【摘要】：地方政府債務(wù)是當(dāng)前中國(guó)經(jīng)濟(jì)面臨的主要風(fēng)險(xiǎn)之一。本文認(rèn)為,引入市政債券市場(chǎng)和配套改革可以硬化地方政府的預(yù)算約束。長(zhǎng)期來看,地方債應(yīng)該逐步取代當(dāng)前政府融資平臺(tái)中的貸款、信托等較不透明的融資方式,成為地方政府融資的主要來源,這樣不僅可以增加地方政府財(cái)政透明度,還可降低地方政府融資的期限錯(cuò)配風(fēng)險(xiǎn),避免風(fēng)險(xiǎn)過度集中于銀行體系,降低系統(tǒng)性金融風(fēng)險(xiǎn)。
[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.
【作者單位】： 中國(guó)人民銀行研究局;
【分類號(hào)】：F812.5
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本文編號(hào)：2521935