摘要
随着中国人民银行在1996年建立全国统一的拆借市场以及尝试国债市场化的发行,我国拉开了利率市场化的序幕。利率市场化加速推进的过程中,利率风险将逐步加大,利率期货作为有效的风险管理工具,已成为世界成熟金融市场最重要的金融衍生工具。本文研究了美国、英国和日本等发达国家利率期货的发展路径,并从利率现货市场培育、利率期货合约设计、政府监管和自律监管等三方面得到发展我国利率期货的启示。
China has opened the prelude to the interest rate marketization,as the People＇s Bank of China began to establish a national unified interbank market and try to issue the treasury bonds by tender in 1996.The interest rate risk will gradually increase as the process acceleration of the interest rate marketizaton,the interest rate futures as an effective risk management tool,has become the world＇s most important financial derivative.In this paper,we study the development path of the interest rate futures in U.S.,UK and Japan,and we get inspiration for developing China＇s interest rate futures from three aspects： the interest rate spot market cultivation,the design of interest rate futures contracts,government regulation and self-regulatory.
出处
《山东纺织经济》
2012年第4期5-8,共4页
Shandong Textile Economy
关键词
利率市场化
利率期货
发展路径
the interest rate marketization
the interest rate futures
development path
