国债发行与信用货币制度完善

发布时间：2018-01-03 15:06

本文关键词：国债发行与信用货币制度完善　出处：《上海金融》2017年02期 　论文类型：期刊论文

【摘要】：国内外经济、金融形势的变化,使得中国储备货币的创设主渠道,由外汇储备转向了公开市场和贷款、贴现窗口,这一转变正在发生并仍将延续。中国储备货币创造来源现状,表明人民币信用是显性国家信用和隐性国家信用的混合体,同时具有独特的"美元信用"特征。在信用货币体系下,国家债务通过充当储备货币创设过程中的抵押物,使主权货币具备了显性国家信用。国债的货币经济学意义,使得国债不再是单纯"债务",而且还是主权货币发行的基础和保证;现存的主要问题是体现国家信用的国债规模不足、中短期限比重过低。从国债的货币经济学意义出发,需要重新设计国债发行管理的政策框架和发展思路,建立起债务可持续、宏观调控和货币增长的"三位一体"管理框架。
[Abstract]:The changes of domestic and international economic and financial situation make the establishment of the main channel of China's reserve currency, from the foreign exchange reserve to the open market and loans, discount window. This change is taking place and will continue. The status quo of the source of China's reserve currency indicates that RMB credit is a mixture of dominant state credit and recessive state credit. At the same time, it has the characteristic of "US dollar credit". Under the credit monetary system, the national debt acts as collateral in the course of the creation of the reserve currency. The sovereign currency has the dominant state credit. The meaning of monetary economics of the national debt makes the national debt not only "debt", but also the basis and guarantee of the sovereign currency issue. The existing main problems are that the scale of national debt is insufficient and the proportion of national debt is too low. From the meaning of monetary economics, it is necessary to redesign the policy framework and development ideas of the issuance and management of national debt. Establish a "trinity" management framework for debt sustainability, macro-regulation and currency growth.
【作者单位】：中国金融研究院;
【分类号】：F832.51;F812.5
【正文快照】： 一、政府债务扩张与信用创造增长1、政府债务与信用货币。货币制度是信用货币制度,各国莫不如是。无论是主权货币还是超主权货币,货币背后的信用都是政府信用,只不过超主权货币的政府信用是货币使用国政府信用的联合体。即使是某些实行货币局制度、联系汇率制度的国家和经济体

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