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基准利率的确定对我国金融体制改革和利率市场化进程都有重大的深远的意义。现阶段我国货币市场基准利率还没有真正完全确定,我国主推的Shibor能否真正担任起基准利率的重任还需要进一步的检验。本文根据基准利率的特性对Shibor进行检验,主要采用格兰杰因果关系检验方法和脉冲响应函数法,实证检验结果表示Shibor已经基本具备货币市场基准利率的特征。
The determination of the benchmark interest rate has profound and far-reaching significance for the reform of China’s financial system and the marketization of interest rates. At this stage, the benchmark interest rate in the money market in our country has not really been completely determined yet. Whether Shibor, the main push in our country, can really serve as the benchmark for interest rates needs further tests. In this paper, Shibor is tested according to the characteristics of the benchmark interest rate, mainly using Granger causality test and impulse response function method. The empirical test results show that Shibor has the basic currency market benchmark interest rate.