完善国债市场功能与货币政策操作

Completing the Functions of Covernment Debt Market and the Operation of Monetary Policy

国债市场具有筹资功能和调节功能 ,前者与财政政策有关 ,后者为货币政策操作提供基础条件 ,是财政政策与货币政策的协调点。国债市场功能的发挥依赖于国债市场的基本格局 :即期限结构与持有者结构。我国国债市场无论是从期限结构还是从持有者结构看都偏重于筹资功能 ,而调节功能不足 ,影响了货币政策操作的效果 ,因此应从期限结构与持有者结构的角度完善国债市场 ,从而为货币政策操作提供良好的市场环境。

Covernment debt market plays an important role in finance and adjustment, among them finance is the basic factors for fiscal policies as well as adjustment offer elementary conditions for monetary policy operation. As a result, these contribute government debt market to be the joint point of fiscal policies and monetary policies. The function of government debt market relies greatly on the basic layout of government debt market, which means the structure of the terms and the holders. In China, both the structure of the terms and the holders limits the function of government debt market in the field of finance more than the field of adjustment. Consequently, the effects of the monetary policy operation has been weakened. Therefore, government debt market should be completed in the view of the structure of the terms and the holders, and provide a fair market surroundings for monetary policy operation.