我国国债运行影响货币供给:理论诠释与实证研究

Impact of Treasury Bonds on Monetary Supply:Theoretical and Positive Analysis

现代市场经济条件下,国债运行往往影响货币供给,进而影响货币政策的制定与实施。通过理论与实证分析,国债市场运行过程会对货币供给产生显著影响,但受市场微观结构和宏观经济环境影响,国债运行应有的货币供给效应在我国没有得到充分体现。为增进我国货币政策的有效性,就必须进一步完善国债运行机制,提高宏观经济调控水平。

In market economic system,the movement of treasury bonds usually places important effects on monetary supply,which is the media index of central bank monetary policy.By theoretical and practical analysis,the author has concluded that the operation of treasury bonds market should produce substantial effects on currency supply system,which doesn＇t coincide with Chinese practice due to the effects of the microscopic structure of the market and macroeconomic environment.Therefore,the government should put more attention to improve the treasury bonds operation,so as to promote the efficiency of regulation and control of macroscopic economy.