Interest-rate Anchor, Redundancy Absorption and Equilibrium of Interest-rate Spread Due to Different Markets and Term: From the Perspective of the Asset-management under Interest Rate Marketization
GUO Qi, PENG Cheng
The Jinan Branch of the People’s Bank of China; Tianjin University of Finance and Economics
Abstract:
With the development of wealth-management, funds and trusts, it has become a new normal pattern of money, credit and asset-management to be the three pillars in financial markets. The redundancy absorption effect of asset-management market plays an important role in the formation of balanced interest rate and its reasonable structure. However, the market-oriented pricing mechanism and risk clearing channels of the asset-management market have not been completely established yet, therefore, its trajectory presents to be “Nossem Curve”. Asset-management will be one of the most important forces in financial industry, and thus diversified and multi-layered construction of the asset-management market is the best way of achieving the equilibrium of interest-rate spread.
郭琪, 彭程. 利率锚、冗余吸收与差序均衡——利率市场化的资产管理视角[J]. 金融研究, 2016, 428(2): 128-136.
GUO Qi, PENG Cheng. Interest-rate Anchor, Redundancy Absorption and Equilibrium of Interest-rate Spread Due to Different Markets and Term: From the Perspective of the Asset-management under Interest Rate Marketization. Journal of Financial Research, 2016, 428(2): 128-136.
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