关键词: 间接测算的金融中介服务, 参考利率, 期限调整, 流动性转换, 流动性错配

Abstract: SNA 2008 suggests applying maturityadjusted reference rate for FISIM liquidity transformation accounting, and several undesirable results during the financial crisis promote the necessity of reference rate maturity-adjustment. Considering that the existing Reference Rate Maturity-adjusted Methods built by national account experts cannot be stable, practical and internationally comparable at the same time, ISWGNA suggests carrying out further research on this issue. In this article, we present the fundamental rationale of Maturity-adjusted Reference Rate Approach (MRRA), deduce possible situations on Maturity-adjusted Method, summarize divergences on the existing methods, and provide a new method by tracing back the evolution and partitioning multiple effects, namely, “Equilibrium-Gap Reference Rate Maturity-adjusted Method”. Test with data of China shows that the new method can be more stable, practical and internationally comparable. More importantly, it encourages macro-prudential FISIM production of financial institutions, thereby reducing liquidity risk accumulating to systemic risk.

Key words: FISIM, Reference Rate, Maturity adjustment, Liquidity Transformation, Liquidity Mismatch