The Effect of Transparency on the Liquidity of Inter-bank Bond Market
引入突变理论研究中国银行间债券市场的综合流动性，发现流动性数据形成过程无结构突变且总体平稳上升，并通过非参数检验发现透明度对不同债券的流动性影响各异。
In the paper,the authors introduce the catastrophe theory to study the comprehensive liquidity in the inter-bank bond market in China.The result shows that there is no structural catastrophe in the formative process of the liquidity data in the inter-bank bond market and the liquidity in the inter-bank bond market goes up reposefully in general.Finally,the authors use nonparametric test method to test the effect of transparency on the liquidity of the market and find that there have various effects according to the different bonds in the market.