财政分权视角下的地方政府债务研究：一个综述

A Survey of Research on Local Government Debts and Fiscal Decentralization

本文通过在财政分权的框架下对地方政府债务的成因、影响、管控的相关理论分析和经验研究的梳理,总结了较为成熟的财政联邦经济体在地方债务管理实践中的经验教训,同时,也对正处于分权化改革当中的转型国家的地方政府债务问题进行了总结,并最终落脚到中国的地方政府债务问题上来。中国的地方政府债务问题因与分税制度不完善、地方官员激励扭曲、地方融资平台不规范、宏观调控和财政政策需要等问题联系在一起而更加错综复杂,需要在借鉴已有研究的基础上结合中国的现实制度特征做进一步深入研究。

Based on theoretical analysis and empirical researches on the causes, impacts and management of local government debts under fiscal decentralization, this paper inquiries lessons of local debt management from the mature fiscal federalism economies. Meanwhile, local government debts in transition economies during decentralization reform are taken into account. We come back to the local government debt problems in China, which are more complicated due to other related issues, such as imperfect tax-sharing system, distorted incentives to local government, local financing platform problem, macroeconomic management, and fiscal policy stimulation. Hence, based on the unique Chinese institution and economic background, further studies on China＇ s local government debts are imperative and influential.