国债期限结构为何刚性难调——基于中国债券市场制度约束的分析

中国虽然从国债年度额度审批制度转变到国债余额管理制度,但是国债期限结构创新的制度约束仍然存在。研究表明国债余额管理制度没有解决长期国债短期化的制度供给问题,财政国库现金管理制度缺位是国债期限结构创新的制度供给约束;现行汇率制度制约着央行对短期国债的需求,央行票据对短期国债出现了替代现象,这些构成了国债期限结构创新的需求制约因素。最后,本文提出国债期限结构创新的一些政策建议。

Why it is hard to tune the maturity structure of treasury bonds

The treasury bonds management in China has changed from the annual limit approval to the outstanding balance management. However, there are still some systemic constraints in the innovation of the maturity structure. The research indicated that the outstanding balance management does not solve the supply problem of short-termism in long-term treasury bonds, and the restriction in innovation was caused by the lack of the treasury cash management policies. It was also caused by the current foreign exchange po...