摘要
2021年底以来,票据市场的波动显著加大,票据利率多次严重偏离货币市场利率,引发市场对票据信贷属性的广泛关注与讨论。本文分析票据信贷属性影响票据利率的机制,并从不同维度剖析票据信贷属性的定价效果,进而对票据去信贷化的观点进行讨论,最后提出缓解票据市场不稳定性的思路及政策建议。
Since the end of 2021,volatility in the bills market has increased significantly,and bills market interest rates have deviated from money market rates.This has caused widespread concern and prompted much discussion of credit attributes of bills in the market.This paper analyzes the influence of bill credit attributes on bill interest rates as well as the pricing effect of bill credit.It also examines the viewpoint of bill de-crediting and offers policy suggestions to alleviate market instability.
出处
《金融市场研究》
2022年第6期105-113,共9页
Financial Market Research
关键词
票据
信贷属性
去信贷化
广义信贷
Bill
Credit Attribute
De-Crediting
Generalized Credit
