Page 79 - Contributed Paper Session (CPS) - Volume 5

CPS1053 DU zhixiu

4. Conclusion
In this paper, five reference rates are used to calculate the FISIM output in
China, and some reference rates are used to share the FISIM output. The total
FISIM that computed by reference rate is analyzed as the impact on GDP, the
contribution of the final use makes the GDP increase over the traditional
method. In comparison, the interbank lending rate and the average deposit
and loan rate are relatively simple to calculate, and the latter three interest
rates are relatively complex. For the interbank lending rate, the difference
between the reference rate and the deposit rate has negative values in certain
years, which is contrary to the FISIM calculation concept. The reason for the
negative value may be related to the fact that Chinese interest rates are not
yet fully market. The CIR-CCAPM rate is a kind of reference rate that includes
the risk premium of general financial assets and considers the interest rate
maturity risk based on the 2008 SNA's idea of reference rate. The CIR-CCAPM-
D interest rate is a reference rate that considers the risk of loan default. The
account reference rate is constructed from the perspective of financial
institution's capital flow and inventory table, considering various financial
assets. Although it is theoretically perfect, the actual required data is provided
by the input-output table, because the input-output table is compiled every
five years. Therefore, the reference rate of the account method will be affected
by the data source. By comparison, the account reference rate and the CIR-
CCAPM reference rate are quite different. Theoretically, both methods
determine the reference rate are based on the reference rate should contain

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