CAJ | 학술논문

在欧美各国扩大国债规模采取量化宽松货币政策的背景下，基于国债政策和货币政策协调配合视角，利用中国2005—2012年的月度数据进行实证分析后发现：央行的国债交易对货币供给量影响微弱，商业银行的国债交易短期内能抚平货币供给量的波动，保证货币供给量长期持续稳定增长，个人的国债交易基本不影响货币供给量。总体上看，现阶段中国的国债流通交易对货币供给量冲击不大，因此，国债政策和货币政策在国债市场上的协调配合还有待加强。
재구미각국확대국채규모채취양화관송화폐정책적배경하，기우국채정책화화폐정책협조배합시각，이용중국2005—2012년적월도수거진행실증분석후발현：앙행적국채교역대화폐공급량영향미약，상업은행적국채교역단기내능무평화폐공급량적파동，보증화폐공급량장기지속은정증장，개인적국채교역기본불영향화폐공급량。총체상간，현계단중국적국채류통교역대화폐공급량충격불대，인차，국채정책화화폐정책재국채시장상적협조배합환유대가강。
Against a backdrop that the United States and European countries have been implementing the quantitative easing monetary policy and expanding the scale of government bonds, and from the visual angle of coordinating governmental bonds policy and monetary policy, we utilize Chinese monthly data from January 2005 to December 2011 to make an empirical research, suggesting that the bonds transaction of the central bank has a weak impact on money supply ; the bonds transaction of commercial banks can smooth the fluctuations of money supply in the short term to ensure the long - term steady growth of money supply ; the personal bonds transaction does not influence money supply basically. Overall, China＇s national debt transaction has no significant impact on money supply at the present stage. Therefore, the coordination between China＇s debt policy and monetary policy in the national debt circulation market needs to be strengthened.