摘要
国债作为市场经济条件下重要的宏观经济变量,属于财政与金融的双重范畴。国债的金融属性特征在不同的经济环境条件下所表现的形式与程度不同。经济发展程度越高,国债的金融属性特征就表现得越为明显,随着经济的发展,政府经济管理职能的变迁及扩展,国债规模也逐步扩大,国债对于经济的影响也日益深入与广泛,国债作为金融资产以及作为金融资源的表现也就更加充分。理论与实践都已证明,国债是财政与金融重要的连接点,国债操作是政府实施财政政策与货币政策配合与协调的重要环节,并在其流转运动中联系着微观层次与宏观层次的经济运行。因而,研究国债的经济效应必须将国债的财政属性与金融属性结合起来,才有利于揭示国债本身所固有的本质特征。
国债既是当今世界各国密切关注的重要经济问题,更是中国转型经济中的重大现实问题。中国经济增长与社会发展离不开国债的支持,经济市场化改革与金融运行机制完善离不开国债运行机制的完善。但是,目前中国国债的运行还存在着许多困难、矛盾和问题。其深层原因是中国还处于由计划经济体制向现代市场经济体制的转型过程中,在这个过程中,金融制度变迁相对滞后,因此,国债的经济金融功能的实现也处于相对滞后的变动、完善和发展之中。这种变动、发展和完善过程,有些方面体现了现代市场经济中国债运行的一般规律,有些方面则具有中国经济转型期的特征。因此,本文研究的主要目标是:通过对国债的金融功能及其国债对主要经济金融变量(货币供应、利率、汇率、资本流动等因素)的影响及其实现机制的研究,系统深入地研究和探索市场经济条件下国债金融效应的一般规律,并客观地分析中国转型期国债运行的金融特点,即中国国债在中国金融体制改革中发挥的作用,并在此基础上提出提升中国国债金融功能和有效合理发挥国债经济金融效应的路径和策略。
本文首先通过对不同经济发展阶段的中西方国债的实践发展和理论演进特征进行历史性考察与分析,理解与掌握国债发展的历史前提及社会经济基础,从历史与实践的角度考察西方国债的发展脉络,在其变迁过程中发现国债发展的历史逻辑。通过分析得出如下结论:国债的发展是一个历史渐进过程,国债的理论与实践的发展同一定的历史阶段和经济发展状况相适应,并表现出明显的阶段性特征,国债作为政府政策工具体现着政府的意志与要求,随着社会经济条件的变迁,国债的发展与变迁与其相适应,并逐步体现出其市场性的特征,国债的经济功能也逐步由财政功能向其财政与金融双重功能的转化,国债的理论研究也由宏观逐步向宏观与微观市场结合的理论转变。
通过对国债金融的金融资产属性、金融资源属性以及金融功能属性的分析,对国债的金融功能进行了系统的经济学意义上的阐述,指出国债所具有的基本经济金融功能:资源配置功能、风险管理功能、提供流动性功能,基准利率功能、宏观经济管理功能、金融稳定与调控功能。完善的国债及国债市场所具有的这些功能并不是相互割裂的,而是密切联系相互统一并互为前提,国债经济金融功能的发挥不仅需要完善的市场经济环境也需要相应合理的制度安排,国债的各项金融功能共同统一于国债对于经济金融体系的动态演进与相互作用之中。国债的不合理运用也能导致负效应及影响,并可能会增加经济体系的财政与金融的风险,合理运用国债及国债市场是保证经济金融稳定发展的重要条件之一。在讨论国债的“准货币”和“铸币税”性质基础上,进一步论证了国债作为金融资产的货币特性以及国债所具有的货币效应。根据国债运行的不同阶段,国债的货币供应效应是不同的,影响国债货币供应效应的因素非常复杂,既有市场经济本身所具有的经济运行及经济主体行为因素,还体现着政府的制度安排与政策意图,同时还受到经济环境以及金融体制等诸多方面因素的影响与制约。在分析基本的利率决定理论的基础上,将国债因素纳入宏观经济模型,通过国债运行对于储蓄,消费、投资以及货币供求的影响分析,得出国债运行在封闭与开放不同经济条件下国债发行的利率效应。并就国债基准利率效应进行了深入的讨论。在对国债与国际收支及汇率关系的理论综述的基础上,讨论了开放经济条件下国债与国际收支以及国债与汇率的相互关系,并通过运用扩展的M-F模型分析了固定汇率和浮动汇率制度下的国债融资的政府支出效应的机制。另外,本文还从政策层面分析了国债政策与财政货币政策之间的相互关系,国债政策是财政政策与货币政策最为重要的连接渠道并具有其独特的特征,国债政策与财政货币政策的协调与配合是宏观经济管理与调控的重要内容与必然要求。对于封闭经济与开放经济条件下国债融资的财政政策与货币政策的配合与协调进行了较为深入的研究,在此基础上提出了国债政策与财政货币政策协调与配合的原则及可供选择的模式。
理论研究的最终目的在于寻求对中国国债发展的现实做出解释与分析,以及在此基础上的理论创新,并为中国经济金融的改革与发展服务。因此,本文的立足点始终围绕中国国债发展的实际情况,基于中国改革开放进程与体制转轨环境中财政、金融不断变革的特性,对中国国债的金融效应予以应有的实证分析,通过对改革开放以来至2006年中国国债与相关经济变量的相互关系进行计量检验以及经验分析,得出如下结论:(1)中国国债的货币供应效应具有明显的阶段性特征,在1994年以前,由于经济体系及制度制约,国债的货币效应并不显著,1994年后由于经济环境的变化以及国家政策的逐步调整,国债的货币供应效应有所体现,但还不是非常显著,国债的金融功能还没有充分有效的发挥出来,发展国债市场,建立完善的国债运行机制,发挥国债的货币供应的宏观经济调控效应是中国国债发展的必然选择。(2)对于中国国债发行的利率效应进行实证检验,中国国债的利率效应并不显著,分析其成因在于中国非市场化的利率体制以及金融体系发展的约束。还从实证的角度分析了中国国债利率与金融市场利率的相互关系,讨论了中国国债利率没有成为基准利率的影响因素,得出中国国债市场的发展与完善对于利率市场化改革具有重要作用。(3)同时,在国债与汇率、资本流动与国际收支之间关系的理论考察的基础上,就中国在经济转轨过程中的国债的发行对于国际收支,净出口的相互作用机制以及人民币汇率制度改革对于中国国债经济效应的影响进行了较为深入的研讨。(4)分析了改革开放以来中国国债政策运用在宏观经济管理以及市场化改革进程中的变化以及效果。中国国债政策的实施对中国经济发展与增长发挥了重要作用。
