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从1998年到2000年三年间我国发行3600亿元长期建设国债共安排国债项目6620个大规模的国债投资对有效需求产生了一定的拉动效应但是由于财政政策本身不会改变货币供给规模所以从货币供给决定总需求这一基本角度考虑单纯财政政策的长期拉动效应有限必需配合使用货币政策在当前尤其有必要加强公开市场操作今后我国国债资金投向应该注意把握以下两点凡是政府能设计出有效的﹃补偿机制﹄使投资者的所收足以补偿其所投市场配置能保证有效供给的领域国债资金尽量少介入凡是市场配置不能保证有效供给而对经济发展又至关重要的领域国债资金可重点介入
From 1998 to 2000, China issued a total of 3,620 billion yuan worth of long-term construction treasury bonds and 6,620 treasury bonds. Large-scale government bond investment has had a certain pulling effect on effective demand. However, since the fiscal policy itself will not change the money supply Scale Therefore, from the monetary supply to determine the total demand of this basic point of view simple long-term stimulus effect of fiscal policy is limited must cooperate with the use of monetary policy in particular, it is necessary to strengthen open market operations future investment in national debt should pay attention to grasp the following two Point All governments can design effective ﹃compensation mechanism ﹄ so that investors receive enough to cover their investment market allocation can guarantee effective supply of government bond funds as little as possible intervention market allocation can not guarantee effective supply of the economy The development of crucial areas Treasury funds may be the focus of intervention