A Review of Inflation-Indexed Bonds and Its Implications for China
Under the background of the aftermath of the pandemic,the Russia-Ukraine conflict and high global infla-tion,inflation index bonds have highlighted their value because of their function of protecting investors'returns from or less eroded by inflation,which may become an optional measure for China to further deepen reform and im-prove people's livelihood.In view of the abundant practice and research achievements in this field in other countries or regions,after exploring the root of its practice and research,this paper systematically makes a review of the func-tions of inflation-indexed bonds from the perspectives of investors,issuers and monetary authorities,and points out their risks as well.Considering that the yield of inflation-indexed bonds provides important but imperfect informa-tion for inflation expectations,the existing studies are elaborated from two important aspects:liquidity risk premium and inflation risk premium.Finally,we look ahead to the future study in the field of inflation indexed bonds and pro-vide some valuable implications for China.
NETL
NSTL
万方数据
维普
