Based On The Shibor Benchmark Interest Rate Research Under The Loan Interest Rate Deregulation

The central bank announced opening the benchmark loan interest rate control on July20,2013, which indicated that the Interest rate marketization in our country that has beentaking for more than20years has been an important step forward.Now,in the new stage,it isworth our attention to build the money market benchmark interest ratesystem.Therefore,based on the present situation of our country interest rate marketizationprocess,this paper mainly researches Shibor which is developed as market benchmarkinterest rate,the running effect in the interest rate marketization.The research not only fitthe current situation but also has great practical significance.There are six parts in this paper.Chapter one Introduction,which mainly introduces thegeneral background,purpose,significance and summaries the research of the domestic andforeign interest rate marketization and the benchmark interest rate selection problem of thispaper,points out that the cultivation of a mature monkey market benchmark interest rate isimportant;Chapter two mainly distinguishes between the central bank benchmark interestrate and the market benchmark interest rate and points out that Shibor belongs to the marketinterest rate.And then I introduce the general properties and the established meaning of thebenchmark interest rate,which lay a theoretical basis for the study.At the same time,Iintroduce the interest rate marketization process,significance and the relationship betweenloan interest rate and market benchmark interest rate,which relate to the research topic ofthis article;Chapter three introduces the operation mechanism and the theoretical andpractical rationality and feasibility of Shibor,and Shibor is the best selection by furthercomparison with other major market rates;Chapter four uses descriptive analysis,correlationtest,ADF unit root test,Granger causality test, VAR and impulse responses function analysismethod to study the relationship of the Shibor each period and other market interestrates,macroeconomic variables, stock markets.The basic characteristics of the market,foundation,relevance and stability of the benchmark interest rate are rising in the past sevenyears;Chapter five studies the relationship between the newly deregulated loan interest rateand Shibor,indicating that Shibor needs to be strengthened in credit markets;Chapter sixsummaries the full text and puts forward relevant suggestions,in order to promote themarket benchmark interest rate to establish as soon as possible.The final research of this paper proves that Shibor as the market benchmark interestrate is scientific and rational under the current loan interest rate liberalization and it will bethe sound benchmark interest rate just around the corner.At the same time,establishing amarket benchmark interest rate is the premise and core conditions of interest ratemarketization,which will promote the smooth progress of the interest rate marketization.Sothe maturing Shibor benchmark interest rate is the most important task in the the crucialstage of interest rate market.