It carries a thorough discussion of the realistic significance and profound influence which caused to the Chinese monetary market of the interest rate swap. The article believes that the interest rate swap will provide a effective way of financing for Our Enterprise, speeds up the development of our commercial banks, meets the demand of interest rate swap on bond market, has positive influence to our interest rate reform. Secondly, this chapter discussed the restriction factor and the countermeasure of interest rate swap from the aspects of money market interest rate index, the fluidity and the market access.

它首先對我國發(fā)展利率互換所具有的現(xiàn)實(shí)內(nèi)涵日本最新一区、二区αV免费A片视频、推出利率互換對中國金融市場產(chǎn)生的深遠(yuǎn)影響進(jìn)行了比較深入的探討一级片网址在线看，文章認(rèn)為利率互換可以為我國企業(yè)提供了一種有效的融資方式、有利于我國商業(yè)銀行更好地發(fā)展欧美精品专区第一页、滿足債券市場對利率互換的需求并將進(jìn)一步促進(jìn)我國的利率市場化欧美,一区二区三区；其次，結(jié)合我國的實(shí)際情況從利率互換工具本身AV无码播放一级毛片免费、交易主體和宏觀環(huán)境三個(gè)方面在线日韩成人电视播放网站免费视频，探討了我國開展人民幣利率互換后的風(fēng)險(xiǎn)防范問題；最后偷拍免费，本章還從貨幣市場利率指數(shù)問題国产不卡的在线视频、流動(dòng)性問題、市場準(zhǔn)入問題等幾個(gè)方面探討了我國利率互換市場發(fā)展的制約因素及對策91视频首页。

In Chapter 4, the pricing of Asian geometric average option under stochastic interest rates is studied, assuming CIR model for the interest rates. Asian option is strongly dependent with path, usually have a long duration, the movement of interest rates becomes more important in pricing such long-dated options. The CIR interest rate model not only considered the interest rate behavior has mean-reverting but also take into account that the fluctuation rate is direct proportion with the square root of its interest rate. Finally, the method of finite difference for the Asian geometric average option under CIR interest rate model is given.

第四章在利率滿足CIR利率模型的假設(shè)下熟妇高潮一区二区三区，研究了幾何亞式期權(quán)的定價(jià)公式，亞式期權(quán)是強(qiáng)路經(jīng)依賴性期權(quán)天堂av天天干，通常有效期較長歐美一级大片免费看，在進(jìn)行較長時(shí)期的投資時(shí)，利率的變化是非常重要的116国产午夜精品美女毛片，CIR利率模型不僅考慮了利率行為具有均數(shù)回歸的現(xiàn)象国产色污污视频在线观看，而且還考慮其波動(dòng)性的大小與利率大小的平方根成正比，最后給出了CIR利率模型下的幾何亞式期權(quán)定價(jià)的有限差分法国内精品自产拍在线播放。

My current benchmark interest rate in response to the problems and choices reasons for this loan interest rates, rediscount rate, the bond repurchase rate, the benchmark interest rate of treasury bonds was conducted to explore and functional analysis of specific comparison of their respective advantages and disadvantages.

針對我國現(xiàn)階段在基準(zhǔn)利率選擇方面存在的問題及原因嫩白少妇初次吞精A片一級A片，依據(jù)基準(zhǔn)利率選擇具體原則和標(biāo)準(zhǔn)。本文對我國現(xiàn)有貨幣市場上的同業(yè)拆借利率国产欧美另类在线专区、再貼現(xiàn)利率黄网站一级视频免费看，債券回購利率、國債利率的基準(zhǔn)性功能依次進(jìn)行了探討與分析精品少妇无码AV在线播放，具體的比較了它們各自的優(yōu)缺點(diǎn)手机免费黄色网址。

China's interest rate from the current system, the market interest rates (such as money market, bond market interest rates) is clearly not in the list of interest rates; in direct control of the central bank's interest rate system, the re-lending and rediscount rate has not been very effective, because it few years the flow of adequate financial institutions makes little to rely on central bank loans and discount, and improve the reserve interest rate system with the reform of the general direction of inconsistency; Therefore, interest rates can only increase deposit rates or lending rates, both interest rates are in the current control and semi-control of interest rates.

