日本地方政府债券风险控制制度及其启示

日本地方政府债券几乎没有违约事件,其风险基本为零。这得益于其有效的风险控制制度。日本地方政府债券风险控制制度包括中央政府的"隐含担保"制度、审查和控制制度以及财务控制制度,具有以下几个特性:典型的行政控制、弱化的市场机制,以及零违约风险下的低经济福利。这给予中国有三大启示。正式制度是控制地方政府债券风险的关键;建立多层次风险管理制度;风险管理制度要顺应财政体制,即地方政府债券风险管理制度应"以民为本"、彻底的财政分权并非地方政府债券风险管理制度的必然基础。

Japanese local government bonds have not been defaulted, which is benefit to the efficient risk control system. The risk control system of Japanese local government bonds contains the central government＇ s implicit guarantee system, the central govern- ment＇ s check control system, and the financial control system, and has three characteristics of administrative control, weakened market mechanism and low economic benefits, which gives three enlightenments to China. First, formal institution is the key of controlling the risks of local government bonds. Second, a multi - level system of risk management should be set up. Third, risk management system should comply with the government financial system, that is, the risk control of local government bonds should comply with the people - oriented idea, and fiscal decentralization is not the necessary foundation of bond risk control system.