财政-金融关联与地方债务缩胀:基于金融调控的视角

Public Finance-fiscal Nexus and Local Government Debt Cycle:A Financial Regulation Perspective

从全口径资产负债表的角度,地方财政风险尚在可控范围,但地市以下的财政状况堪忧。地方债务的产生主要不是因为地方承担了过多的公共物品责任,而是因为地方全面地参与了经济发展;同时为了发挥地方在推动经济增长,尤其是为应对危机冲击需要,中央在很大程度上把放开和整顿地方债务作为宏观调控的重要手段之一。在城镇化背景下,地方政府客观上有融资的必要性和合理性,其融资方式则受到现存财政-金融体制和中央-地方博弈的限制。只有在这些条件和约束下,对未来地方融资方案的探讨才具有可操作性。

The paper reviews asset-debt balance sheets of local governments and finds that although local fiscal risk is under control on the whole,some sub-municipal governments will have more problems.The main reason causing local fiscal debt is not their burden of public spending,but their inclination to economic development.Given the urbanization trend,it's necessary and meaningful for local government to have financing channels;meanwhile their financial pattern is concerned with the public finance-fiscal system and the central-local gaming.Only with these factors under consideration,the reform of local government financing patterns is practical.