的簡要回顧 - 3 -
二．基準(zhǔn)利率概述 - 4 -
（一）貨幣市場基準(zhǔn)利率的概念界定 - 4 -
（二）貨幣市場基準(zhǔn)利率選擇的國際經(jīng)驗 - 5 -
（三）貨幣市場基準(zhǔn)利率選擇的一般原則 - 6 -
三．我國貨幣市場基準(zhǔn)利率選擇的現(xiàn)狀分析 - 7 -
（一）我國貨幣市場基準(zhǔn)利率的選取實踐 - 7 -
（二）SHIBOR作為基準(zhǔn)利率的實證研究 - 8 -
四．完善我國貨幣市場基準(zhǔn)利率的建議 - 14 -
（一）目前SHIBOR運(yùn)行中存在的問題 - 14 -
（二）加強(qiáng)SHIBOR基準(zhǔn)地位的建議 - 16 -
結(jié)語 - 18 -
參考文獻(xiàn) - 1 -
謝 辭 - 2 -