摘要
从理论上来说,国债期限与国债利率是密切相关的。但是,由于流动性偏好理论的假设前提(有效市场假设)与现实不符,致使"国债期限越短,利息成本越低"的观点在实践中不一定成立。研究表明,只有政府在预测未来债券利率走势方面拥有比市场更为充分完整的信息时,政府才能够通过期限选择降低债务成本。我国目前的情况符合这一要求,因而通过期限管理降低债务成本是完全可能的。
Theoretically speaking,time limit and interest rate of state debts and closely related.However,due to the unrealistic hypothesis of effective market,the view point of 'the shorter period,the lower the state debts interest cost will be'is not realistically right.Research shows that only when government possesses more information in the trend of bond interest rate,can debt cost be lowered through choice of time limit.In China,its feasible to lower the debts cost through time limit option of state debts.
出处
《财经问题研究》
CSSCI
北大核心
2004年第2期19-22,共4页
Research On Financial and Economic Issues
关键词
国债
利率的期限结构
成本管理
state debts
time limit structure of interest rate
cost management
