公开市场业务、公告操作与国债规模

20世纪90年代以来在西方市场经济国家兴起的公告操作方式,不仅使公开市场业务突破了对国债规模要求的限制,而且在相当程度上弥补了公开市场业务的缺陷,提高了货币政策的运行效率.鉴于我国国债规模相对较小,远远不能适应公开市场操作要求的情况,我们有必要借鉴国外的经验,积极创造条件实行不依赖于国债规模且有效的货币政策操作模式即公告操作.

Open Market Operations, Open Mouth Operations and Quantity of Treasury-Bond

Open mouth operations have boomed in most market economy countries since 1990s. It not only makes a decrease in the required size of treasury-bond market but also makes up for the deficiency of open market operations. Because of small size of treasury-bond market in China, which doesn't satisfy the need of open market operations, we should use the experience of other countries for reference and create favorable conditions to put the open mouth operations into practice, which doesn't depend on the quantity of treasury-bond and is a effective mode of monetary policy.