财政分权体制下的地方国库现金管理

Local Treasury Cash Management Under Fiscal Decentralization System

目前,对开展地方国库现金管理的顾虑集中体现为一个矛盾:一方面,近年来财政体制的改革、地方国库收入的快速增长等原因导致地方国库库存高企,大量闲置资金急于寻找获利的途径;另一方面,由于地方国库现金管理决策主体分散,一旦实施风险控制,与货币政策的协调等将受到冲击。上述矛盾产生的原因主要源于目前的财政分权体制,在财政分权体制下,地方政府的目标函数与中央政府的目标函数不尽一致。要开展地方国库现金管理,必须始终把握好地方政府目标与宏观经济目标的一致性。

At present,a contradiction is concerned all the time in dealing with cash management of the local treasury.On the one hand,the reform of fiscal system and the rapid growth of revenues in the local treasury of recent years have promised a high stock of the local treasury while lots of idle funds seek ways to make a profit.Yet on the other,risk control may find it hard to coordinate with monetary policy due to the decentralized decision makers of cash management in the local treasury.One of the major reasons behind the contradiction is the present system of fiscal decentralization,under which the objective function of the local governments is not necessarily in accordance with that of the central government.To carry out cash management of local treasury,it should keep the objectives of local governments and those of the macro-economy on the same track.