印度地方政府债务融资研究:规模、结构及监管实践

Debt Financing of India’s State Governments: Size, Structure and Regulatory Practice

印度地方政府债务融资市场经过数十年发展,其融资途径已呈现出多元化的特征,这为推动市政基础设施建设、繁荣印度的地方经济做出了重要贡献。目前该市场监管中仍存在着:对地方政府性债务范围界定不合理、债务风险监控基础设施建设滞后、投资者保护机制不完善、风险分控缺乏透明及充分的信息披露与信用评级制度作保证等诸多问题。印度的监管实践经验对于规范发展我国地方政府债务融资市场颇具借鉴意义。

After decades of practice, the debt financing market of state governments in India is characteristic of diversification and boasts important contribution to promoting municipal infrastructure construction as well as local economy. Currently there still exists some problems so far as the market regulations are concerned such as an unreasonable definition of local government debts,the lagging monitoring institutions for debt risks, imperfect investor protection measures, and a lack of transparent risk-sharing and information-releasing mechanisms.