作者：爱丽丝·阿特金斯 (Alice Atkins)、苏贾塔·拉奥 (Sujata Rao) 和安德拉·蒂穆 (Andra Timu)当约努特·内代莱亚 (Ionut Nedelea) 捐献血液时，他很高兴知道自己正在帮助有需要的同胞。他还喜欢额外赚取一点零花钱。因此，每年有几次，46岁的项目经理内代莱亚都会在布加勒斯特市中心一个破旧的设施里耐心地排队数小时，等待护士刺破他的手臂。随后，他登录自己的经纪账户并上传献血者证书以取回他的经济回报：获得购买罗马尼亚政府债券的机会，该债券提供超过7%的高额利率。这比大多数散户投资者可获得的当前利率高出整整一个百分点。
By Alice Atkins, Sujata Rao and Andra Timu When Ionut Nedelea donates blood, he likes knowing he’s helping out a fellow Romanian in need. He also likes pocketing a little extra cash.So a few times each year, Nedelea, a 46-year-old project manager, waits patiently in line for hours at a run-down facility in downtown Bucharest for a nurse to prick his arm. Later, he logs onto his brokerage account and uploads a blood-donor’s certificate to retrieve his financial reward: a chance to buy Romanian government bonds offering souped-up interest rates of over 7%. That’s a full percentage point above the going rate available to most retail investors.
“你可能会为实际捐献浪费半天时间，”内代莱亚说，“但这显然是值得的。”“以血换债”计划是世界上最寻常的债务融资活动之一。不过，对罗马尼亚而言，它正在发挥作用——既缓解了该国长期的血荒，又筹集了急需的资金来帮助弥补其巨额预算赤字。自2025年初以来，该计划已从数万名散户投资者那里筹集了约28亿列伊（合6.04亿美元）。
“You may lose half of a day for the actual donation,” Nedelea said, “but it’s clearly worth it.” The blood-for-bonds program is one of the world’s most unusual debt-financing campaigns. For Romania, though, it’s working — managing to both ease the country’s chronic blood shortage and secure much-needed cash to help cover its substantial budget deficit. It’s raised roughly 2.8 billion lei ($604 million) since the start of 2025, from tens of thousands of individual investors.
该国是政策制定者推动说服普通公民帮助资助公共开支的全球浪潮的一部分。从意大利到日本再到巴西，官员们正在试验各种新颖的方法来吸引水管工、机械师和教师购买债券。近年来，随着全球大部分地区的政府债务飙升，这种紧迫性日益增加。如今在罗马尼亚，散户投资者计划（如果将“以血换债”的互换计算在内）提供了政府全部借款需求的近五分之一。
The country is part of a global push by policymakers to convince everyday citizens to help fund public spending. From Italy to Japan to Brazil, officials are experimenting with novel ways to entice plumbers and mechanics and teachers to buy bonds. With government debt having soared across much of the world in recent years, the urgency has grown. In Romania today, the retail investor program, when including the blood-for-bonds swap, provides close to a fifth of the government’s entire borrowing needs.
“每一点帮助都很重要，”德国巴登-符腾堡州立银行（Landesbank Baden-Wuerttemberg）的首席经济学家莫里茨·克雷默（Moritz Kraemer）说道；他此前还担任过标准普尔全球（S&P Global）的首席评级官。“各国政府都在努力尽可能多地筹集资金。”吸引散户投资者购买政府债券的原因之一在于他们的投资行为：与对冲基金和外国机构不同，散户投资者通常倾向于长期持有债券，而不是在市场动荡时迅速抛售。同时，较高的利率也使得政府债券对普通储户更具吸引力。
“Every little bit helps,” said Moritz Kraemer, chief economist at German lender Landesbank Baden-Wuerttemberg, and former chief ratings officer at S&P Global. “Governments are trying to mop up any credit that they can get.” Part of the attraction has to do with how retail investors behave. For the most part, they tend to buy and hold, unlike hedge funds and foreign institutions that can race for the exit during times of turmoil. At the same time, higher interest rates have made the bonds more attractive to ordinary savers.
