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一、发行规模问题我国自改革以来,国债规模增长较快.1981年发行的第一期国库券数量为48.62亿元,至1994年增加到1000亿元,1995年达1537亿元,1996年计划发行量为1920亿元.据推算如果按近年的速度增长,到本世纪末.国债的发行规模将达三、四千亿元.尽管国债规模增加,有力地支持了减权让利式的改革模式.为国民经济建设筹集了大量资金.但是我们必须看到,国债毕竟是一种有偿性的财政收入形式,其规模受到诸如社会应债能力,政府偿债能力、国民经济承受能力等诸多因素的制约.超越一定数量界限的过多国债发行,很有可能引发债务危机.
First, issue size issue Since the reform, the scale of treasury bonds grew rapidly. The first issue of treasury bonds in 1981 was 48.62 billion yuan, up to 100 billion yuan in 1994 to 153.7 billion yuan in 1995, planned to issue The amount of 1920 billion yuan.It is estimated that if the rate of growth in recent years by the end of this century, the issue of treasury bonds will reach 3, 400 billion yuan in size, despite the increase in the size of treasury bonds, effectively supported the model of the reform of decentralization However, we must realize that treasury bonds are, after all, a form of paid financial revenue that is constrained by many factors such as the ability of the government to meet its debt, the ability of the government to pay its debts, and the affordability of the national economy. Excessive issuance of treasury bonds beyond a certain number of limits is likely to trigger a debt crisis.