随着经济金融体制改革的逐步深化,市场主导型金融体系国家金融战略的逐步实施,资本市场尤其是国债市场的发展,对于中国经济发展,尤其是金融发展以及金融体系的完善的重要性日益显现出来。金融改革的深化离不开国债市场金融功能的完善及其有效发挥,并对国债市场的发展提出了更为迫切的要求。国债市场的建设与发展已经成为中国金融体系市场化改革的关键。因此,最后本文从中国国债及国债市场的功能定位出发,讨论了中国国债金融功能错位形成的原因及其影响,在此基础上从中国国债发展同金融体系结构、商业银行改革以及中国金融可持续发展的角度论证了中国国债及国债市场在中国金融体系变革中发挥的作用,并认为,中国的国债市场发展必须同中国的经济体制变革相适应,既要吸收国外先进的国债市场的成功经验,同时要根据我国转轨经济发展中的实际情况,按照国债市场发展本身所特有的规律,深化国债市场的改革和创新,加快国债市场发展和开放的步伐,充分发挥国债市场的经济金融功能,提升国债市场的效率,以利于最终构筑起功能完善、协调发展的金融市场体系。
The national debt, as the important macroeconomic index under the market economy condition, is the double categories of fiscal and finance. The national debt possesses the characteristics of its financial assets and financial resource attribute from the day of emerging in it, just this kind of attributive character is different from the form of the behavior or intensity of economic development degree in different economic environments, the higher economic development degree is, the mare obviously the financial attributive character of the national debt is, with the development of economy, changes and expansion of government's economic management function, the scale of the national debt increases progressively too, the national debt deepens and extensive economic influence, it is just more abundant the national debt and regarded as the behavior of financial resources as the financial assets. Theory and practice have all already proved, the national debt has been checked by finance and connection with important finance, it is that government implements the important links that the fiscal policy cooperates with monetary policy with the coordination that the national debt is operated, and is contacting the economical operation of microeconomic level and macroeconomic level in its movement of circulation. Therefore, studying the effect of the national debt must combine fiscal attribute of the national debt and financial attribute together to announce the essential characteristic of the national debt.
