以市政债制度硬化地方政府预算约束
发布时间：2019-08-01 18:56
【摘要】：地方政府债务是当前中国经济面临的主要风险之一。本文认为,引入市政债券市场和配套改革可以硬化地方政府的预算约束。长期来看,地方债应该逐步取代当前政府融资平台中的贷款、信托等较不透明的融资方式,成为地方政府融资的主要来源,这样不仅可以增加地方政府财政透明度,还可降低地方政府融资的期限错配风险,避免风险过度集中于银行体系,降低系统性金融风险。
[Abstract]:Local government debt is one of the main risks facing China's economy at present. This paper holds that the introduction of municipal bond market and supporting reforms can harden the budget constraints of local governments. In the long run, local bonds should gradually replace the current government financing platform with less transparent financing methods, such as loans and trust, and become the main source of local government financing. This can not only increase the financial transparency of local governments, but also reduce the risk of term misallocation of local government financing, avoid excessive risk concentration in the banking system, and reduce systemic financial risks.
【作者单位】： 中国人民银行研究局;
【分类号】：F812.5
，
本文编号：2521935
[Abstract]:Local government debt is one of the main risks facing China's economy at present. This paper holds that the introduction of municipal bond market and supporting reforms can harden the budget constraints of local governments. In the long run, local bonds should gradually replace the current government financing platform with less transparent financing methods, such as loans and trust, and become the main source of local government financing. This can not only increase the financial transparency of local governments, but also reduce the risk of term misallocation of local government financing, avoid excessive risk concentration in the banking system, and reduce systemic financial risks.
【作者单位】： 中国人民银行研究局;
【分类号】：F812.5
，
本文编号：2521935
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