老齡化社會(huì)下的收益率曲線形狀如何

1、.bcdef3g2hWXijk()*+,:;Gl 3mn6|1. )*+,-.#$01234I1.1.()*+,PQddo X36$ Lt- Id T?3$()*j3+,I.n A!#BtJt1+2 1+21!#f2HmnK_IJ|6$()*o6SQ*onjcIT6 I+1UVDE;FGWXYVZ;_! $%! )*&!&(nVDE;FGWXYVZ;o! $%!)*&!&(!3VDE;FGefnV/UVDE;F $%! +!# $%!)*&!)*&!&(!&!&+!1.2.()*+,-RId$6?3I6I H |6fT3“”(T3$()*“” $QfG 3k7353k0E3 k7 I+8yDE

2、VZcm cVr VVyDEHDd3$0yDEdf 4854IIyDEghrHo rVm:;fl31cd3SU7.kI6I! #$;8! #$, pYp IaQ +8.f . .0.1.3.+,-.$KX0MG()*3rf$I$R I9*+I,E3*66“*GfpI3 1G3456789:;3% 100 ?&A y + # BC (y)$P$P$h 3 1.4.+,-.JKLMF E3U3* 3 6 IK()*+,#6gK()*+,9#6# ;B, 2. 567891234.;XP )6Y&AB $3fl$ $ ?ABCDE(GH603C 5 3IU5 J6B 3.1. S;=?B0503 v

3、 t8X85AI6 h0 I8Y0S1 2 4 9*5 9 9(0 1 I7h80J7 8 240 ?B535t8tI00s15*q$“”d89u6x$QpWI“”G ?BJ7 5 y8t85 89 28Iks 8k3Y5R 2 20-64 145,9 ;65 123;7?8?BP- *0 6 6 8 PY s5 8 & YP t9 3P Y 7”P 1I968?B8 5 7.98 5 .6fI8t15W 3YI8 t9 3Y 6 9 V0 6 10y-1y-./0%A651234567:81210y-1y-./0%A651234567:8121008060402000908070605040

4、302, 3.6. ;=?Bs02 fst8X45AI359h8 h4 h7 h56 9sI8 3Y 023901&8 98V0 ;,JY10y-1y-./0(%) 651234567:825201510050010%208 208 209 210 211 212 213 214 215 216 217 218 219 220 22110%15%10%15%10%15%10%15%10%, 4. IJKL-CMNOPQRS00Y T+Bf4.1.Z;EFG_s05.33t8581&5130 .0 fIffJ2&f0f78J J0V0f,4.0V0000I1&51 VI ;0eP;0eP1000

5、10008006004002000KG:4JGDP(LM:NO)P4567(LM:%)PQRST2000, 4JGDP2000, 4JGDP $1,0571%8%6%4%2%116016416817217618018418819219620020420821221610%9%8%7%6%5%4%3%2%1%0%KGVGWGXGYGZNGUG1601631661691UG160163166169172175178181184187190193196199202205208211214217;0eP;0ceP6000500040003000200010000Z:4JGDP(LM:NO)P4567(LM:%)PQRST19704JGDP 19704JGDP $20372%2%1%1%5%116016416817217618018418819219620020420821221640003000300020002000100010005000VG:4JGDP(LM:NO)P4567(LM:%)JKa3IJ2 3 D 1 $2 I$-*;JY10y-1y-./0(%) 651234567:822201816141210080604200802200815%10%15%10%9%9%8%2021202020192018