The national debt is a current close concerned thing of countries all over the world, and the realistic problem that China makes the transition in economy even more. China's economic growth and social development are due to the support of the national debt, the market-based reform of economy and financial operating mechanism improve the completion that is due to the operating mechanism of national debt. However, a lot of difficulties, contradictions and problems exist yet in the operation of the Chinese national debt at present. Its deep and inner reason is China still in the course of transforming into modern market economic system from traditional planned economic system, in this course, monetary system changes lag behind relatively, the realization of the function of economy and finance of the national debt is in the relative change, completion and development that lag behind. This kind of change, developing and improving the course, some respects have reflected the universal law that the Chinese debt of modern market economy operated, characteristic that some respects have Chinese transformation period. So, the main goal that this text studies is: through research the financial function of the national debt and national debt correctly to the variable of main economy and finance Influence and realizing the research of the mechanism in (factors such as money supply, interest rate, exchange rate, capital flow ,etc.), the system studies and explores the universal law on financial effect of the national debt under market economy terms deeply, analyze China transformation period financial characteristic that national debt operate objectively, Chinese function that national debt give play the China reform in banking system, and propose promoting financial function and valid route and tactics that give play to the effect of economy and finance of the national debt of the Chinese national debt rationally on this basis.
This paper, through developing and carrying on historical investigation and analysis with the theory gradual progress characteristic to different practices of the national debt of the western at stage of economic development at first, understand and grasp the historical prerequisite of development of national debt and social economic base, investigate the train of thought of development of the western national debt in terms of history and practice, find the historical logic of development of national debt in its changes. Draw the following conclusion: The development of the national debt is the course of advancing gradually of a history, theory and development practice of the national debt concern with certain historical stage and economic state of development, demonstrate the obvious phased characteristic, the national debt reflects the willing and requirement of the government as the government policy tool, with the changes of the social economic condition, development and the changes, instead of being suitable for of the national debt, and embody its market ability characteristic progressively, the economic function of the national debt is from the financial function to its finance and double transformation of function of finance progressively, the theory that the theoretical research of the national debt is combined with the microeconomic market progressively.
Through analyzed the financial assets attribute, financial resources attribute and the finance function attribute to the finance of the national debt, have carried on the exposition in the systematic economics meaning to the financial function of the national debt, point out the basic function of economy and finance that the national debt has: Resource distribution function, functions of management of risk, offering the function of liquid, function of Bench Mark, functions of management of macroeconomics, financial stability and function of regulation and control. These functions that complete national debt and market of national debt have do not isolate each other, but maintain close ties and unify and is both as the prerequisite each other, the full play of the function of economy and finance of the national debt not only needs complete market economy environment also needs corresponding and reasonable system to arrange, every financial function of the national debt is unified in dynamic gradual progress and interaction of the national debt to system of economy and finance together. The unreasonable application of the national debt can cause negative effects and influence too, increase the risks of the system finance of economy, use the national debt and market of national debt to guarantee one of the important conditions of steady development of economy and finance rationally.“mintage tax”to discuss national debt, have further proved the national debt as the monetary characteristic of the financial assets and monetary effect that the national debt has. At stage on the basis of the what the national debt operates, money supply effects of the national debt are different, the factor influencing effect of money supply of the national debt is very complicated, there are economical operation and behavioral factor of the economic subject had by itself of market economy, still reflect the system of the government is arranged with the policy intention, still influencing by a great deal of respect factors such as economic environment and banking system at the same time and restriction. On the basis of it is analyzed that the basic interest rate determines the theory, include the factor of the national debt in the macroeconomic model, run for depositing money through the national debt, consumption, investment and influence analysis of money supply, obtain the national debt and operate the interest rate effect that the national debt is issued under closing the economic condition different from open economy. On the foundation of theory survey of national debt, international revenue and expenditure and interest rate relation, have discussed the reaction of national debts and international revenue and expenditure, national debts and interest rate under the open economy condition, and has analyzed the government expenditure effect of national debt financing under the fixed exchange rate and floating exchange rate system through using expanding M-F model, have concentrated on discussing that arranges interest rate mechanism and exchange rate mechanism and corresponding international conduction mechanism which makes the effect of economy and finance of the national debt in different systems.
In addition, this paper has also analyzed the reaction between the policy of the national debt and financial monetary policy from the aspect of policy, the policy of the national debt is financial policy and the most important connection channel of the monetary policy and has its unique characteristic, national debt policy and financial coordination and it matches to be macroeconomic management and important content that adjust and control with must require of monetary policy. Cooperate with monetary policy and coordinate comparatively deep studying with the financial policy of financing of national debt under the open economy condition in closing economy, have put forward the principle that the policy of the national debt and financial monetary policy coordinate and cooperate and mode suitable for choosing on this basis.
