摘要
在欧美各国扩大国债规模采取量化宽松货币政策的背景下,基于国债政策和货币政策协调配合视角,利用中国2005-2012年的月度数据进行实证分析后发现:央行的国债交易对货币供给量影响微弱,商业银行的国债交易短期内能抚平货币供给量的波动,保证货币供给量长期持续稳定增长,个人的国债交易基本不影响货币供给量。总体上看,现阶段中国的国债流通交易对货币供给量冲击不大,因此,国债政策和货币政策在国债市场上的协调配合还有待加强。
Against a backdrop that the United States and European countries have been implementing the quantitative easing monetary policy and expanding the scale of government bonds, and from the visual angle of coordinating governmental bonds policy and monetary policy, we utilize Chinese monthly data from January 2005 to December 2011 to make an empirical research, suggesting that the bonds transaction of the central bank has a weak impact on money supply ; the bonds transaction of commercial banks can smooth the fluctuations of money supply in the short term to ensure the long - term steady growth of money supply ; the personal bonds transaction does not influence money supply basically. Overall, China＇s national debt transaction has no significant impact on money supply at the present stage. Therefore, the coordination between China＇s debt policy and monetary policy in the national debt circulation market needs to be strengthened.
出处
《西安交通大学学报（社会科学版）》
CSSCI
北大核心
2014年第6期44-50,共7页
Journal of Xi'an Jiaotong University：Social Sciences
基金
国家社科基金项目(13BJY157)
关键词
国债交易
货币供给量
公开市场操作
银行间国债市场
bonds transaction
money supply
open market operation
inter- bank national bonds market
