The Term Structure Of Interest Rates, And Empirical Research

Interest rate is key of financial market. The relation between long and short rate can judge how the financial market movement. In order to understand rate more deeply, this paper study the rate term structure of china. What the interest rate term structure describe is a relation between the long and short period interest rate, is a curve that the interest rate that a certain hour orders different term become, is a certain hour orders the zero coupon bond of rate of return curve. Therefore, the interest rate term structure research becomes the core of the financial market research.At first, this paper introduced the related theories of the interest rate term structure, and discussed the currently domestic and international theory relatively in chapter 2.Second, this paper get experience analysis on the basis of t theories analyze in chapter 3. We used cubic sp line function model, Nelsen- Siegel expand model to set up our country term structure by national debt. Our result express two kinds of models to explain to compare to the long-term bond price good but to short carry part of explain the dint worse, cubic sp line function model has the better estimate accuracy. In order to improve this missing, our paper usage interbank borrowing rate and use non- parameter model at the end.At last, this paper puts forward concluding the theory and the policy suggestions. We think the further fusion of bond market that should promote the interest rate market turn and pushes to partition currently, and the usage renew the thinner research method further push forward the related research of the interest rate term structure, and put forward the future research direction.