Analyzed that the final purpose of the theoretical research lies in seeking to make explanations to the reality of Chinese national debt development, and the theory innovation on this basis, and serve for reform and development of China's economy and finance, herein the foothold on the actual conditions of Chinese national debt development, develop the characteristic that the finance and banking is being improved constantly in the bad-tempered process and system transition environment on the basis of China's reform, the financial effect on the Chinese national debt gives the analysis of due real example, economic reaction of variable go on, measure, examine and experience analyze to 2006 Chinese national debt since the reform, draw the following conclusion: (1)The money supply effect of the Chinese national debt has not obvious phased characteristics, before 1994, because economic system and system were restricted, the monetary effect of the national debt was not prominent, because the change of the economic environment and gradual adjustment of state policies after 1994, the money supply effect of the national debt reflects, but not still very prominent to some extent, the financial function fully effective yet bringing into play of the national debt, develop the market of national debt, set up complete national debt operating mechanism, the inevitable choice of giving play to the effect of macroeconomic regulation and control of the money supply of the national debt to be Chinese national debt development. (2)Examine the real example as to the interest rate effect that the Chinese national debt is issued, the interest rate effect of the Chinese national debt is not prominent, it is analyzed that its cause lies in China's non market-oriented interest rate system and restraint of financial system development. Have also analyzed the reaction of the Chinese national debt interest rate and interest rate of financial market in terms of real example, the Chinese national debt interest rate of discussion has not become the influence factor of Bench Mark, obtaining development and completion of the market of Chinese national debt will have important function on the market-based reform of interest rate. (3)At the same time, on the basis that the theory of the relation is investigated among national debt, exchange rate, capital flow, to the international revenue and expenditure on the issue of the national debt in economic transition of China, interaction mechanism and the relation and RMB exchange rate system of net export have reformed and carried on comparatively deep discussion to the influence on the economic effect of the Chinese national debt. (4)Analyzed the application of change and the result and national debt policy in the marcoeconomic management and market-based process of reform of China's financial monetary policy since reform. The implementation of the Chinese national debt policy has played an important role in China's economic development and growth.
With the gradual promotion of the economic reform in financial system, gradual implementation of the national financial strategy of financial system of the leading type of market, the capital market is especially the development of the market of national debt, as to the economic development of our country, the financial development and adjustment, optimization and importance of completion of financial system of structure. Financial promotion of reform leave national debt market financial completion of function and give play effectively, and has put forward more urgent requirement for the development of the market of national debt. The construction and development of the market of national debt has already become the key to the market-based reform of China's financial system. So, this text proceeds from Chinese national debt and functional demand of the market of national debt finally, discussion reason and influence formed of misplacing of financial function of Chinese national debt, develop with the financial system structure to the Chinese national debt on this basis, commercial bank reform and China financial angle of sustainable development prove Chinese national debt and national debt market function that give play to carry on dark reconstruct, in China financial system, the development of market of national debt of China must suit with the economic system of China improves, should absorb the successful experience of the foreign and advanced market of national debt, should be according to the actual conditions in the economic development of transition of our country at the same time, develop itself peculiar law according to national debt market, deepen national debt reform and innovation of market, speeding up the development of market of national debt, give full play to the function of economy and finance of the market of national debt, promote the efficiency of the market of national debt, in order to benefit the economic system of financial market of constructing intact and complete, coordinated development finally.
