国债在财政政策与货币政策协调配合中的功能作用  

The Functional Role of National Debt in the Coordination of Fiscal and Monetary Policies

作　　者：汪洋[1] 张伟 刘腾华 邱愉 Wang Yang;Zhang Wei;Liu Tenghua;Qiu Yu

机构地区：[1]江西师范大学 [2]江西师范大学管理科学与工程研究中心 [3]南昌工程学院经济贸易学院 [4]江西财经大学金融学院

出　　处：《财政科学》2025年第1期16-28,共13页Fiscal Science

基　　金：国家社会科学基金哲学社会科学领军人才项目“多重约束下的中国财政政策、货币政策与汇率政策协调配合研究”(项目编号:22VRC018);教育部人文社会科学基金规划项目“农产品‘保险+期货’模式的统计精算模型与风险分担机制研究”(项目编号:20YJA790062);国家自然科学基金青年项目“中央银行数字货币对货币政策传导的影响和作用机理研究”(项目编号:72103084)。

摘　　要：财政政策和货币政策是宏观经济调控的两大重要手段,二者协调配合对于实现经济稳定增长等目标至关重要。国债兼具财政与金融的双重属性,在财政政策与货币政策的协调配合中起着关键作用。本文对国债在财政政策与货币政策协调配合中的功能作用进行了探讨,并总结国债在政策协调中的国际经验,以期为中国的政策实践提供有益启示。基于国债视角,实现财政政策与货币政策有效配合的落脚点在于基础货币注入主渠道的持续优化、国债功能定位的蜕变以及国债市场的完善。面对国际国内经济的不确定性,要以国债为重要抓手,落实更加积极有为的宏观政策,推动中国经济实现高质量发展。China's fiscal policy and monetary policy share consistent macroeconomic objectives and complement each other in the utilization of policy instruments,highlighting the potential and necessity for their coordination and integration to form a policy synergy.Treasury bonds,possessing both fiscal and financial attributes,play a pivotal role in the coordination between fiscal and monetary policies.In many developed economies,central banks conduct open market operations in the secondary market to buy and sell domestic government bonds,which are widely used for base money supply and liquidity regulation.From the perspective of treasury bonds,the key to achieving effective coordination between fiscal and monetary policies lies in optimizing the main channels for base money injection,transforming the functional role of treasury bonds,and improving the treasury bond market.In response to the uncertainty both domestically and internationally economy,it is essential to use treasury bonds as a crucial tool to promote a higher level of coordination between China's fiscal and monetary policies to implement more proactive macro policies and promote high-quality development of China's national economy.

关 键 词：国债 财政政策 货币政策 协调配合 

分 类 号：F812.0[经济管理—财政学] F822.0