借換債は日銀の「買戻し債」
借換債は、日銀の「買戻し債」として、政府(国債整理基金)が発行'(市中銀行へ入札)して、日銀が買いオペすることで、日銀の帳面で、
日銀 借換債(買戻し) / 買いオペ満期債
として相殺、消去(write off)されている。
「入札する一般会計からの新発債35.6兆円」から 「一般会計歳出・債務償還費16.8兆円」は控除されるのではなく、既発債として市中において期日を迎える「満期到来債」への決済(償還)に歳出されている。これは、「６０年償還ルール」で当てはめられた令和５年度の「未償還既発債」(発行国債残高)からの「見立て減価償却相当額面」である。
元々、そしてほかの主権国家・共同体にはない償還の仕組みで、中央銀行制をとる国庫にあっては、そういった「償還期日を迎える既発債(中央銀行に買いオペされてある通貨発行の見返債権の国債 ∔ 市中にある国債)の償還は、
❶中銀保有分の以下の仕訳
中銀 ー / (-)発行銀行券＋満期国債(売現先)
政府 満期国債(買現先) / 見返負債
による対日銀分の償還を済ませて、
❷政府は、これを入札による中銀買上げとして売戻すことで対市中満期到来債への償還財源の公債金を得る。
政府 公債金 / 満期国債(売現先の借換債)
中銀 満期国債(借換債) / 発行銀行券(→公債金)
なお、先に政府が「歳入:新発債16.8兆円」として発行した一般会計からの特別会計繰入(歳出)の宛ての新発債も、日銀から即買いオペされている。
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- アクティブ桂木 健次なお、❶の 政府 満期国債(買現先) / 見返負債と貸記された「見返負債」は、政府(国債整理基金)が、借記の「満期国債(買現先) 」を❷の 政府 公債金 / 満期国債(売現先の借換債)として、 ∴ 政府 満期国債(買現先) / 満期国債(売現先の借換債)とし尽くすことで帳面相殺 (write off)される。
終活：「研究の自分史」を始めた。
齢８６をあと３月したらむかえることで、先月から研究の自分史をFacenookの「ページ」で始めることにした。
Monetary authority to redeem and finance government debt(refunding bonds and grant bonds)
Monetary authority to redeem and finance government debt
(refunding bonds and grant bonds)
Katsuragi, Kenji
Key words: government debt, central bank, government finance source, redemption, currency issue proceeds, public debt funds
Aims: The redemption of government bonds is not based on the “GDP (value added) of future generations”.
The redemption of government bonds is not done by the “GDP (value added) of future generations”, but by the economic entity through consumption, which is the final value added for the future.
The “shadow price” of finance (currency value), which is regarded as intermediate consumption for the economic entity to generate final GDP (value added) for the future through consumption, is the “shadow price” of the currency issue.
The proceeds are redeemed from the proceeds of the currency issue, meaning the ‘shadow price’ of the currency. Taxes from the general budget
The ‘government debt cost’, which is financed by tax revenues from the general budget and debt (government bonds), is a fixed-rate transfer.
The ‘government bond expenses’, which are financed by tax revenues and debt (government bonds) from the general budget, are mainly used to pay the ‘interest’ endorsed on the bonds to be redeemed and to finance the accounting for their redemption.
The ‘government bond expenses’ are mainly used to pay the ‘coupon’ endorsed on the bonds to be redeemed as a fixed-rate transfer and to fund the accounting and operational reserve for their redemption. In other words, future generations in the near future will bear the cost of the ‘interest payments’ from their taxes.
The future generations of the near future will be responsible for the ‘interest payments’ and special account operating expenses from their taxes.
1.1.1 Government revenue sources and expenditure components
Government revenue is the total amount of public sector (central government, local government, municipalities, etc.) income in a financial year.
The modern public accounting system is based on the principle of independence of accounting years.
The modern public accounting system is based on the principle of fiscal independence, and the revenues within a financial year are called revenues. Revenue is therefore the flow that can be used for expenditure.
The sources of revenue are (1) taxes, (2) public bonds (government bonds and municipal bonds1), (3) public debt (government bonds and municipal bonds2), and (4) the flow of funds that can be used to cover expenditure.
(2) Government bonds (government bonds and municipal bonds 1), (3) The main sources of revenue are (i) taxes, (ii) public bonds (government bonds and municipal bonds1 ) and (iii) gains on the issue of currency, as well as user fees and charges, subsidies and contributions. In addition, there are user charges, fees, grants and contributions.
(i) The resource allocation function (i.e. the provision of the necessary amount of public goods such as infrastructure, school education and national defence, which tend to be under-supplied through the market).
Research note].
(1) the resource allocation function (provision of the necessary amount of public goods such as infrastructure, school education and national defence, which tend to be under-provided through the market), (2) the income redistribution function (mitigation of income inequality through progressive taxation, social security and unemployment insurance systems), and
(iii) demand creation (from macroeconomics, the creation of effective demand through the multiplier effect).
(from macroeconomics, the creation of effective demand through the multiplier effect).
This paper examines the nature of financial resources in relation to expenditure, which determines the functioning of public finances.
It then examines how the revenue from (1) taxes, (2) public debt (government bonds and municipal bonds) and (3) gains on the issue of currency, etc., should be allocated to the national general and special accounts.
The revenue from the general account is divided into (1) taxes, (2) public bonds (government bonds and local government bonds), and (3) proceeds from the issue of currency.
The revenue of the general account consists of (1) taxes (tax revenues) + (2) public debt (of which government bonds) and (3) gains on the issue of currency (of which treasury bills from the Bank of Japan).
(3) Gains on currency issuance (of which the Bank of Japan pays to the national treasury *2).
2) Gains on currency issuance The amount of the gain on currency issuance includes the amount of
The amount of reduction (discount) of bonds held by the Bank of Japan and the accrued interest margin are transferred to the Special Account Debt Consolidation Fund under the revenue item ‘Public Debt Fund’.
The amount of the gain on currency issuance, the amount of reduction (discount) of government bonds held by the Bank of Japan and the interest margin generated are transferred to the Special Account Debt Consolidation Fund under the revenue item ‘Public Debt’. In addition, the redemption of government bonds issued by the Government of
The redemption of government-issued bonds is financed by the Bank of Japan from gains on the issue of currency by purchase (cheque).
The General Account and various special accounts are intersected by mutual transfers in and out. National Debt Consolidation Fund
In the Government Debt Consolidation Fund (special account), ‘From the general account’ is included in ‘Receipts from other accounts’ under ‘Receipts from other accounts’ in the revenue item.
In the Government Debt Consolidation Fund (special account), the ‘government bond expenses’ of the general account expenditure is allocated to ‘from other accounts’ in the revenue item ‘from the general account’.
財務省(主計)のほうが「国債の償還は税収からではない」ことを認めたこと。
以下のブログを参考してください。
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