新兴经济体国家的地方政府债务监管——经验总结与启示

Management of Sub-sovereign Debt: Experience from Emerging Economies

随着《预算法》的修订,我国地方政府获得了自主进行债务融资的权利。然而如何对地方政府债务进行有效监管,从而防范地方政府的债务风险成为一个亟待解决的问题。一些新兴经济体国家在地方政府债务的管理过程中建立了一套完善的法律制度体系,积累了较为丰富的经验。本文选取了四个具有代表性的新兴经济体国家,对这些国家在地方政府债务管理方面的经验教训予以介绍和总结,并结合我国当前所面临的地方债监管问题提出了相应的政策建议。

The local governments in China obtain the right of debt financing with the amendment of budget law. However, it is a critical issue to control the risk of the sub-sovereign debt. Some emerging economies have mature legal systems and rich experiences on the management of sub-sovereign debt. In this paper, we choose four representative emerging countries and summarize the experience of sub-sovereign management of these samples. We also give the policy conclusion according to the condition of China and experience of emerging economies.