CAJ | 학술논문

目前，我国国债市场的流动性水平较低，国债交易流通速度对宏观经济影响较小，且滞后期较长，国债的效用还没有得到充分发挥。应建立国债余额常态化管理制度，将国债余额上限设定为略高于国债余额的预测值，在任何时点上均不能超越；坚持期限多样化、发行经常化和利率市场化的“三化”原则，构建合理的国债品种期限结构，丰富国债发行品种，形成均衡、动态的国债发行机制；拓展国债统计口径，通过编报狭义和广义两个口径的国债余额，全面衡量国债交易流通速度的宏观经济效应。
목전，아국국채시장적류동성수평교저，국채교역류통속도대굉관경제영향교소，차체후기교장，국채적효용환몰유득도충분발휘。응건입국채여액상태화관리제도，장국채여액상한설정위략고우국채여액적예측치，재임하시점상균불능초월；견지기한다양화、발행경상화화리솔시장화적“삼화”원칙，구건합리적국채품충기한결구，봉부국채발행품충，형성균형、동태적국채발행궤제；탁전국채통계구경，통과편보협의화엄의량개구경적국채여액，전면형량국채교역류통속도적굉관경제효응。
At present, the liquidity of China's government bond market is comparatively low;the influence of government bond velocity on macro economy is comparatively small with long lag length; we did not give full play to the role of government bond. We should, first, establish the normalized management system of bond balance -- setting the upper limit to be a little higher than the predicted value and never to be exceeded; second, we should adhere to the principles of diversified maturities, routinized issue, and liberalized interest rate to construct the rational bond structure in terms of variety and maturity, enrich the variety of bond and develop the balanced and dynamic issuing system; and third, we should expand the statistical caliber, and comprehensively measure the effect of government bond velocity on macro economy by compiling the narrowly and broadly defined caliber.