中國的利率從目前的制度，市場利率（如貨幣市場av激情综合，債券市場利率）顯然不在列表中黄色三级被窝视频天堂网手机在线，利息直接控制的中央銀行的利率制度，再貸款和再貼現(xiàn)率并不十分有效久久黄色精品视频，因?yàn)檫@幾年充足的流動(dòng)金融機(jī)構(gòu)幾乎沒有什么依靠中央銀行貸款和貼現(xiàn)黄色工厂在线看，提高準(zhǔn)備金利率制度改革的總體方向不一致口爆吞精一区二区久久，因此男人的天堂官网，利率可只有增加存款利率或貸款利率，無論利率在目前的管制和半管制的利率在线国产黄色网址。

The author puts up comparative analysis on the rediscount rates, deposit rates, interest rates of treasury, lending rates, inter-bank lending rates, etc between China and U.S..

作者對中美的再貼現(xiàn)利率、存款利率和國庫券利率狠狠干手机、兩國的貸款利率中文字幕第一百页、銀行間拆借利率分成三部分進(jìn)行了實(shí)證比較分析，并著重以存款利率和國債利率為例在线观看一级作爱视频，對兩國的利率期限結(jié)構(gòu)進(jìn)行了比較国产精品无码一级视频。

Treasury bond market, the interest- rate- transmission-effect-testing model has significant parameter estimation, displaying undeclinable influence of monetary policy on interest rate latent factors, negative effect on output and inflation, positive effect on short-term interest rate, and negative effect on long-term interest rate due to inflation expectation decreasing under positive shock of monetary policy.

對于美國為代表的成熟金融市場，利率效應(yīng)檢驗(yàn)的利率期限結(jié)構(gòu)模型參數(shù)估計(jì)具有高顯著性欧美一级A片黄片，貨幣政策對利率潛在因素的影響無法忽略色视频操暴力，對產(chǎn)出和通貨膨脹都產(chǎn)生負(fù)效應(yīng)，對短期利率產(chǎn)生正向影響在线欧美精品二区三区、對長期利率則產(chǎn)生負(fù)向影響——因?yàn)樨泿耪哒龥_擊顯示了貨幣當(dāng)局對通貨膨脹率的調(diào)控態(tài)度美女裸体在线免费视频一区二区，長期利率會因預(yù)期通貨膨脹的下滑而降低。

The steps of the reform: First, pushing forward the local and overseas places to gather together interest rate liberalization at first; Second, relaxing RMB interest rate control and strengthening money market construction reform; Third, formation of the national market interest rate system under bank with Central Bank reloan interest rate, money market interest rate, secondary market of national debt interest rate,etc.

改革的步驟：一是首先推進(jìn)境內(nèi)外匯利率市場化欧美成视频黑人大屌；二是以放松人民幣利率管制和加強(qiáng)貨幣市場建設(shè)作為利率市場化改革重點(diǎn)欧美精品亚洲人成在线观看；三是逐漸形成一個(gè)以中央銀行再貸款利率、貨幣市場利率久国产在线、國債二級市場利率等分布合理的銀行間市場利率體系黄色激情在线视频。

Because of the real interest rate and the natural interest rate both being difficult measured, in order to simplifying the question of measuring and advantaging demonstration research and policy made , therefore we adopted the Real Interest Rate Gap as the economic variable measuring.

這里的實(shí)際利率指的是實(shí)際的市場利率，也就是由名義利率和復(fù)雜的可能有預(yù)期也可能沒有預(yù)期的通貨膨脹所調(diào)整后蜜臀av在线免费观看，真正決定個(gè)體行為者任何決策的利率国产午夜福利无码精品大秀在线；自然實(shí)際利率指的是維克塞爾所定義的自然利率。

Therefore, the depository interest rate, rediscounting rate and government bond interest rat cannot be set as the benchmark interest rate. In fact, most of the scholars support the inter-bank offered rate and the repo rate as the benchmark.

指出與美國的利率結(jié)構(gòu)相比較国产精品欧美一区色，我國市場利率結(jié)構(gòu)突出的兩個(gè)特點(diǎn)：一是國債利率高于存款利率人人摸人人爱人人操，二是再貼現(xiàn)利率并未處于利率體系的底端，且高于存款利率天天色狠狠干，風(fēng)險(xiǎn)與收益不匹配欧美色亚洲，所以存款利率、再貼現(xiàn)利率黄色日韩精品、國債利率不適合作為基準(zhǔn)利率日韩电影精品午夜在线播放。

On this basis, the interest rate on the existing loan and bond repurchase rate by a further comparative analysis, the final conclusion, repurchasing rate is the benchmark interest rate at the best choice.

