国债流动性创新新视野:增强商业银行资产流动性管理

A new vision on the innovation of the public debt's mobility: strengthen commercial banks' asset mobility management

世界各国国债市场的演进表明 ,国债市场前期的功能 ,是作为实现财政政策筹资需要而采用的工具 ,用以弥补财政赤字 ,扩大公共投资刺激经济增长 ;后来 ,随着国债流动性的不断提高 ,国债成为商业银行调节资产结构 ,加强流动性管理以及中央银行通过公开市场业务调节货币流通的重要工具。本文从这一立论出发 ,提出了国债流动性创新 。

The development of the public debt market has shown that the early function of the public debt market is to make up the financial deficits and enlarge public investment to stimulate the economic growth.With the increasing of the public debt's mobility,the public debt has become a very important tool for commercial banks to adjust the asset structure,improve the mobility management and for the central bank to adjust the currency circulation through the open market operation.Based on this argument,this paper puts forward some political suggestions on the innovation of the public debt's mobility and on strengthening the asset mobility management of commercial banks.