摘要
本文关注货币市场中的投资需求,探讨投资需求在货币市场均衡利率决定中的重要作用。本文通过比较分析货币市场同业拆借和质押回购分期限利率与成交额的历史数据,发现债券1天期质押式回购利率具备货币市场基准利率的特征。在此基础上,本文将投资需求从流动性需求中分离出来,深入剖析了货币市场上金融机构大量利用1天期债券质押式回购进行套利交易这一机制,探讨了投资需求在短期利率向中长期利率传导和均衡利率形成中的重要作用。最后本文以此机制对未来一段时期货币市场均衡利率趋势作了判断。
This paper discusses the important role of investment demand in determining the equilibrium interest rate in money market.Firstly, by comparing and analyzing the historical data of interest rates and turnover of each term in the money market, the paper considers that the one-day pledge repurchase rate of bonds is the benchmark interest rate in the money market.On this basis, this paper deeply analyses the mechanism of arbitrage trading especially by the one-day bond pledge repurchase in the money market, and explores the important role of investment demand in the transmission of short-term interest rate to medium and long-term interest rate and the formation of equilibrium interest rate.According to this mechanism, the equilibrium interest rate in the money market will have a downward trend in the long term.
出处
《开发性金融研究》
2018年第6期54-64,共11页
Development Finance Research
关键词
货币市场
投资需求
均衡利率
基准利率
Investment demand
Money market
Equilibrium interest rate
Benchmark interest rate
