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自1981年起,我国每年都发行大量国债,国债的发行和偿还是否会引发通膨胀,是否会引发资金分流,造成政府预算排挤企业资金需求,都是金融只是议论的焦点.(一)国债发行对货币流通的影响从一般意义上说,政府发行国债一方面起着收缩货币流通量和减缓货市流通速度的作用,另一方面还可使“潜在”的货币变为现实的货币,从而起着即期货币流通量扩张的作用.具体到不同的发行对象,其影响又是各不相同的.国债的承购对象包括民间部门、金融机构和中央银行,下面我们分别从三个方面来考察这个问题.由于绝大部分的货市流通都是通过金融机构进行的,因此,我们假定各购买主体的货币都没有离开金融机构.
Since 1981, China issued a large number of treasury bonds every year. Whether the issuance and repayment of treasury bonds will lead to inflation will trigger the divestment of funds and cause the government budget to crowd out the funding needs of enterprises. This is only the focus of discussion on finance. Impact on the Circulation of Money In a general sense, the government’s issuance of treasury bonds plays the role of reducing the liquidity of the currency and slowing the velocity of the goods on the one hand, and on the other hand it can turn the “potential” currency into a real currency, The role of the current currency liquidity expansion.Due to different distribution objects, its impact is different.Government debt targets include private sector, financial institutions and the Central Bank, the following we examine the three aspects This problem, because most of the circulation of goods through the financial institutions, so we assume that the main purchase of the currency did not leave the financial institutions.