根据经济合作与发展组织（OECD）的统计，2024年各国家庭持有的政府债务占总政府债务的11%，这一比例是2021年的两倍多。截至2025年10月，已有六个国家发行了面向散户投资者的新债券，另有六个国家也计划跟进这一举措。
Households held 11% of government debt in 2024 across countries tracked by the Organization for Economic Cooperation and Development, over twice the share in 2021. Six countries issued new securities aimed at retail investors in the year through October 2025 and six more planned to follow.
在日本，债券销售势头强劲——由于个人投资者寻求多年来最高的收益率，该国4月至9月期间向散户投资者出售了价值5.14万亿日元（约合330亿美元）的债券，同比增长了84%。日本多年来一直致力于向普通投资者推广政府债券，并使用卡通形象（如“Kokusai-sensei”，即“政府债券老师”）来促进销售。8月份，日本启动了一项新的营销活动，将购买政府债券描述为“对所有人都有益”的投资选择。政府官员还在考虑是否允许将政府债券纳入免税账户，并可能降低持有此类债券的遗产税。
In Japan, bond sales are booming as individuals reach for the highest yields in decades. It sold a record ¥5.14 trillion ($33 billion) in bonds to retail investors from April to September, an 84% surge from a year ago. The country has been hawking bonds to mom-and-pop investors for decades and uses cartoon characters, like one called Kokusai-sensei, or the Government Bond Teacher, to drive sales. A new marketing campaign kicked off in August, pitching the investments as “a plus for everyone.” Officials are also considering whether to allow bonds in tax-exempt accounts, and they might cut inheritance taxes on such holdings.
然而，要想赢得散户投资者的支持并非易事——尤其是当政府需要提供税收优惠或更高的收益率来吸引买家时。怀疑者认为，在大多数国家，散户投资者的投资额相对较小，因此对减少政府赤字的作用有限。此外，政府还需意识到：成功的债券发行计划可能会挤占消费者的储蓄资金，从而对银行业乃至金融体系的稳定构成威胁。
Yet winning over households comes at a price, especially if treasurers have to offer tax breaks or higher yields to lure buyers. Skeptics argue that, in most countries, the amounts invested are too small to make much of a dent in deficits. Governments must also consider that successful bond programs will drain money from consumer savings accounts, creating risks to banks, and in some cases, financial stability.
“在我看来，这似乎不太值得，”安保迪投资多资产投资主管苏尼尔·克里希南说，“它已不再是廉价的债务来源。”去年，罗马尼亚是欧盟预算赤字最大的国家。该国财政部长斯特凡·纳努认为，社会效益足以证明为血债多花的钱是值得的。他补充说，该项目于2023年与一家颇受欢迎的摇滚电台合作开展宣传活动启动，营销成本为零，还能获得免费的电视广告。
“It doesn’t seem to me that it’s worth it,” said Sunil Krishnan, head of multi-asset at Aviva Investors. “It’s no longer a cheap source of debt.” Back in Romania, which had the biggest budget deficit in the European Union last year, Treasury Chief Stefan Nanu contends the social benefits justify the extra cost of blood bonds. The program, which started in 2023 as a campaign with a popular rock radio station, has zero marketing costs and gets free TV advertising, he added.
纳努在采访中说：“我们的目的不是让一些人发财，而是支持献血。”
“Our purpose is not to make some people rich, it’s to support blood donation,” Nanu said in an interview.
拉维尼乌·贝泽是罗马尼亚零售交易者协会负责人，也是响应这一号召的人之一。他每年献血四次，以大量购买血债，如今这类债券已占其投资组合的40%。
Laviniu Beze, head of a Romanian association of retail traders, is one of those answering the call. He donates four times a year to load up on bonds, which now make up 40% of his portfolio.
他说：“我的血液里流淌着交易基因。作为投资者，哪怕能多获得一个百分点，当然也要利用起来。”
“I have trading in my blood,” he said. “As an investor, even if you are getting one percentage point more, of course you have to use it.”