本文選題：黃金租賃利率　切入點(diǎn)：黃金互換利率　出處：《復(fù)旦大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：黃金租賃利率度量了黃金的生息能力,也即持有黃金的機(jī)會成本。本文從黃金租賃利率的角度對黃金市場相關(guān)變量進(jìn)行觀察,對其中的影響機(jī)制進(jìn)行理論和實(shí)證上的分析。文章首先對黃金供需基本面的幾大因素及其與金價(jià)的關(guān)系進(jìn)行了梳理,接著對黃金租賃利率做了走勢回顧和分析,最后通過實(shí)證分析進(jìn)行檢驗(yàn),得出結(jié)論認(rèn)為黃金租賃利率與礦產(chǎn)金供給和投資性需求的關(guān)系符合理論假設(shè),而其與金價(jià)的關(guān)系也通過了協(xié)整性檢驗(yàn),同時(shí)格蘭杰因果檢驗(yàn)顯示兩者互為因果關(guān)系。最后使用最新數(shù)據(jù)證明了黃金租賃利率能夠體現(xiàn)實(shí)際利率水平。黃金租賃市場在西方成熟資本市場中扮演著重要的角色,而當(dāng)前我國黃金租賃市場仍存在各種不足,文章在最后提出了相關(guān)的意見和建議。
[Abstract]:The gold lease rate measures the interest earning ability of gold, that is, the opportunity cost of holding gold. The paper firstly analyzes several factors of gold supply and demand fundamentals and their relationship with gold price, and then reviews and analyzes the trend of gold lease interest rate. Finally, through empirical analysis, we conclude that the relationship between gold rental interest rate and mineral gold supply and investment demand accords with the theoretical hypothesis, and the relationship between gold and gold price has passed the cointegration test. At the same time, Granger causality test shows that the two are causality. Finally, using the latest data to prove that the gold lease rate can reflect the level of real interest rate, the gold rental market plays an important role in the mature capital markets in the West. However, there are still some shortcomings in the current gold leasing market in China. At the end of this paper, some suggestions and suggestions are put forward.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F831.54

【參考文獻(xiàn)】

相關(guān)期刊論文 前1條

1 付丹;梅雪;張暉;;黃金價(jià)格與通貨膨脹相關(guān)性的實(shí)證分析[J];黃金;2009年01期

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本文編號：1562121