通胀指数债券研究述评及对中国的启示  

A Review of Inflation-Indexed Bonds and Its Implications for China

作　　者：刘若斯 丁浩 LIU Ruo-si;DING Hao(School of Economics,Central South University of Forestry and Technology,Changsha,Hunan,410004;School of Business,Guangdong University of Foreign Studies,Guangzhou,Guangdong,510420)

机构地区：[1]中南林业科技大学经济学院,湖南长沙410004 [2]广东外语外贸大学商学院,广东广州510420

出　　处：《新疆大学学报（哲学社会科学版）》2024年第1期90-98,共9页Journal of Xinjiang University(Philosophy and Social Sciences)

基　　金：国家社会科学基金项目“通胀指数债券的有效性及模式设计研究”(14CJL010);广东省高等学校优秀青年教师培养计划项目“我国发展通胀指数债券及其衍生品市场研究”(YQ2015069)。

摘　　要：在疫情冲击叠加俄乌冲突、全球通胀高企的背景下,通胀指数债券因其保护投资者收益不受或少受通胀侵蚀的功能而价值凸显,有可能成为我国进一步深化改革的制度探索和改善民生的可选举措。鉴于其他国家或地区在该领域的实践和研究较为丰富,在探究实践根源与研究缘起后,对通胀指数债券的功能从投资者、发行人和货币当局三个视角进行了系统梳理并指出其风险。考虑到通胀指数债券的收益率为通胀预期提供了重要但是并不完美的信息,从流动性风险溢价和通胀风险溢价两个重要方面对已有研究进行了细致论述。最后对通胀指数债券领域未来的研究进行展望,并提出对中国的启示。Under the background of the aftermath of the pandemic,the Russia-Ukraine conflict and high global inflation,inflation index bonds have highlighted their value because of their function of protecting investors’returns from or less eroded by inflation,which may become an optional measure for China to further deepen reform and improve people's livelihood.In view of the abundant practice and research achievements in this field in other countries or regions,after exploring the root of its practice and research,this paper systematically makes a review of the functions of inflation-indexed bonds from the perspectives of investors,issuers and monetary authorities,and points out their risks as well.Considering that the yield of inflation-indexed bonds provides important but imperfect information for inflation expectations,the existing studies are elaborated from two important aspects:liquidity risk premium and inflation risk premium.Finally,we look ahead to the future study in the field of inflation indexed bonds and provide some valuable implications for China.

关 键 词：通胀指数债券 通胀预期 平准通胀率 流动性风险溢价 通胀风险溢价 

分 类 号：F830[经济管理—金融学]