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本文归纳了美国债券市场的六个主要特点,并提出了对我国债券市场发展的启示和借鉴。笔者认为,从美国国内看,抵押贷款证券化、政府参与和定息债券都对美国债市影响重大,而长期国债收益率对美国长期利率也影响重大;从国际看,外资对美国债市影响重大,美国债市对全球债市也影响重大。
This article summarizes the six major features of the U.S. bond market and puts forward its inspiration and reference for the development of China’s bond market. The author believes that from the perspective of the United States, mortgage-backed securities, government participation and fixed-rate bonds have a significant impact on the US bond market, while the long-term bond yields have a significant impact on the long-term interest rates in the United States. Internationally, foreign investment has a significant impact on the U.S. bond market The U.S. bond market also has a significant impact on the global bond market.