1029–61; Valerie Cerra and Sweta Chaman Saxena (2008), “Growth Dynamics: The Myth of Economic Recovery”, American Economic Review, vol. 98 (March), pp. 439–57; and Michael D. Bordo and Joseph G. Haubrich (2012), “Deep Recessions, Fast Recoveries, and Financial Crises: Evidence from the American Record (PDF)”, Working Paper 12–14 (Cleveland: Federal Reserve Bank of Cleveland, June).
A breakthrough with discount rate will have far-reaching impact on the market-based interest rate transformation, and provide experiences for future interest rate reform. Third, I’d like to move onto the relationship between Shibor and product innovation. There are a lot of innovative products based on Shibor. Hopefully more will emerge.