国债市场流动性研究——一个比较分析框架

The Study on the Liquidity of the Government Bond Market

本文分析的背景是现代西方发达国家国债市场 ,以期为中国国债市场发展提供一个可资比较研究的分析框架。全文结构如下 :第一部分分析国债市场流动性的定义及其对金融体系和货币政策的影响 ;第二部分考察国债市场流动性的度量方法与指标 ;第三部分从国债微观市场结构、产品结构、持有者结构等方面分析影响国债市场流动性的因素 ,最后提出国债分析的财政视角与金融视角的矛盾作为结语。

With the government bond market in developed countries as basic background,this paper organized as follows:part one gives a short definition of market liquidity of government bond,and its role in financial market and monetary poilcy application;part two analysis measurements of market liquidity;part three analysis factors affecting martket liquidity,with the emphasis on micro market structure,product structure and holder structure.Then the paper ends with contradiction views on government bond from financial and fiscal stand ards.