M2不一定包括政府債券。

文中說：“國際上M2的計算公式是 “流通中的現金+支票存款+儲蓄存款+政府債券”。”

但根據Wiki，美國的M2不包括政府債券(Treasury Bonds)：
“M0: The total of all physical currency including coinage. M0 = Federal Reserve Notes + US Notes + Coins. 
 M1: The total amount of M0 (cash/coin) outside of the private banking system plus the amount of demand deposits, travelers checks and other checkable deposits
 M2: M1 + most savings accounts, money market accounts, retail money market mutual funds, and small denomination time deposits (certificates of deposit of under $100,000).”
http://en.wikipedia.org/wiki/Money_supply

所以作者張楠應當把各國M2的計算標準統一再進行比較。