在此基礎(chǔ)之上，對現(xiàn)有基準(zhǔn)利率第四色色色色；貨幣市場女人被爽到呻吟的网站；同業(yè)拆借利率；回購利率的同業(yè)拆借利率和債券回購利率進(jìn)行了進(jìn)一步的比較分析a√在线影院，最后得出結(jié)論日本强伦姧人妻一区二区，債券回購利率是我國現(xiàn)階段基準(zhǔn)利率的最佳選擇日韩午夜三级片。

call rate：活期貸款利率

短期市場利率中最主要的是市場隔夜利率,日本稱為活期貸款利率(call rate);美國稱為聯(lián)邦基金利率(federal fund rate);歐元區(qū)稱為隔夜借款平均利率(EONIA);中國的隔夜借款利率是同業(yè)拆借利率(CHIBOR)中的一種.

effective interest rate：有效利率

2.券面利率和有效利率 ( Effective Interest Rate) 券面利率是指債券券面標(biāo)明的利息率.券面利率乘以面額即是籌資企業(yè) 需要定期償付的利息額.券面利率與有效利率(即實(shí)際收益率,或稱實(shí)際利率)之間的關(guān)系取決于債券面額和債券發(fā)行價(jià)的關(guān)系.如果債券發(fā)行價(jià)等于 面額,

fixed rate：固定利率

若是利率下降,你需付的利息將減少﹔."固定利率"(fixed rate)貸款,按固定利率和固定年限借款. 這種貸款可以防止利率上升的影響. 固定利率貸款通常比可變貸款(或浮動(dòng)貸款)的利率低﹔."還本付息"(principal and interest)貸款,

fixed：固定利率

浮動(dòng)利率(Variable)和固定利率(Fixed):浮動(dòng)利率是隨著市場公告利率變化而變化的,浮動(dòng)利率每月當(dāng)時(shí)公告轉(zhuǎn)牌價(jià)作一次調(diào)整. 但為簡便程式,銀行通常規(guī)定的供款額是保持不變的,如果現(xiàn)期利率比你申請貸款時(shí)為低(但每月還款額是根據(jù)貸款時(shí)利率計(jì)算的),

Fra：遠(yuǎn)期利率協(xié)議

遠(yuǎn)期利率協(xié)議(FRA)是指交易雙方約定在未來某一日,交換協(xié)議期間內(nèi)一定名義本金基礎(chǔ)上分別以合同利率和參考利率計(jì)算的利息的金融合約. 其中,遠(yuǎn)期利率協(xié)議的買方支付以合同利率計(jì)算的利息,賣方支付以參考利率計(jì)算的利息.

Interest Rate Swap：利率互換

利率互換(interest rate swap)是協(xié)議雙方訂立的国产精品久久久、在一定時(shí)間后進(jìn)行的支付協(xié)定,所支付的金額依據(jù)一定的利率和不一定量的本金來計(jì)算. 在典型的利率互換安排中,一方依據(jù)浮動(dòng)利率指數(shù)計(jì)算支付的金額,而另一方則依據(jù)固定利率或是另一種浮動(dòng)利率指數(shù)確定支付的金額.

Interest Rate Swap：利率掉期 / 利率調(diào)期

利率上限 interest-rate ceiling | 利率掉期 / 利率調(diào)期* interest-rate swap | 利率期貨 interest-rate futures

Real Interest Rate：實(shí)質(zhì)利率

利率,可分為實(shí)質(zhì)利率(real interest rate)和名義利率(nominal interest rate). 實(shí)質(zhì)利率是撇除通脹數(shù)字后的利率,能真實(shí)反映實(shí)質(zhì)購買力的增長;而名義利率屬於銀行或存戶收取或付出的息率,并未有撇除通脹數(shù)字.

overnight rate：隔夜利率

隔夜利率(Overnight Rate)是一家金融機(jī)構(gòu)利用手頭資金向另一家金融機(jī)構(gòu)借出隔夜貸款的利率. 隔夜利率是同業(yè)拆借利率的一種,時(shí)間短利率相對較低.

market rate of interest：市場利率

他們認(rèn)為,若市場利率(Market Rate of Interest)恰好與自然利率一致,則經(jīng)濟(jì)體系將維持在均衡狀態(tài). 貨幣因素相對于價(jià)格是"中立"的,故又稱為"中性貨幣". 若市場利率降低或自然利率提高,以致于市場利率低于自然利率時(shí),資本品價(jià)值將上升,引起投資的擴(kuò)張,