中国国债的货币供给量效应:理论诠释与实证分析

Impact of Monetary Supply in National Debts: Theoretical Analysis and Positive Analysis

本文通过理论与实证分析得出结论,我国国债发行已产生显著的货币供给量倍数扩张效应。因此,政府应高度重视并正确运用国债发行这一调控工具,把它与财政政策和货币政策协调运作有机地结合起来,提高调控宏观经济的水平。

By theoretical and practical analysis, the author has concluded in this article that issuing state treasury bond in China has produced substantial effect of currency supply multiplication. Therefore, the government should pay close attention to add correctly operate state treasury bond issuance as a tool of regulation and control, to combine this tool with the coordinated operation of financial policy and monetary policy into an organic whole, so as to improve the level of regulation and control of macroscopic economy.