An Empirical Research On The Degree Of The Development Of Shibor

Interest rate marketization has long been a hot topic in the economic sphere.With China’s accession to the WTO and the deepening of economic and financial reforms,the voice of libering the control of the interest rate is growing, interest rate marketization is imperative.Interest rate marketization in China adopt the way of incremental reforrm,.Though we have got lots of good results in the proeess of interest rate liberalization,there still exist some problems.In the long time,the interest rates are modulated by the people’s bank, the lower level of interest rate marketization leads to slow step of the development of the monetary market,foreign exchange market and bond market, it restricts the development of financial derivatives in our country and affect the further development of financial market of our country.Therefore, in the process of marketization of interest rate,the people’s bank published Shanghai Interbank Offered Rate---Shibor in January 4,2007.Shibor was published by the people’s bank in the purpose of culturing it as the basic interest rate in monetary market,the people’s bank also wants it to smooth the monetary tramission.Now,Shibor has been running for more than 5years,whether it can play the role of the basic rate,whether the people’s bank launched the desired effect,how does it play a role in the process of the marketization of interest rate, for these problems, this paper carried out the empirical research of Shibor interest rate marketization development and this article is mainly divided into the following several parts:The first chapter provides the background of this paper. At the same time to carry on the literature review, divided into two parts, foreign and domestic.Foreign researches mainly took focous on the theme of interest rate liberalization, and the domestic reseraches mainly concentrated on the study of Shibor,whether it can be the basic rate of the money market.we talk about for two patrs:befor and after the publishing of Shibor.The second chapter expounds the generation and development and main function of Shibor.First it introduces the process of marketization of interest rate in our country, it is divided into four stages,Then it analysis the role of Shibor in the process of marketization of interest rate in our country.The second part of this chapter is detailed discussed the content of the Shibor, including related concepts,the generation of Shibor, quotation rules, Shibor varieties, and so on.The third part analysis the main function of Shibor.The third chapter is the main part of the paper, divided into two parts, first of all, the current running status of Shibor is analyzed, using qualitative and quantitative methods, enumerate and analysis the data of Shibor from 2007 to 2013.Secondly it analyzes the development situation of Shibor from six aspects,first,it researches the correlation between the term structure of Shibor,the second step is to research the correlation between Shibor and other market interest rates,this article selects inter-bank bond repurchase rate and interbank lending rates.the third step is to research the relationship of Shibor and M2,aims to explore the effect and correlation between Shibor and macro monetary policy, the fourth,Shibor is studied and the linkage effect between macroeconomic indicators, this article selects the gross national product (GDP) and the consumer price index (CPI);the fifth,I choose LIBOR as indicators of short-term international interest rates to research the linkage effect between them, the purpose is to find whether the international interest rates have an impact on Shibor,Last part it contrasts the different period of Shibor, trying to find out the most mature one.The last part is conclusion and policy Suggestions...