市政债券银行:我国地方政府融资的新选择

Municipal Bond Bank:New Choice of Funding for Local Governments

我国现行的地方政府融资模式不具有可持续性,已逐渐显现出系统性风险。而国外允许地方政府采取"市政债券银行模式"发行市政债券是一种比较规范的地方政府融资模式,具有较强的可持续性,值得我国借鉴。本文首先分析了我国建立市政债券市场的必要性,并从地区差异性角度探讨了我国通过市政债券银行发行市政债券的合理性,最后提出政策建议。

The current financing model of the local governments in China is unsustainable and has gradually revealed systematic risks. On the contrary,local governments in foreign countries are allowed to issue municipal bonds through ＂Municipal Bond Bank Model＂. It is a better financing pattern for the local governments with sustainability and should be learned by local governments in China. This paper firstly analyzes the necessity of establishing municipal bonds market in China,then discusses the rationality of issuing municipal bonds through the municipal bond banks in China in terms of the geographically differences,and puts forward political proposals in the end.