Research On Interest Rate Mechanism

The interest rate as the prices of capital, macroeconomic mediating variables, is also an important lever of economic system。Interest rates on the real economy of a country market, financial markets and foreign economic market has a significant impact on, So interest rates can correctly reflect market information on a country’s economy as a whole the level of efficiency of resource allocation impact. From financial development theory has been proposed as a market-oriented interest rate reform one important part, for improving the allocation of resources in the economy, rationalize the price structure played a role in promoting. from the point of view of international economic trends, interest rate market can often improve a country’s economic structure, improve the international economic market position. But reforms are often accompanied by risks, promote the mercerization of interest rate is a gradual process, can not be achieved overnight, otherwise it will like once Latin American countries detrimental to the development of the economy. For a country’s interest rate mechanism, its main including the construction of interest rate system, the selection of the benchmark interest rate and construction, the several aspects about the transmission of and interest rates. This paper will be based on the current situation of the development of China’s reform from the Angle of time, for the construction of interest rate system, In the United States as samples for the mechanism of interest rate mercerization. Then summarize the mechanism of interest rate at the present stage in China, then from the Angle of empirical pathways of interest rate in our country using the method of granger causality analysis is analyzed, finally come to the conclusion and suggestion.There are six parts in this thesis, the first part is an introduction, a summary of the current situation at home and abroad generalize. The second part is the interest rate market overview of the relevant theories, Divided into financial development theory, Interest rate decision theory and the theory of interest rate mercerization, Respectively for why do we need to implement a market-oriented interest rate and the formation of the mercerization of interest rate and conduction, Interest rate mercerization must have the condition to illustrate.The third part is the present situation of the mercerization of interest rate in China is described, from the Angle of time interest rates to build our country’s interest rate system. The forth part is describes the mechanism of interest rate mercerization. This article selects the highest degree of mercerization of the United States as a sample, to describe the mechanism of the interest rate mechanism. And then to our country’s current interest rate mechanism has carried on the narration, and the results are compared with the status quo of the United States. The fifth part is According to our country’s data for empirical research of mercerization of interest rate transmission mechanism,samples selected from January2007 to June2013monthly data, a total of78sample points, using the method of granger causality analysis for data processing. The sixth part is in the interest rate system in our country and the result of the combination of empirical analysis on the interest rate transmission, summarize and put forward countermeasures and suggestions.