指数化债券的理论与实践

The Theory and Practice of Index-linked Bond

历史上西方国家经历了三次债券指数化的浪潮,其中20世纪80年代初兴起的第二次指数化债券浪潮使这种债券开始受到人们青睐。指数化债券兴起的根本原因在于它独特的运作机理能够确保公债管理目标的均衡实现,但也应当注意,这种积极作用是以一系列内外部条件为前提的,否则将会适得其反。本文认为,目前我国启动指数化债券将在降低债务风险、促进经济稳定方面发挥积极的作用。

In history, western countries have seen three debt indexation tides. The index-linked bond began to boom from the second tide, which emerged in early 1980's. The boom of index-linked bond mainly attributes to its peculiar operation mechanism, which insure the realization of the objectives of public debt management. But notably, the beneficial effect is based on a series of internal and external preconditions, or just the opposite to what one wishes. The issuance of index -linked bond presently in our country would play an active role in minimizing borrowing risk and stabilizing economy.