中央政府债务管理政策实践的国际经验与发展动态

The International Experience and Development of the Central Government Debt Management Policy Practice

2008年金融危机爆发后,大多数国家的政府债务水平显著攀升,政府债务管理越来越受到各国政府的重视。危机后的宏观经济环境更加错综复杂,理论界对政府债务管理的制度安排以及政府债务管理方法的有效性进行了深入探讨。本文从政策目标、管理方法、绩效评价及对金融市场稳定的影响等方面对中央政府债务管理实践的国际经验和发展动态进行了综述,以期对我国政府债务管理提供借鉴和参考。

After the 2008 fi nancial crisis, government debt levels have been greatly rising in most countries. Because of that, government debt management has been paid more and more attention from countries all around the world. Recently, with the complexity of the post-crisis macroeconomic environment, the effectiveness of institutional arrangements and the government debt management methods are discussed in detail. This paper reviews the international experience and development trends of central government debt management practices about the policy objectives, management methods, the performance evaluation standards and the impacts on the stability of financial markets, and then provides some meaningful implications for China's government debt management.