1
(Convexity)
(Interest Rate Term Structure)
(Yield Curve)
Yield Curve)
1 (Upward-Sloping Yield Curve)
2 (Downward-Sloping Yield Curve)
2
3 (Flat Yield Curve)
.
.
1
:
.
3
2 : .
3
: .
4 : .
(Term Structure of Interest Rates)
.
.
(Pure Expectations Theory)
(Term Structure of Interest Rates)
:
n
:
i j
.
4% % 3
%2
•
•
4
(Liquidity Preference Theory)
" "
:
n
:
:
%%
:
(Market Segmentation Theory)
.
Preferred Habitat Theory)
.
•
.
• .
5
• .
Vasicek
(Mean-Reverting Process)
•
•
•
•
•
•
Cox-Ingersoll-Ross (CIR)
• Vasicek
•
Vasicek
6
.
.
.
.
.
.
.
.
.
.
.
.
Vasicek
.
.
.
CIR
.
Vasicek.
.
