The Effect of Direct Debt Financing on the Money Supply
将直接债务融资嵌入货币供给理论模型，分析其对货币乘数的影响，并通过M2、贷款和债券余额的回归模型验证理论，提出发展债券市场以增强货币政策有效性的建议。
Following the money supply theory,by defining the ratio p,the paper embeds direct debt financing into theoretical model of money supply,and then analyzes the impact of different debt financing on money derivative. Furthermore,by conducting regression model on the relationship among the amount of M2,loans and bond outstanding,the paper confirms the results of theoretical analysis from an empirical point of view,and raises policy suggestion on developing bond market and enhancing the effectiveness of monetary policy.