目前我国国债在一级市场上的主要购买者是居民个人和商业银行等金融机构,央行受现行法律制度的约束不能在一级市场直接购买国债。居民个人和商业银行购买国债不会产生增加货币供给的效应。因此,从货币供给决定社会需求这一角度考虑,财政政策对社会需求的长期拉动效应有限。 At present, the main buyers of national debt in the primary market are individual residents and commercial banks and other financial institutions. The central bank can not directly purchase government bonds in the primary market due to the existing legal system. Resident individuals and commercial banks to buy treasury bonds will not have the effect of increasing the money supply. Therefore, from the perspective of money supply in determining social needs, the long-term pulling effect of fiscal policy on social needs is limited.