引文
①《马克思恩格斯全集》第21卷,195页
②布罗代尔:《中世纪欧洲经济社会史》第二卷,中译本,上海人民出版社1996年版574页。
①《马克思恩格斯全集》第23卷,822页
①数据取自多恩布什、费希尔:《宏观经济学》中译本,中国人民大学出版社1997年版。
①李嘉图:《政治经济学及税赋原理》,商务印书馆1962年版,第209-210页。
②萨伊:《政治经济学原理》,商务印书馆,1963年版。
①约翰·梅纳德·凯恩斯:《就业、利息和货币通论》,商务印书馆1999年版。
①托宾:《资产积累与经济活动-10年后的稳定化政策》,商务印书馆1992年版,第53-65页。
①《史记·周本纪》,《帝王世纪》
①《通志》卷三下周
②《旧唐书.卢杞传》
③《续资治通鉴长篇》卷二一九
①《文献通考.田赋五》
②《文献通考.田赋五》
③《宋史.高宗纪三》
④《宋史.高宗纪五》
⑤《宋史.高宗纪七》
⑥《文献通考.田赋五》
①千家驹编《旧中国公债史资料》,中华书局1984版,第10页
①梁启超:《中国国债史》,《饮冰室专集》之二五
①戈德史密斯《金融结构与金融发展》,上海三联出版社1993年版,第256页
①戈德史密斯:《金融结构与金融发展》,上海三联书店1990年中译本,第23页。
①凯恩斯《就业、利息和货币通论》第142页,商务印书馆1983年版。
②凯恩斯《就业、利息和货币通论》第156页,商务印书馆1983年版。
①约瑟夫.斯蒂格利茨:《经济学》(下册),中译本,中国人民大学出版社1997年版,第113页。
①星川顺一:《日本经济与财政政策》,中译本,立信会计出版社1997年版,第124、133、198-201页。
②袁东:《公共债务与经济增长》,中国发展出版社,2000年版,第164页。
①该图引自:邓子基等著《公债经济学》,中国财政经济出版社,1990年版,第531页。
①何志刚:《中国债券融资功能研究》,经济管理出版社2003年版,第92页
①艾伦和盖尔(A11en and Gale):《比较金融系统》中国人民大学出版社2002年版第365页
②马建春:债券市场的协调发展.经济科学出版社,2005年版,第78页
[1]①李扬:“国债规模:在财政与金融之间寻求平衡”《财贸经济,2003年第一期
[1] Boudoukh, J. and R.F. Whitelaw (1993),‘Liquidity as a Choice Variable: A Lesson from the Japanese Government Bond Market’, Review of Financial Studies, 6: 265–92
[2] Bemanke, Ben S., and Ilian Mihov, 1995, Measuring monetary policy. Working paper no. 5145,National Bureau of Economic Research
[3] Barr, D. G. and Priestley, R. (2004) Expected returns, risk and the integration of international bond markets, Journal of International Money and Finance, 23, 71–97
[4] Black, F., and J. Cox, 1976, Valuing corporate securities: Some effects of bond indenture provisions. Journal of Finance 31, 351-367
[5] Brennan, M., and E. Schwartz, 1978, Corporate income taxes, valuation, and the problem of optimal capital structure, Journal of Business 51, 103 114
[6] Black. H. A. and Duggarr. H., 1981, `Credit union structure, growth and regulatory problems', Journal of Finance, 36, 2, May,52-38
[7] Campbell, John Y., and John Ammer, 1993, What moves the stock and bond markets? A variance decomposition for long-term asset returns, Journal of Finance 48, 3-26
[8] Cox, J. C, Ingersoll, J. E. and Ross, S. A. (1985) An intertemporal general equilibrium model of asset prices, Econometrica, 49, 1057-72
[9] Clare, A., Maras, M. and Thomas, S. (1995) The integration and efficiency of international bond markets, Journal of Business Finance and Accounting, 22, 313–22
[10] Chaumeton, Lucie, Gregory Conner, and Ross Curds, 1996, A global stock and bond model, Financial Analysts Journal, November/December, 65-74
[11] Christiano, L. J. and Eichenbaum, M. (1992) Liquidity effects and the monetary transmission mechanism, American Economic Review 82, 346–53
[12] Datta, S., and U. S. Dhilion. 1993. Bond and stock market response to unexpected earnings announcements. Joumal of Financial and Quantitative Analysis 28 (9): 565-77
