从内生性货币供给的角度看国债

The Incorporation of Monetary Supply with Endogenous Character into National Debt Viewing

1 998年以来我国实施了以大量增发国债为核心的积极财政政策 ,虽然对经济的增长起到了一定的促进作用 ,但实施效果并不理想 ,也增加了经济运行中隐藏的危险。本文认为 ,目前我国大量增发国债时并不考虑公债对货币供给的影响 ,而这涉及到公债性质的研究。随着市场经济的发展 ,货币供给越来越明显地表现出内生性 ,因而研究和分析发行国债对内生性货币供给、从而对经济运行的影响是极其重要的。

The implement of the proactive financial policy with large extension of national debts as the core since 1998, has given certain rise to the economic growth; nevertheless it has got the undesired result and increased the potential risk in economic operation. The paper holds that the impact of large extension of national debt on monetary supply hasn't been taken into account and this involves the research of the nature of the national debt. With the market economy growing, monetary supply has increasingly manifested its endogenous nature, and, therefore, it is extremely important to study and analyze the influence of the extension of national debt on monetary supply, thereby on economic operation.