摘要
作为财政政策在利率市场化中的着力点,收益率曲线成为现代经济运行中连接财政与货币政策的重要枢纽。中债收益率曲线在我国绩效预算管理、宏观审慎管理、金融市场定价等多个领域发挥着重要作用。本文站在财政政策的视角,基于国内外学者的研究结论,试图梳理财政政策工具对收益率曲线的冲击和影响机制,分析结构性和周期性效应是如何作用的。同时,从中债收益率曲线出发,探索其在提升调控、助力评估、稳定政策信心等方面,对财政政策产生的积极反馈。最后,结合我国当前积极财政政策和金融市场现状,站在提升国家治理能力的战略高度,提出进一步拓展中债收益率曲线在财政领域应用的一些建议和思考。
As the focus of fiscal policy in interest rate liberalization, the yield curve has become an important hub for connecting fiscal and monetary policies in modern economic operations. The China Bond Yield Curve plays an important role in many areas such as performance budget management, macro-prudential management, and financial market pricing. China's economy is in an important stage of transition to high-quality development. Based on the perspective of fiscal policy, this paper attempts to sort out the impact and influence mechanism of fiscal policy tools on the yield curve based on the research conclusions of domestic and foreign scholars, and analyze how structural and cyclical effects work. At the same time, starting from the bond yield curve, this paper explores positive feedback on fiscal policy in terms of improving regulation, boosting assessment, and stabilizing policy confidence. Finally, combined with China's current active fiscal policy and the status quo of the financial market, and standing at the strategic height of improving the country's governance capacity, it puts forward some suggestions and reflections on further expanding the application of the Chinese bond yield curve in the financial field.
作者
宋光磊
范东
高庆昆
Song Guanglei;Fan Dong;Gao Qingkun
出处
《财政科学》
2019年第6期48-53,共6页
Fiscal Science
关键词
中债收益率曲线
财政视角
国家治理
China Bond Yield Curve
Financial Perspective
National Governance
