本文从理论的角度分析了开放经济条件下公债与利率、汇率、资本流动与积累、储蓄、消费以及经济增长的相互影响机制 ,认为若将他国居民看作“异质经济主体”时 ,李嘉图等价定理在开放环境中是不成立的 ,亦即公债对一国经济增长有着自己独特的效应 ,并且从美日间关系中佐证了这一点。由于我国利率仍未市场化 ,使得公债与对外收支的关系机制尚不明确 ,但随着对外开放进程的加快及利率市场化改革的进展 ,公债政策的运用应当考虑到对海外部门收支的影响。 This paper analyzes the mechanism of interaction between public debt and interest rate, exchange rate, capital flow and accumulation, saving, consumption and economic growth in an open economy from the theoretical point of view. If Ricardo and others are regarded as “heterogeneous economic subjects” The price theorem is not established in an open environment, that is, the public debt has its own unique effect on the economic growth of a country, and this is corroborated from the inter-American relations. As the interest rate in our country has not yet been marketized, the relationship between public debt and external balance of payments has not been clarified yet. However, with the acceleration of the process of opening up and the progress of interest rate liberalization, the application of public debt policy should take into account influences.