Dynamic Impact from Economic Variables to China's Bond Markets——Based on the Comparison of the Inter-bank Bond Market and Exchange Bond Market

This paper establishes the VAR model and usesthe impulse response analysis,variance decomposition analysis to study the dynamic effects of the economic variables of the inter-bank bond market and the exchange bond market.The results show that the rise of inflation rate and the interest rates will bring the two market yields up,but increase inmoney supply and the rate of return on the stock market will change the bond market yield in the opposite direction.And the exchange bond market is more sensitive to the impact of the economic variables,but the inter-bank bond market is subject to shocks more durable.