摘要
公开市场操作是现代市场经济国家政府宏观调控的重要手段。在我国近20年的公开市场操作中,国债、政府性金融债券、中央银行票据先后成为主要操作工具。这些操作工具有各自的特点,也存在着不足,难以满足货币政策调节的需要。因此,在短期内,央行可以选择多元化操作工具搭配使用及创新,实现流动性管理的需要;长期来看,需加快金融市场化改革进程,推动短期国债市场的发展,使国债成为我国公开市场操作的主导工具。
Open market operation is one of important means of national macroeconomic control in modern market economy. During the past 20 years, government bonds, government financial bonds, and central bank bill have become major instruments in open market operation. These instruments have their own characteristics, but are unable to meet the needs of monetary policy adjustment. Therefore, in the short term, the central bank could choose and create those diverse instruments to achieve liquidity management. In the long run, in order to make government bonds become the dominant instrument of open market operation, it is vital to accelerate the reform of financial market and promote the development of short-term bond market.
出处
《税务与经济》
CSSCI
北大核心
2014年第1期36-39,共4页
Taxation and Economy
关键词
公开市场操作工具
国债
政府性金融债券
中央银行票据
open market operation instruments
government bonds
government financial bonds
central bank bill
