货币政策和财政政策协调配合:一个研究提纲  

Coordination of Monetary Policy and Fiscal Policy:A Research Outline

作　　者：李扬[1,2] LI Yang(Institution of Finance and Development,Beijing,100020,China)

机构地区：[1]中国社会科学院国家金融与发展实验室 [2]中国社会科学院

出　　处：《金融评论》2021年第2期1-11,123,共12页Chinese Review of Financial Studies

摘　　要：国债在客观上兼具财政和金融的功能,财政政策和货币政策协调配合的关键就在于建立统一、协调的国债管理政策。国债与货币供给的联系机制是双向的。一方面,只要具备货币创造能力的机构(主要是中央银行、商业银行和其他金融机构)购买了国债,债务的货币化就现实地发生了;另一方面,上述联系主要体现在央行储备货币发行机制的主权信用模式。国内有必要建立稳定的国债管理政策体系,具体措施包括设立专门机构,专司国债政策;调整政府债券系列,为人民币国际化创造条件;国债的期限结构应当多样化;国债市场的运行应充分考虑货币政策和金融市场的需要;统一推进我国的利率、汇率市场化和健全收益率曲线的进程。The key to the coordination of fiscal policy and monetary policy lies in the establishment of a unified national debt management policy.The connection mechanism between treasury debt and money supply is bidirectional.On the one hand,as long as the institutions with money creation ability(mainly the central bank,commercial banks and other financial institutions)purchase the treasury,the monetization of debt will take place in reality;on the other hand,the above connection is reflected in the sovereign credit mode of the reserve currency issuance mechanism of the central bank.It is necessary to establish a stable treasury debt management policy system in China.The specific measures include setting up special institutions to specialize in treasury debt policy;adjusting the government bond market to create conditions for RMB internationalization;diversifying the term structure of treasury yields;fully considering the needs of monetary policy and financial market in the operation of treasury market;coordinating China’s interest rate marketization,exchange rate liberalization,and yield curve construction.

关 键 词：货币政策 货币供给 财政政策 国债 

分 类 号：F812[经济管理—财政学]