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dc.contributor.author郑振龙
dc.contributor.author莫天瑜
dc.date.accessioned2012-12-28T08:01:31Z
dc.date.available2012-12-28T08:01:31Z
dc.date.issued2011-01
dc.identifier.citation财贸经济编辑部,2011(1):49-55zh_CN
dc.identifier.issn1002-8102
dc.identifier.urihttps://dspace.xmu.edu.cn/handle/2288/14156
dc.description.abstract本文基于利率期限结构的主成分分析结果,通过构建回归方程的方法,针对上一轮经济周期中的升息期和受金融危机影响的降息期,实证研究了央票发行利率与央票市场利率间双向关系的周内效应。结果表明,在经济正常波动时期,央票发行利率并未直接引导市场利率,而是借由市场预期引导市场利率走势,央票发行利率的公布不对市场利率造成影响;在金融危机时期,央行货币政策出乎市场预期,央票发行利率直接引导市场利率走势。因此,金融危机时期与经济正常波动时期央行货币政策利率传导的途径和效果是有所不同的。By const ruct ing r eg ression equat ions, this paper studies on interactions betw een the issuing r ate and market rate of the central bank bill w ithin o ne w eek. T he r esult s provide evidence that: ( 1) during normal economic f luctuat ion per io d, the issuing r ate of cent ral bank bill inf luences market rate via market expectat ion rather than direct ly lead market rate, so the release of issuing r ate of cent ral bank bil l doesn't have an ef fect on market rate; ( 2) during f inancial crisis, the issuing r ate of cent ral bank bill is beyo nd market ex pectat ion and direct ly leads the mar ket rate. T herefore, there is a differ ence o f the conduct ion and effect s o f monetary po licies in dif ferent economic situat ions.zh_CN
dc.description.sponsorship教育部“国际金融危机应对研究”应急项目“金融市场的信息功能与金融危机预警”(项目号:2009JYJR051);福建省自然科学基金项目“卖空交易对证券市场的影响研究”(项目号2009J01316)zh_CN
dc.language.isozhzh_CN
dc.publisher财贸经济编辑部zh_CN
dc.subject政策利率zh_CN
dc.subject市场利率zh_CN
dc.subject利率传导zh_CN
dc.subject市场预期zh_CN
dc.subjectPolicy Ratezh_CN
dc.subjectMarket Ratezh_CN
dc.subjectConduction of Interest Ratezh_CN
dc.subjectMarket Expectationzh_CN
dc.title政策利率引导市场利率的走势吗——央票发行利率与央票市场利率双向互动关系研究zh_CN
dc.title.alternativeDoes Policy Rate Lead Market Rate?——Empirical Study on Interaction Between the Issuing Rate and Market Rate of Central Bank Billzh_CN
dc.typeArticlezh_CN


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