イベント・セミナー情報
APLセミナー(アジ研パワーランチセミナー)
Shahida Pervin 氏(早稲田大学): What Factors Influence Chinese Government Bond Yields?
開催日時
2025年3月27日(木曜)12時00分〜午後1時15分
会場
要旨
This paper models the dynamics of long-term Chinese government bond (CGB) yields based on an autoregressive distributive lag (ARDL) approach. It examines whether the current short-term interest rate has a decisive influence on long-term CGB yields, after controlling for various macroeconomic variables. The estimated models all show that the current short-term interest rate has an economically and statistically significant effect on the long-term CGB yields of various maturity tenors. John Maynard Keynes claimed that a central bank’s policy rate exerts an important influence over long-term government bond yields through the current short-term interest rate. The paper’s findings evince that Keynes’s claim holds for China, implying that the People’s Bank of China’s (PBOC) actions are a key driver of the long-term CGB yields.
講師
Shahida Pervin 氏(早稲田大学)
司会
お問い合わせ先
ジェトロ・アジア経済研究所 APL幹事
E-mail:APLE-mail