国债管理:财政政策与货币政策协调配合的关键点  

Treasury Bonds Management:The Key Point of Coordination and Cooperation Between Fiscal and Monetary Policies

作　　者：胡志浩[1] Hu Zhihao

机构地区：[1]中国社会科学院大学应用经济学院

出　　处：《学术前沿》2024年第3期65-73,共9页Frontiers

摘　　要：国债兼具财政和金融功能,是财政政策与货币政策互动最为频繁活跃的领域,而货币政策的立场和操作也会直接影响赤字融资的来源与成本。因此,国债管理是两大政策协调配合的关键切入点。鉴于财政政策与货币政策配合的国际经验,针对我国政策协调配合中面临的挑战,我国应根据经济形势适时调整宏观政策调控机制;推动央行开展公开市场买卖国债;稳步推进国债市场的国际化建设;完善债务约束机制,科学设置债务上限;优化国库现金与央行流动性管理;积极发挥财政部在债务管理与国债市场建设中的主导作用,建立统一高效的政府债券市场;协同健全国债收益率曲线,共同推动曲线深入应用;进一步加强以国债为基础的金融市场流动性机制安排;在更高层面确立财政政策与货币政策的协调机制;保持两大政策部门更为畅通的信息交流。Treasury bonds,with both fiscal and financial functions,is the area in which fiscal and monetary policies interact most frequently and actively.The stance and conduct of monetary policy also have a direct impact on the sources and costs of government financing.Therefore,treasury bond management is the key entry point for the coordination and cooperation of the two policies.According to the international experience in the coordination of fiscal and monetary policies,and depending on the issues in China's policies coordinating,our country should adjust mechanisms of macroeconomic policy in response to current economic realities;promoting open market trading of treasury bonds by central banks;steadily promoting the internationalization of the treasury bond market;setting debt ceilings scientifically and improving debt restraint mechanisms;optimizing treasury cash liquidity management;actively playing the leading role of the Ministry of Finance in treasury bonds management,and establishing a unified and efficient government bond market;collaborating to build a more efficient treasury yield curve and jointly promoting its deeper application;further strengthening of arrangements for liquidity facilities in financial markets based on treasury bonds;improving liquidity mechanism arrangements in financial markets based on treasury bonds;establishing coordination mechanisms between fiscal and monetary policies at a higher level;maintaining a more fluid exchange of information between the fiscal and monetary policy sectors.

关 键 词：财政政策 货币政策 政策协调配合 国债管理 

分 类 号：F812.0[经济管理—财政学] F822.0