| Reasonable benchmark interest rate formulation is of great significance to our country,it is the core of the interest rate system,for other monetary market interest rate changes can have a significant impact,and it and macro-economic ties,is not only the pricing of financial products in the market,for the central bank's monetary policy conduction effect,therefore,the cultivation of the benchmark interest rate will make the price the transmission of monetary policy implementation,constantly promote economic development.In previous years,the people's bank of China lifted the ceiling on the floating rate of deposit rates,indicating that China has completed the preliminary interest rate liberalization.At present,in order to enrich the diversity of the monetary policy instruments in China,the monetary authorities set out to Shibor,LPR,such as Treasury bonds yield curve money,bond,credit market benchmark interest rate system,and new type flexible monetary policy tools which are used to further the interest rates,a series of measures to boost is that the monetary policy in our country is transformation,are from quantity control to interest rate regulation transformation,further through "much starker choices-and graver consequences-in planning for the reform of the financial sector,the proposed requirements.In order to better to our country money market benchmark interest rates for in-depth theoretical research and empirical analysis,selected the Shanghai interbank lending rates,inter-bank repo rate,interbank lending rates,new monetary policy tools,such as different time points of interest rate as variable,data selection time data during 2007 to 2017,using GMM model to candidate will ever interest rates and a new monetary policy tool to analysis the two kind of choice as the benchmark interest rates more in line with the national conditions of our country. |
