主权债务管理:模式选择、宏观协调与金融稳定

Sovereign debt management:mode selection,macroeconomic coordination and financial stability

近年来的欧美主权债务危机表明,有效的主权债务管理有助于实现政府宏观经济职能和金融系统稳定。通过分析主权债务管理演变的历史经验,本文着重探讨了主权债务管理三种代表性模式选择的理论和现实基础;主权债务管理作为财政货币政策重要的联结点,如何实现主权债务管理与宏观经济政策的有效分离与协调;最后从债务存量、债务结构、投资者结构和债务资本市场结构四个层面分析了主权债务管理影响金融系统稳定的作用机制。

Sovereign debt crises in Europe and the US in recent years have showed that effective sovereign debt management(SDM)can help governments make macroeconomic regulation and achieve the stability of financial system.By analyzing the history of SDM,this paper discusses the rationale of the three typical modes of SDM,explores how to separate SDM from macroeconomic policies and how to integrate them since SDM is an important point connecting fiscal policy with monetary policy and finally analyzes the influence mechanism of SDM on financial stability from the four aspects of debt stock,debt structure,investor structure and structure of debt capital market.