Fiscal and Monetary Policies Coordination:US Sample and China Path
This paper selects the fiscal policy of major countries as the research object,and conducts a retrospective study of the financial history from two dimensions:the institutional evo-lution of US fiscal policy and the coordination of monetary policy.The conclusion is drawn that firstly,US fiscal policy exhibits institutional and theoretical evolution;secondly,the US Federal Reserve's investment in US bonds is driven by deficit economics,and foreign official holdings have a currency backflow effect.On this basis,this paper puts forward strategic suggestions:first,the central bank's massive purchase of treasury bond in the open market should not be sub-ject to theoretical constraints but should evaluate the policy effect;second,treasury bond is with fiscal function,and the purchase/issuance should reflect the coordination of fiscal and monetary policies;third,"giving play to the benchmark function and unblocking the transmission obstruc-tion"is the prerequisite for treasury bond as the monetary policy tool of the central bank;fourth,expanding the long-term holding of renminbi sovereign bonds by overseas officials is a necessary link in the evolution of major currencies.
fiscal policymonetary coordinationtreasury bond investment
万方数据
维普
