我国积极财政政策下国债的效应与管理

The Effect and Management of Treasury Ml Under the Positive Fiscal Policy

中央财政可以通过增发国债来增加财政支出。国债发行产生两种效应。从中国20多年来国债发行结果看,国债促进了经济的增长。所以在经济衰退时期配合积极财政政策增加国债发行扩大政府开支以促进经济增长是可行的。但是随着国债发行量的增加,中国国债管理也面临严峻挑战,因此,在国债规模和结构两个方面我们都应拿出积极的管理对策。

The central fiscal department can increase the fiscal expenditure by issuing more treasury bill. The issurance of treasury bill results in two effects: multiplier effect and crowding out effect. From the viewpoint of outcome the issuance of treasury bill gave rise to during the past twenty years period in China, the treasury bill promoted the increase of the national economy. So it is feasible, at the present inflationary period, to coordinate the positive fiscal policy in order to increase the economy by issuing more treasury bill and expanding the government issuance, the management of it is becoming more and more challenging, so we should put up positive management countermeasures in two aspects of the scale and structure of the treasure bill.