金融小知識：什麼是債券義和團 (Bond Vigilante)？

原文出自 ForexNews.com 的「今日問答 (Question and Answer of the Day)」專欄。今天的主題是《What is a "Bond Vigilante"?》，特別記錄下來供日後參考。

What is a "Bond Vigilante"?

什麼是「債券義和團」？

A bond vigilante is a bond market investor who protests monetary or fiscal policies they consider inflationary or risky by selling bonds, thus increasing yields.

債券義和團指的是某種債券市場投資人，當他們認為貨幣政策或財政政策會導致通貨膨脹或風險提高時，會用賣出債券的方式作為抗議的手段，而債券的殖利率會因此提高。

In the bond market, prices move inversely to yields. When investors perceive that risk is rising they demand higher yields to compensate for the added risk. As a result, bond prices fall and yields rise, which increases the net cost of borrowing. The term references the ability of the bond market to serve as a restraint on the government's ability to over-spend and over-borrow.

在債券市場中，債券的價格和殖利率呈反向變動。投資人覺得風險上升，就會要求較高的殖利率來彌補增加的風險。因此債券價格會下跌，而殖利率會提高，如此會增加淨借貸成本。這個專有名詞，和債券市場是否能作為政府對過度消費及過度借貸的限制能力有關。