[13] Dhillon, U., and H. Johnson. 1994. The effect of dividend changes on stock and bond prices. Journal of Finance 49 (March): 281-89
[14] DeGennaro, R., Kunkel, R. and Lee, J. (1994) Modeling international long-term interest rates, Financial Review, 29, 577–97
[15] D. Heath, R. Jarrow and A. Morton, Bond pricing and the term structure of interest rates: A new methodology for contingent claims valuation, Econometrica 60 (1992)77–105
[16] Eun, C.S. and S. Janakiramanan (1986),‘A Model of International Asset Pricing with a Constraint on the Foreign Equity Ownership’, Journal of Finance, 41: 897-914
[17] Ederington, Louis H., Jess B.Yawitz, and Brian E. Roberts, 1987, The informational content of bond ratings, Journal of Financial Research 10, 211-226
[18] Elton, E. J., and T. C. Green.“Tax and Liquidity Effects in Pricing Government Bonds. Journal of Finance, 53 (1998), 1533-1562
[19] Fama. E. F., and Kenneth R. F, 1989, Business conditions and expected returns on stocks and bonds. Journal of Financial Economics 25, 23-49
[20] Fama. E. F. (1970) Efficient capital markets: a review of theory and empirical work. Journal of Finance, 25, 383-417
[21] Fama, E. F. and Schwert, G. W. (1977) Asset returns and inflation. Journal of Financial Economics, 5, 115-46
[22] Fama, Eugene F., and James D.MacBeth, 1973, Risk, return and equilibrium, Journal of Political Economy 81, 607-636
[23] Fleming, M. J., and E. M. Remolona.“Price Formation and Liquidity in the U.S. Treasury Market: The Response to Public Information.”Journal of Finance, 54 (1999), 1901-1915
[24] Garbade, K.D., and W.L. Silber. 1976. "Price Dispersion in the Government Securities Market." journal of Political Economy , 84 (8):721-740
[25] Grier.P. and S. Katz, 1976, The differential effects of bond rating changes on industrial and public utility bonds by maturity. Journal of Business 49, 226-239
[26] Gonedes.N. "Risk, Information, and the Effects of Special Accounting Items on Capital Market Equilibrium." Journal of Accounting Research (Autumn 1975): 220-56
[27] Heath, D., Jarrow, R.,Morton, A., Bond pricing and the term structure of interest rates. A new methodology for contingent claims valuation. Econometrica 60, 77-105 (1992)
[28] Harris, M., and A. Raviv, 1991, The theory of capital structure. Journal of Finance 44, 297-355
[29] Katz, S., 1974, The price adjustment process of bonds to rating reclassifications: A test of bond market efficiency, Journal of Finance 29, 551-559
[30] Kamara, A. (1994),‘Liquidity, Taxes, and Short-term Treasury Yields’, Journal of Financial and Quantitative Analysis, 29: 403-17
[31] Kuratani, M., and Endo, Y.,“Establishing New Financial Markets in Japan,”Nomura Research Institute (NRI) Paper 6, 2000
