我国引入市政债券的可行性及发展思路

Feasibility of Introducing the Municipal Bond to China and Its Directions

在西方国家 ,市政债券与国债、企业债券一起构筑了完整统一的债券市场。我国由于受预算法的约束而禁止发行市政债券。但从我国目前的宏观经济、地方财政以及其他国家发行市政债券的经验来看 ,市政债券的发行对国民经济的作用将是利大于弊。因此 。

Municipal bonds, together with national bonds and corporate bonds forms a complete bonds markets in west world. In China, municipal bonds is forbidden because of the budget law. Municipal bonds will also cause problem. However,as a whole,the advantage of municipal bonds will overcome its disadvantage.