指数化债券(Index-linked Bond)是指债券的本金和利息支付随某一经济变量变化而变化的债券。其大规模出现是在20世纪80年代以后。指数化债券在发行时规定一个不变的票面利率,而本金则随着所钉住的指数(如CPI)变动。这不仅保证了每一期的利息收入不受通货膨胀的影响,也保证了债券的本金在返还时的实际价值。与传统的付息债券相比,指数化债券有以下三方面的特点:有利于增强政府的反通货膨胀决心;有利于减少货币政策与政府融资成本 Index-linked Bond refers to the bond principal and interest payments as a certain economic variables change bond. Its large-scale appearance is after the 1980s. Indexed bonds require a fixed coupon rate at the time of issuance, while the principal is subject to a pinning index (such as CPI). This not only ensures that the interest income of each issue is not affected by inflation, but also guarantees the actual value of the principal of the bonds upon their return. Compared with the traditional interest-bearing bonds, indexed bonds have the following three characteristics: is conducive to enhancing the government’s determination of anti-inflation; help to reduce the cost of monetary policy and government financing