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Study On The Problem Of The Inter-bank Bond Market Mobility

Posted on:2004-05-14Degree:MasterType:Thesis
Country:ChinaCandidate:Q X FanFull Text:PDF
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Under modern economic conditions, if bond is becoming one of powerful tools by which government not only executes financial & monetary policies but also manages macro-economics, it must rely on the low-cost, high-efficiency and high-mobility bond market. In the umpty bond characteristic, the mobility is the core. Because capital is a lack of the mobility, its value will be badly underestimate, indeed will is zero. However, the inter-bank bond market (IBBM) is the central part of the bond market for 5 years. But its mobility problem is extruder and extruder. It can't satisfy demand of the investor and baffle the IBBM to develop. So it is necessary to have a high mobility IBBM. And it is very significant for national financial system and bankinterests.Combining bond market theories and mobility theories with Chinese IBBM status quo, this thesis, which aims at reinforcing the mobility of IBBM, analyzes the IBBM mobility from the theoretic and demonstration and analyzes the reasons and influences of the IBBM mobility problem based upon the demonstrational analysis. This thesis tries to discuss how to construct an especial IBBM in China. The body includeshereinafter part.(1) The thesis firstly focuses on the aim, significance, means and scope of studying mobility problem.(2) The thesis analyzes introduces the connotation of the IBBM and the IBBM mobility. Based on these, in virtue of the dynamic programming model the thesis finds out the index of scaling the mobility including transaction quantity, price difference, transaction location, bond variety and brings forward that we no other than buildup the mobility, fall the mobility premium and reduce the uncertainty to accelerate the IBBM becoming the core of bond market in china.(3) The thesis approves through the demonstration that the IBBM mobility has been improving but takingas the integer still is comparatively low. This includes that transaction quantity has been increasing but current efficiency is low, price difference has been reducing but still big, transaction location possesses arrangement but transaction quantity fasten on the IBBM and that transaction variety is increased but no diversification.(4) The thesis deep-seated probes into the reasons of the mobility problem. In reality, the reasons include illogical interest rate mechanism, lacking the medi-organization, inappropriate structure of bondholders, impercipient market main body, and macro-economic condition etc. All of them limit the mobility of IBBM.(5) The thesis probes into the mobility procreant influences to macro-economy, government, investors and the IBBM. They include making against optimizing capital and offering effective information, restricting the fiscal policy and monetary policy act, increasing the interest rate risk and mobility risk of the bondholder, baffling the functional exert and market development of the IBBM.(6) Finally the thesis puts forward a series of measurements for the mobility problem including building an integral IBBM, innovating trade and repay ways, constituting medi-organization, enriching transaction variety, ameliorating investor structure, strengthening market supervision etc.
Keywords/Search Tags:Inter-bank bond market, Mobility, Demonstration analysis, Countermeasure
PDF Full Text Request
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