论文部分内容阅读
国债收益率曲线是宏观经济的一个重要指示器,它的形状对整个债券市场乃至金融市场都有着十分重要的意义。但是和成熟市场相比,我国收益率曲线出现明显偏平化的趋势,呈现出某种反常态势,本文首先选取六个时点对近期的交易所国债收益率曲线做纵向比较,然后随机抽取一个时点和美国收益率曲线做横向比较,总结出我国国债收益率曲线特点,最后,分析这一现象背后的原因。
The bond yield curve is an important indicator of the macroeconomy and its shape is of great significance to the entire bond market and even the financial markets. However, compared with the mature markets, the curve of China’s yield curve shows a trend of obvious flattening, showing an abnormal situation. In this paper, six time points are selected to make a longitudinal comparison of the yield curve of the recent exchange-rate government bonds and then randomly select one Point and the United States yield curve to make a horizontal comparison, summed up the curve of the characteristics of China’s bond yield curve, and finally, analyze the reasons behind this phenomenon.