Integration, Risk and Its Factors in Chinese Government Bond Market

摘要

This paper constructs indices reflecting the degree of segmentation and risk caused by the segment in Chinese government bond market. Both the degree of segmentation and risk are decreased. In addition, we also analyze the roles of monetary and fiscal policies on the segment and risk. Monetary policy has a much great effect on the segment and its effect on the risk can be offset by the one of fiscal policy. At last, we make some suggestions in detail.