Is the issuance of bonds monetary policy or fiscal policy?

The issuance of treasury bonds is the need to borrow money from the public in order to implement a proactive fiscal policy.

It is the People's Bank of China that buys government bonds, not **, it is a method of implementing monetary policy by the central bank, and it belongs to the open market business.

Fiscal policy includes national bonds, taxation, fiscal investment, fiscal subsidies, transfer payments, and so on.

Central banks generally release monetary policy.

The three traditional policies: changing the reserve requirement ratio, adjusting the rediscount rate, and open market business.

Supplementary policies: selective credit control, direct credit control, etc.

Intermediate indicators: control the amount of money issued, control the interest rate, control the inflation rate.

If you look back at it, there's a little bit of a section that says the impact of the bond issuance on the economy, and it's related to the multiplier. The issuance of bonds is only a means of implementing policy, and there seems to be no either/or relationship. Fiscal and monetary policies can also be achieved by changing the rediscount rate and reserve ratio.

Bonds are public market operations.

ps；It is an expansionary fiscal policy, also called an active fiscal policy, it seems.

Whether the issuance of government bonds is fiscal policy or monetary policy.

Whether the issuance of government bonds is fiscal policy or monetary policy.

This is monetary policy, buying bonds, putting money into the market, bonds** going up, and market interest rates falling.

Fiscal policy refers to the purchases of the Ministry of Finance, including infrastructure projects, national construction, military spending, and so on.

But monetary policy refers to the regulation of money and interest rates and the control of credit in relation to the amount of money issued.

Monetary policy includes general policies such as statutory reserve ratio, open market operations, and rediscount policies, as well as selective policies such as credit control.

Whether the issuance of government bonds is fiscal policy or monetary policy.

The issuance of government bonds is a fiscal policy, not a monetary policy.

Monetary policy refers to the measures taken by ** or ** banks to influence economic activity, especially measures to control the amount of money and regulate interest rates.

Fiscal policy refers to the guiding principles of fiscal work stipulated by the state in accordance with the tasks of political, economic, and social development in a certain period, and through changes in fiscal expenditure and taxation policies, to influence and regulate aggregate demand.

Extended Materials. First, fiscal policy is an integral part of the country's overall economic policy. A special form of using credit to raise fiscal funds is the issuance of treasury bonds to raise funds for infrastructure construction, so this is a kind of fiscal policy.

The national debt is a fiscal policy. The national debt policy is an important subsystem of the state's macroeconomic policy, an integral part of the fiscal policy, and one of the important levers for adjusting the allocation of resources, economic efficiency, and the operation of the entire economy.

It is a general term for the policy of issuance, digestion, circulation and repayment of public bonds. The selection and expression of the policy objectives of national debt in different countries are different, which can be summarized as: raising fiscal funds; reduce financing costs; Through the diversification of treasury bond types, to meet the needs of different investors; Maintain the stability of the bond market; Macroeconomic regulation and control of the national economy.

Second, generally speaking, there are four main ways to issue treasury bonds (pay attention to the advantages and disadvantages of various treasury bond issuance methods):

1.fixed-income sales (the issuance of treasury bonds according to predetermined issuance conditions in the financial market has four characteristics: short subscription period, fixed conversion conditions, and unlimited conversion institutions, which are mainly applicable to transferable medium and long-term bonds);

2.Public offering auction (also known as competitive bidding) is an auction method issued through public bidding in the financial market, which has three characteristics: the issuance conditions are determined by bidding, and the financial department or **bank is the issuer, which is mainly applicable to **short-term** bonds, especially treasury bonds; The public offering method is mainly applicable to the issuance of **short-term** bonds and Chinese bonds, especially the issuance of treasury bonds.

3.The continuous distribution method (also known as the sales and issuance method) refers to a relatively flexible distribution method in which the issuer entrusts the issuer to set up a special counter in the financial market. Its characteristics are:

Financial institutions that are uncertain about the duration of the issuance, uncertain about the conditions of the issuance, and mainly issue through the brokers of **banks, applicable to negotiable bonds, especially savings bonds);

4.The underwriter issuance method (also known as the direct ** method, which refers to the one-to-one negotiation between the financial department and the subscriber, the issuance method of the first bond), the characteristics: the issuer is limited to the financial department, the subscriber is mainly limited to institutional investors, the issuance conditions are determined by direct negotiation, mainly used to promote some special types of ** bonds), and the ** bond issuance method suitable for countries with stable interest rates in the financial market is underway.

Legal analysis: The issuance of treasury bonds belongs to fiscal policy, which refers to the guiding principles of fiscal work stipulated by the state according to the tasks of political, economic and social development in a certain period, and affects and regulates aggregate demand through changes in fiscal expenditure and tax policy; Monetary policy refers to the measures taken by the bank to influence economic activities, especially the measures to control the money supply and regulate interest rates.

Legal basis: Regulations of the People's Republic of China on Information Disclosure

Article 7: All levels of people shall actively promote information disclosure efforts, gradually increasing the content of information disclosure.

Article 8: The people at all levels shall strengthen the standardization, standardization, and management of information resources, strengthen the construction of information disclosure platforms on the Internet, promote the integration of information disclosure platforms and government service platforms, and increase the level of handling information disclosure.

Article 9: Citizens, legal persons, and other organizations have the right to supervise administrative organs' information disclosure efforts, and to submit criticisms and suggestions.

The issuance of bonds is a legal act in which the issuer offers investors to issue bonds with certain creditor's rights and payment conditions in accordance with the procedures prescribed by law for the purpose of borrowing funds.

Bond issuance is one of the important forms of issuance. It is the process of raising funds in the form of bonds, through which the issuer transfers the bond to its original investors as the ultimate debtor.

Bonds are issued in accordance with legal procedures, and it is agreed that the principal and interest will be repaid within a certain period of time. Bonds are issued to investors when the state or region, financial institutions, enterprises and other institutions borrow direct bonds from the society to raise funds, and promise to pay interest at a specific interest rate and repay the principal according to the agreed conditions.

Whether the issuance of government bonds is fiscal policy or monetary policy.

From this point of view, does the issuance of treasury bonds have the effect of reducing the amount of money circulating in the market, thereby suppressing aggregate demand? Is it contractionary fiscal policy?

First, it is important to understand what contractionary fiscal policy is. Contractionary fiscal policy refers to the policy of curbing the growth of aggregate social demand by increasing fiscal revenue or reducing fiscal expenditure, and its essence is to reduce the amount of money in circulation and prevent the economy from overheating and expanding.

And then, what is the national debt. A way to raise capital using a credit profile (bonds).

Whether the national debt is tightened or expanded depends on the use of the funds raised. If you invest and increase your spending, it's expansionary. If it is to reduce the circulation of money, it is contractionary.

However, government bonds are generally issued for investment, so they are generally expansionary.

The issuance of treasury bonds belongs to fiscal policy, which refers to the guiding principle of fiscal work stipulated by the state in accordance with the tasks of political, economic and social development in a certain period, and affects and regulates aggregate demand through changes in fiscal expenditure and tax policy; Monetary policy refers to the measures taken by ** or ** banks to influence economic activities, especially the measures to control the money supply and control the interest rate of the lufan.

China's fiscal policies include: fiscal revenue (mainly taxes), fiscal expenditures, national bonds, hail investment, etc.; Monetary policies include: controlling the amount of money issued, using macroeconomic regulation and control, regulating the loans of the first class, open market operations, deposit reserves, rediscount rates, etc.