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| 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
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The Jinan Branch of the People’s Bank of China;
Tianjin University of Finance and Economics |
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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.
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Received: 13 August 2015
Published: 01 January 1900
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| Cite this article: |
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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[J]. Journal of Financial Research,
2016, 428(2): 128-136.
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| URL: |
| http://www.jryj.org.cn/EN/ OR http://www.jryj.org.cn/EN/Y2016/V428/I2/128 |
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