国债流通

第三章是国债流通市场效率问题的分析。

First analyze the efficiency of information revelation in circulative market .

试析我国国债流通市场流动性发展

On Development of Governmental Bond Market 's Mobility

即使减去两国公共部门（尤其是日本）所持有的国债份额，流通中的国债规模仍然极为庞大。

Even adjusting for the share of obligations held by the two countries ' public sectors ( especially Japan ), the tradable stock is enormous .

国债市场的流通资金水平哪也比不了，如果投资人只是期望为投资寻求短期庇护的话，那长期的财政问题也就无足轻重了。

The Treasury bond market offers a level of liquidity that no one else can match . Long-term fiscal problems matter little when investors are hoping to protect their portfolios for only a couple of months .

此外，大部分国债都不会经常流通。

Still , much of that is not traded regularly .

从理论上说，国债的发行和流通会对货币供给量、利率和资产价格产生重要影响，进而对货币政策效应具有重要影响。

According to theoretical analysis , the circulation of nation debt has an vital impact on monetary supply , interest rate and stock price .

在分析收入效应方面，分别从国债的发行、流通和偿还三个部分探讨了国债融资对社会整体和个人收入分配的影响。

The effect of income studies the influence that national debt to income both the society and the person from issue , exchange and repayment of national debt .

同样的，国债回购市场的规范和发展也反过来影响着国债的发行和流通。

In the same time , the repo market affects inversely the bond market 's issuance , scale and development .

我国的国债市场被人为的分成交易所市场和银行间市场，不同的国债投资主体被限制在不同的国债流通市场进行交易。

China bond market is divided into two parts : the exchange market and intra bank market .