Government bonds are debt instruments issued by the state rather than fiat currency, and macroeconomic literature consistently treats them as financial assets or liabilities subject to interest rate shocks and risk management rather than functional equivalents to money.
Evidence against · 3
Monetary policy, debt maturity structure and corporate investment efficiency: Evidence from China.
2025 · cited by 2
Monetary policy actively influences debt maturity structures and corporate investment efficiency, demonstrating that government bonds and debt instruments interact with monetary policy rather than functioning as money itself.
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More against · 2
Can participatory budgeting mitigate government debt risk？-An empirical analysis using cross-national panel data.
2025 · cited by 0
Participatory budgeting and explicit debt disclosures manage government debt risk, indicating that sovereign debt functions as a fiscal liability rather than baseline currency.
Bond market opening, monetary policy, and systemic financial risks - An empirical study based on the TVP-SV-VAR model.
2025 · cited by 0
Bond market openings and monetary policies exhibit complex, time-varying interactions that impact systemic financial risks differently than the direct circulation of money.