Research on the Operation Mechanism of Government Bonds

Author: Gao Peiyong
Publisher:
Publish Date: 1995-04-01
Features: The three directions of government bond research mentioned above can be summarized as: institutional research on government bonds, microeconomic analysis of the foundation of government bonds, and macroeconomic analysis of the operation of government bonds. These three aspects are interrelated. The purpose of institutional research on government bonds should be to improve and optimize it. However, if there is no clear understanding of the behavioral responses of debt recipients and other parties, or if the reasons behind the government's macroeconomic decisions on borrowing are not well understood, it would be impossible to improve and perfect the government bond system. Microeconomic analysis of the foundation of government bonds can provide a more specific understanding of the responses of various economic entities to government bonds, thereby more effectively grasping the impact of government bonds on the market economy. Macroeconomic analysis of the operation of government bonds explores the possibilities and conditions for the government to conduct macroeconomic regulation and control of the market economy from the perspective of government bonds. Only by combining these three aspects can we effectively address issues related to government bonds in a way that integrates theory with reality, aligns policy with institutions, and coordinates market operations with government regulation. As indicated by the title of this work, Comrade Gao Peiyong's book is an economic analysis of the operation of government bonds, primarily from a macroeconomic perspective. However, the author has not overlooked the microeconomic foundation of the operation of government bonds. The examination of the impact of government bonds on income, consumption, and investment in Chapters 2 and 3 of this chapter is essentially a comprehensive explanation of the behavioral responses of individuals, households, enterprises, and non-governmental departments to government bonds. However, the author has not conducted empirical analysis in this regard. The author has not conducted a comprehensive examination of the government bond system in this book, but since the focus of this book is on the macroeconomic analysis of the operation of government bonds, it inevitably pays attention to government bond management. Therefore, in Chapter 8, the author explores the relationship between government bond management and macroeconomic regulation and control, which also involves some exploration of the policies and basic institutions of government bond management. This book can make certain contributions to the research on government bonds conducted by the Chinese academic community. Its contributions mainly lie in the following three points: building on the foundation of previous work (including the author's own previous research), making further progress; examining the entire process of the operation of government bonds from a broader perspective, specifically from the macroeconomic angle; and basing itself on the actual conditions of China while absorbing some theoretical viewpoints and analytical methods from Western economics, achieving better results.