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本文分析的背景是现代西方发达国家国债市场 ,以期为中国国债市场发展提供一个可资比较研究的分析框架。全文结构如下 :第一部分分析国债市场流动性的定义及其对金融体系和货币政策的影响 ;第二部分考察国债市场流动性的度量方法与指标 ;第三部分从国债微观市场结构、产品结构、持有者结构等方面分析影响国债市场流动性的因素 ,最后提出国债分析的财政视角与金融视角的矛盾作为结语。
The background of this paper is the background of the bond market of modern western developed countries, with a view to providing a comparatively analytical framework for the development of China’s bond market. The full text structure is as follows: The first part analyzes the definition of liquidity in the bond market and its impact on the financial system and monetary policy; the second part examines the measurement methods and indicators of liquidity in the bond market; the third part analyzes the market structure, product mix, Holder structure and other factors that affect the liquidity of the bond market, and finally put forward the contradiction between the financial perspective and the financial perspective of the national debt analysis as the conclusion.