美加澳地方政府债务融资国际比较研究

A Comparative Analysis of Local Government Debt Financing in the United States, Canada and Australia

研究国外发展较为成熟的地方政府筹集资金渠道对我国地方政府发行债券融资模式具有重要的借鉴意义。概述美国、加拿大、澳大利亚地方政府的管理框架、债务发展情况及采用的债务融资方式,并分析其特点。美国地方政府融资的特点是以发行市政债券为主,其他多种融资方式并存的多元化融资渠道;加拿大联邦与省级政府之间的分权程度很高,而省级政府对省以下地方政府的集权程度也很高;加拿大和澳大利亚地方政府融资主要发行债券,举债权主要在省或州政府。最后提出我国应完善地方政府债券发行管理,加强地方政府债券市场化建设,可以选择有条件的地市或地区进行授权发行集合债券试点,构建地方政府债务危机处置机制。

It is of great significance to learn from developed countries the way their local governments raise funds. This paper outlines the management framework, the debt situation, and financing methods at the local level in countries such as the United States, Canada and Australia. Local governments in the US take a broad range of approaches including issuing municipal securities. Canada features the division of powers and responsibilities between the federal government whose powers wane overtime and the provinces which have many key powers and jurisdictions. Local governments in Canada and Australia finance their expenditures by issuing government bonds in their own rights. The paper concludes with proposals for China that include improving the local government bond system, developing local government bond markets, issuing joint bonds in selected places, and establishing local mechanisms to manage potential debt crises.