Analysis In Scale And Macroeconomic Regulation And Control Function Of Government Bond In China

At present, the role of government bonds is no longer simply used to solve the financial difficulties and offset deficits, the role of macroeconomic regulation and control are becoming increasingly prominent. Government bond policy has been an important subsystem in national macroeconomic policy is an integral part of fiscal policy, is one of the important levers used to regulate the allocation of resources, economic interests and the overall economic performance. The scale of government bonds determine its ability effectively play the role of macro-control can or not. So the research on the scale of the government bonds and its role in macro-control will be very necessary.This paper analyzes the government bond-related theory and its macroeconomic role in starting. Based of analysis government bonds scale and their microeconomic effects, this paper considers that there is an inverted U-shaped curve relationship between the bonds size and its macroeconomic effects. In an optimal scale, the positive effects of government bonds t achieve maximum, greater than or less than this size will have a lack of effect. This paper is structured as follows:The first part introduces the basic situation of government bonds and the currently research status at home and abroad.The second part mainly analyzes the government bonds scale and their microeconomic effects. This part analyzes China's government scale in four areas: national debt burden rate, residents'debt capacity, government bonds dependence, bond debt service ratio. This paper argues that China's treasury bonds have more upside. But when using the bond policy, government should pay attention to the control of bond scale to prevent excessive expansion caused by the scale of the debt crisis. An important issue China now facing is China's bond market is not matures enough. Even though there is space for the rising of bond scale, it does not carry out large-scale adjustments. This will undoubtedly impede China's economic development.The third part mainly analyzes the government bonds macro-control mechanism in China. This part mainly analyzes from the two aspects of financial function and monetary functions of government bonds.The forth part is policy recommendations. This part proposes the relevant recommendations on how to sound macro-management system for China's government bonds and how to choose the government bonds policy.