即期利率

协整检验方面总共包括shibor利率四组、1年期以上国债即期利率四组、银行间回购利率三组、从不同利率体系分别选取一个序列交叉利率两组。

Co-integration test in a total of four groups , including shibor rate , 1-year Treasury spot rate more than four groups , three groups of inter-bank repo rate , the interest rate system were selected from a different sequence of cross-interest groups .

对现有国债市场即期利率的变化规律进行研究，有助于探索和建立适合中国国情的浮动利率和基准利率机制。

Studying the law of dynamic movements of the spot rate in Chinese Treasury bond market is helpful to the establishment of a floating interest rate and benchmark system in China .

而这种偏离产生的主要原因在于，由于宏观经济的运行存在较多的不确定性，导致市场的参与者对未来的即期利率有不同的判断。

The main reason of the deviation is that the market participants have different estimate of future spot rates .

利率期限结构研究不同期限国债即期利率与到期期限之间的关系。

The problem of the term structure of interest rates is about the relation between instantaneous rates and maturities .

我们还发现交易所债券市场的即期利率初步具备了合理的期限结构图形，而银行间债券市场还没有。

We also find that the term structure of interest rate in bond market in Shanghai Stock Exchange is more effective than in the inter-bank market .

美国等西方发达国家的金融经济学家已对各自国家的市场利率作了大量的研究，尤其在即期利率的数学模型方面，更是成果累累。

Financial mathematicians in some developed countries , such as USA and UK , have done considerable research on their national benchmarks and the short-term interest rate , suggesting a large number of mathematical models .

本文研究的对象是利率期限结构，利率期限结构是指不同期限的利率与该期限之间的关系，它需要用债券的即期利率与其剩余到期期限之间的关系来表示。

The object of this study is the term structure of interest rates . The term structure of interest rates is the relationship between the interest rates with different terms and the corresponding deadline , and the interest rate is usually the spot rate of bonds with different remaining maturities .