Interest Rate Term Structure Of Empirical Analysis

With the financial innovation, the term structure of interest rates by revealing inflation and macroeconomic aspects of future direction has obvious advantages. National debt interest rate is the present domestic interest rates of the highest degree of marketization, national debt and has no default risk and wide circulation features, such as the yield curve for Treasury bonds has practical significance.Based on the introduction of domestic and foreign bonds term structure based on the empirical analysis of the selected cubic polynomial cuttings function, separate function and compounding function model building, analyzes three model of Chinese government bonds term structure of interest rate, fitting effect conclusion, and the development of Treasury bond market of our country forward the countermeasures and proposals. Studies suggest that, before the financial crisis, relative to cubic polynomial cuttings function and compounding model of section function model, compared the fitting effect is the best; And after the financial crisis, cubic polynomial cuttings function score section function model and compounding model is better fitting effect more suitable for the Chinese government bonds, the term structure of interest rate estimation and prediction. Recommendations should unified national debt market, optimize the national debt is issued, the term structure reform and perfect way treasury-bill issuance of Treasury bonds market supervision and management mechanism.