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国债的货币效应是指国债的运行对货币供给量的影响。本文从发行、流通、偿还三个阶段分析国债与货币供给的关系,分析结果表明:在发行、流通以及偿还过程中,中央银行购买国债和商业银行用准备金或向中央银行再贷款的方式购买国债,对货币供给一般起扩张效应;商业银行如果用收回贷款的方式购买国债以及非银行部门购买国债,对货币供给的效应为中性。在以税收偿债时,除偿还中央银行所购国债有货币收缩效应外,其他为中性效应。
The currency effect of government bonds refers to the impact of the operation of government bonds on the money supply. This paper analyzes the relationship between national debt and money supply from the three stages of issuance, circulation and repayment. The results show that in the process of issuance, circulation and repayment, the central bank buys government bonds and commercial banks with reserve funds or refinancing with the Central Bank Treasury bonds generally have an expansionary effect on the money supply. Commercial banks that borrowed their loans to buy government bonds and non-banking sectors to buy treasury bonds have a neutral effect on the money supply. In the tax bond repayment, in addition to repay the central bank bonds purchased by the monetary contraction effect, the other for the neutral effect.