[32] La Porta, R., Lopez-De-Silanes, F., Shleifer, A., and Vishny, R.,“Law and Finance,”Journal of Political Economy, 1998, 106(6), pp. 1113-55
[33] Levy. H. and Z. Lerman (1988), The Benefits of International Diversification in Bonds, Financial Analysts Journal, (9-10), pp. 56-64
[34] McCauley, Robert N., and Yung-Chul Park. 2004. Developing the Bond Market(s) of East Asia: Global, Regional or National? Paper presented at the Korea University/BIS conference, 22-23
[35] Merton, R. C. (1973) An intertemporal capital asset pricing model, Econometric, 41, 867-87
[36] Myers, S., 1984, The capital structure puzzle. Journal of Finance 39, 575-592
[37] Reiter, S. (1990). The use of bond market data in accounting research. Journal of Accounting Literature 9: lS3-22
[38] Schinasi, G.J. and Smith, R.T.,“Fixed Income Markets in the United States, Europe and Japan: Some Lessons for Emerging Markets,”IMF Working Paper WP/98/173, 1998
[39] Sarig, Q., and A. Warga. 1989. "Bond Price Data and Bond Market Liquidity." journal of Financial and Quantitative Analysis, vol. 24, no. 3 (September):367-378
[40] Ziebart, D., and S. Reiter. 1992. Bond ratings, bond yields and financial information. Contemporary Accounting Research 9 (Fall): 252-82
[41]白钦先.白钦先经济金融文集[C](第二版).中国金融出版社,1999
[42]白钦先.金融可持续发展研究导论[M].中国金融出版社,2001
[43]陈岱孙,历以宁.国际金融学说史[M].中国金融出版社,1991
[44]陈雨露,汪昌云.金融学文献通论[C].中国人民大学出版社,2006
[45]殷剑峰.金融结构与经济增长[M].上海人民出版社,2006
[46]樊明太.金融结构与货币政策传导机制[M].中国社会科学出版社,2005
[47]王晋斌.结构交易与绩效-中国资本市场理论与实证[M].中国经济出版社,2006
[48]马建春.债券市场的协调发展[M].经济科学出版社,2005
[49]吴晓求等.市场主导型金融体系:中国的战略选择[M].中国人民大学出版社,2005
[50]龚仰树.国内国债经济分析与政策选择[M].上海财经大学出版社,1998
[51]王国刚.中国资本市场的深层问题[M].社会科学文献出版社,2004
[52]中央国债登记结算公司研究会.债券市场创新理论与实务[C].中国市场出版社,2005
[53]中央国债登记结算公司研究会.国际债券市场考察报告》[C].中国市场出版社,2006
[54]杨大揩.国债利率管理[M].上海财经大学出版社,1999
[55]杨大揩.国债综合管理[M].上海财经大学出版社,2000
[56]李新.中国国债市场机制及效率研究[M].中国人民大学出版社,2003
[57]高培勇.国债运行机制研究[M].商务印书馆,1995
[58]劳平.融资结构的变迁研究[M].中山大学出版社,2004
[59]张杰.中国金融成长的经济分析[M].中国经济出版社,1995
[60]邓子基.公债经济学[M].中国财政经济出版社,1990
[61]刘振亚.美国债券市场[M].经济科学出版社,2001
[62]张宗新.中国融资制度创新研究[M].中国金融出版社,2003
[63]孔祥毅.百年金融制度变迁与金融协调[M].中国社会科学出版社,2002
[64]王继祖.美国金融制度[M].中国金融出版社,1994
[65]刘波.资本市场的结构研究[M].复旦大学出版社,1999
[66]类承曜.国债的理论分析[M].中国人民大学出版社,2002
[67]陈时兴.中国转型期国债的金融分析[M].中国社会科学出版社,2001
[68]袁东.公共债务与经济增长[M].中国发展出版社,2000
[69]刘华.公债的经济效应研究[M].中国社会科学出版社,2004
[70]王金龙等.财政风险与金融风险[M].中国财政经济出版社,2004
[71]何志刚.中国债券融资功能研究[M].经济管理出版社,2003
[72]曹荣湘主编.风险与金融安排[C].社会科学文献出版社,2004
[73]应展宇.储蓄-投资转化中的资本市场[M].中国人民大学出版社,2004
[74]王文平.经济发展中的利率政策[M].中国经济出版社,2005
[75]张馨、杨志勇、郝联峰、袁东.当代财政与财政学主流[M].东北财经大学出版社,2000
[76]陈信华.开放经济国际收支的宏观调节论[M].立信会计出版社,2000
[77]【美】雅克布.A.弗兰克尔、阿萨夫.雷兹恩、阮志华.世界宏观经济学:全球一体化下的财政政策与经济增长[M].经济科学出版社,2005
[78]【美】戈德史密斯.金融结构与金融发展[M].中国社会科学出版社,1993
[79]【英】马歇尔.经济学原理[M].商务印书馆,1964
[80]【美】约瑟夫.熊彼特.经济分析史[M].商务印书馆,2001
