Repo Market and Structure of Short Term Interest Rates in China

Lingua: tedesco

Editore: GRIN Verlag, GRIN Verlag, 2013

3656432988 / 9783656432982

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Descrizione dell’articolo da parte del venditore

Druck auf Anfrage Neuware - Printed after ordering - Studienarbeit aus dem Jahr 2011 im Fachbereich BWL - Bank, Börse, Versicherung, Xiamen University, Sprache: Deutsch, Abstract: Money market refers to the market where financial institutions make transactions ofshort-term financial instruments for short-term financing and liquidity management.China's money market is mainly made up of interbank funding market and bondrepurchase agreement market commonly referred to as repo market.Some scholars argue that China's financial liberalization remains incomplete as thebehaviour of short-term market-determined interest rates is influenced by regulated rates.This paper argues that to have integrity of the market China should further liberalize its retailinterest rates to allow all interest rates to better reflect liquidity conditions and the scarcity ofcapital.At present, the relevant research of the term structure of interest rates of China ismostly directed against a certain specific market or a certain specific method, lacking marketintegrality. For constructing a systemic, scientific term structure of interest rate of Chinarespective term structure of interest rate is deduced from the treasury bond market, bankdeposit market, inter-bank borrowing market, bank repo market, and RMB interest rate swapmarket. And then according to different weights, a synthesized term structure of interest rateof China is constructed out. Finally, empirical research is carried on by use of this method.Empirical results show that the method is better than the traditional methods, and thesynthesized term structure curve of interest rate by the method is between various kinds ofterm structure curves by the traditional methods, reflecting the situation and information ofeach market on the whole.Since the market-oriented economic reform in 1978, China has entered into a stage offinancial deregulation and liberalization. With the growth of the national economy andchange of national income structure, China's finance has increased rapidly, which broughtgreat changes in the financial structure. In 1978, broad money (M2) balance was nearRMB150 billion yuan. By the end of 2001, broad money balance was up to RMB16000billion yuan, an increase of over 100 times in the past twenty years.…

Codice articolo 9783656432982

Titolo
Repo Market and Structure of Short Term Interest Rates in China
Autore
Francis Mulenga Muma
Editore
GRIN Verlag, GRIN Verlag
Anno di pubblicazione
2013
Condizione
Neu
Rilegatura
Taschenbuch
Lingua
tedesco
ISBN 10
3656432988
ISBN 13
9783656432982
Peso dell'articolo
101 grammi
Dimensioni
210x148x5 mm

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Venditore con 5 stelle

Venditore AbeBooks dal 14 agosto 2006

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