| Interest rate which reflects the cost of using capital and links macroeconomics and microeconomics is one of the important research directions macroeconomics,an object microeconomics and micro market entity put emphasize on,is a vital element of market economy.The central bank benchmark interest rate,the basis of the interest rate system,is an important task the monetary authorities to promote interest rate marketization and improve the interest rate transmission mechanism,is an necessity of the central bank effectively implementing the monetary policy,a significant support of healthy development of the financial market,which compose an important reference to financial institutions,enterprises and residents make economic forecasting and decisions.The central bank benchmark interest rate is not only paid attention to in countries which have realized the marketization of interest rate,and receives recognition and support from the market entity,but also taken seriously by countries including China which have not realized the marketization of interest rate,and has become an important research topic many experts and scholars take efforts to study on.This article follows the logic thought of the theory basis,the present situation and the empirical analysis and the problem solving,using data,charts and empirical methods to make comparative research.First of all,run through the interest rate deciding,relevant theories and researches of benchmark interest rate,mainly the theoretical analysis including domestic and abroad research,and the concept,characteristics,formation mechanism and function the mechanism of the benchmark interest rate.Secondly,introduce the present situation of the benchmark interest rate in China,illustrate overall elaboration of interest rate in the current interest rate system and analyze their possibilities of being benchmark interest rate.At the same time,summarize the deficiency of the benchmark interest rate in China combining with the main interest rate.Thirdly,according to the concept and basic properties of the central bank benchmark interest rate,make a comparative and empirical analysis on the main market interest rate in China regarding marketing representatives,pricing benchmark,economic relevance,suitable stability and policy control and get several the central bank benchmark interest rate alternatives.Meanwhile,set up a policy reaction function for the central bank.Then we can compare the inflation target calculated by the policy reaction model and the annual inflation target set by the central bank or the central government,and pick out the best central bank benchmark interest rate.From the comparative and empirical analysis,we can find that the overnight Shibor is the best,followed by overnight Chibor and 7-day interbank repo interest rate.Fourthly,introduces the process of how the central bank interest rate is chosen and established in the developed countries and regions such as Europe and the United States and how to develop market benchmark interest rate system.So we can summarize the successful experience to learn lessons from.Finally,combining with theoretical analysis,present situation analysis,empirical analysis and international experience in previous chapters,we can confirm the mode of the central bank benchmark interest rate:at the present stage,7-day interbank repo interest rate is the best.In the long run,for 7-day interbank repo interest rate and overnight Shibor,which one is more appropriate for the central bank benchmark interest rate,it is subject to the competition in between and the central bank's policy attitude.Then,set the framework on how to form the central bank benchmark interest rate as a whole,and put forward specific policy recommendations on how to promote infrastructure and supporting construction development for the central bank benchmark interest rate alternatives so that we can really cultivate and develop the central bank benchmark interest rate which bears its burden and task. |
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