[81]【意】艾米利奥.巴鲁齐.金融市场理论-均衡、效率与信息[M].上海财经大学出版社,2006
[82]【美】詹姆斯.C.范霍恩.金融市场利率与流量[M].东北财经大学出版社,2000
[83]【美】兹维.博迪、罗伯特.C.莫顿.金融学[M].中国人民大学出版社,,2000
[84]【美】弗兰克.J.法博齐.固定收益证券手册[M].中国人民大学出版社,2005
[85]【美】莫迪利亚尼.资本结构理论研究论文集[M].上海三联书店,2003
[86]【美】富兰克林.艾伦.比较金融系统[M].中国人民大学出版社,2002
[87]【美】米什金.货币金融学[M].中国人民大学出版社,1998
[88]【美】P.金德尔伯格.西欧金融史[M].,中国金融出版社,1991
[89]【德】卢卡斯.门克霍夫.金融市场的变迁[M].中国人民大学出版社,2004
[90]【英】克里斯.布鲁克斯.金融计量经济学导论[M].西南财经大学出版社,2005
[91]【美】约翰.Y .坎贝尔.金融市场计量经济学[M].上海财经大学出版社,2003
[92]【美】杰弗里.萨克斯.全球视角的宏观经济学[M].上海人民出版社,1997
[93]【意】贾恩卡洛.甘道尔夫.国际金融与开放经济的宏观经济学[M].上海财经大学出版社,2006
[94]【美】大卫.N.海曼.财政学理论在政策中的当代应用[M].北京大学出版社,2006
[95]【美】尼古拉斯.施普尔伯.国家职能的变迁[M].辽宁教育出版社,2004
[96]【美】多恩.布什,费希尔.宏观经济学[M].中国人民大学出版社,1997
[97]【冰岛】思拉恩.埃格特森.经济行为与制度[M].商务印书馆,2004
[98]【美】弗兰克.法博齐.资本市场机制与工具[M].经济科学出版社,1998
[99]【美】爱德华.S.肖.经济发展中的金融深化》,上海人民出版社,1988
[100]王晋斌.金融控制、风险化解与经济增长[J].经济研究,2000(4):11-18
[101]周业安,赵毅.我国金融市场的测度、市场化过程和经济增长[J].金融研究,2005(4):68-78
[102]巴曙松.中国债券市场的发展及对利率政策、银行风险的管理[J].金融研究,2002(2):67-72
[103]张杰.渐进改革中的金融支持[J].经济研究,1998(1):51-56
[104]张杰.何种金融制度安排更有利于转轨中的储蓄动员与金融支持[J].金融研究,1998(12):14-21
[105]谢平.经济制度变迁和个人储蓄行为[J].财贸经济,2000(10):15-20
[106]谢平,张怀清.通货与债券共存之谜研究评述[J].经济学动态,2006(7):89-91
[107]易纲.中国金融资产结构分析及政策含义[J].经济研究,1996(12):26-33
[108]吴晓求.关于当前我国金融改革和资本市场发展若干重要问题的看法[J].金融研究,2006(6):15-22
[109]吴晓求.现代金融的核心功能是配置风险[J].经济经纬,2003(6):125-128
[110]赵红.17-18世纪英国国债制度述评[J].社会科学载刊,2006(3):177-183
[111]吴迪.美国债券市场发展对中国的有益启示[J].亚太经济,2006 (2):50-52
[112]沈炳熙.英国债券市场的特点及其启示[J].中国货币市场,2006(9):39-42
[113]桂荷发.中国债券市场:发展、开放与主要问题[J].国际金融研究,2004(9)
[114]潘国琪.近代国内公债史研究[J].浙江大学学报,2003(9):114-121
[115]何志刚阮鉨.从基准利率视角分析国债金融效应[J].投资研究,2006(9):37-40
[116]何志敏.我国国债政策的经济分析[J].财贸研究,2004(1):70-74
[117]邢毓静,巴曙松.美国公开市场业务操作的基本原则及其交易方式[J].世界经济研究,1996(2):38-40
[118]赵毅.国债规模与国债市场金融功能的发挥[J].南开经济研究,2005(2):99-100
[119]李扬.国债规模:在财政与金融之间寻求平衡[J].财贸经济,2003(1)
[120]贾康,赵全厚.国债适度规模与我国国债的现实规模[J].经济研究,2000(10):
[121]张馨,袁东.论国债与货币市场和资本市场的关系[J].金融研究,1998(4):47-52
[122]邓子基.财政政策与货币政策配合同社会经济发展的关系[J].当代财经,2006(1):33-38
[123]白钦先,谭庆华.论金融功能的演进与金融发展[J].金融研究,2006(7):41-52
[124]赵宇杰.中国金融体系形态的演进:以金融市场位驱动力[J].金融研究,2006(7):65-70
[125]王广谦.我国金融发展中的结构问题分析[J].金融研究,2002(5)
[126]潘英丽.21世纪金融业基本功能的重新整合及其趋势[J].国际金融研究,2001(3)
[127]孙立坚.金融体系的微观传导机制[J].上海财经大学学报,2004(1):3-12
[128]蒋柱斌.我国债券市场货币政策传导效应实证分析[J].经济论坛,2006(14):44-47
[129]柯珂.我国利率市场化改革与债券市场[J].宏观经济研究,2004(2):46-49
[130]涂立桥.我国国债可持续性的研究[J].统计与决策,2005(4):106-107
[131]李彪,杨宝臣.我国货币政策对收益率曲线效应关系的实证研究[J].上海金融,2006(4):36-39
[132]战松.制度与效率:基于中国债券市场的思考[D].博士学位论文,西南财经大学,2006
[133]冯光华.中国债券市场发展模式研究[D].博士学位论文,西南财经大学,2006
[134]张东生.中国债券市场:发展与创新[D].博士学位论文,中国社会科学院研究生院,2000
[135]王刚.西方各国金融系统演进和功能制度分析[D].博士学位论文,吉林大学,2004
[136]朱玺.国债政策的经济增长效应研究[D].博士学位论文,复旦大学,2004
[137]蒋泽云.中国国债市场效率问题研究[D].博士学位论文,华东示范大学,2006
[138]范炜.我国国债经济绩效研究—基于边界管理视角的理论与实证分析[D].博士学位论文,浙江大学,2005
[139]刘辉.央行参与下的国债市场流动性研究:机理、模型与实证[D].博士学位论文,南开大学,2005