对国债发行机制改革与公开市场操作关系的理论思考

A Theoretical Consideration about the Relation between the Reform of Public Debt Issuing Mechanism and the Open Market Operation

对为了公开市场操作而增发国债的观点提出了质疑,认为以促进公开市场操作为目的的国债发行机制改革不但不能完善公开市场操作,反而会使财政负担加重,增加通货膨胀风险。人民银行必须在公开市场操作之外寻求发展新的政策工具,而发展货币市场和票据市场,加强再贴现工具的运用是一个比较好和比较现实的选择。

This paper queries the opinion of issuing more debt and more short- term debt to support open market operation, holding that the reform of the publi c debt issuing mechanism aiming at promoting the open market operation can't per fect the open market operation, and on the contrary, it will increase the financ ial weight and the risk of monetary inflation, and PBC must seek and develop som e new policies but the open market operation, and developing the money market an d bill market and strengthening the application of the rediscount are more pract ical selection.