中国地方政府债务的顺周期性与逆周期监管研究

The Pro Cyclical and Counter Cyclical Regulation of China’s Local Government Debt

财政是国家运转的基础和重要支柱。中国地方政府债务的高涨严重影响中国金融体制的安全和现代化经济体系的建立,制约了经济社会的健康发展,给我国经济社会转型带来了顺周期性风险。本文拟对我国地方政府庞大的债务问题进行认真的梳理和分析,揭示地方政府债务的顺周期性风险的形成机理,研究地方政府债务产生顺周期的传导机制,提出对地方政府债务逆周期监管的对策措施。

Finance is the foundation and important pillar of national operation.The rise of local government debt in China is an important factor that restricts the healthy development of economy and society. It seriously affects the security of China’s financial system and the establishment of a modern economic system, and brings the pro-cyclical risk to China’s economic and social transformation. This paper analyzes the problem caused by huge debt of local government in China, reveals the formation mechanism of pro-cyclical risk of local government debt, studies the transmission mechanism of pro-cyclical local government debt, and puts forward some measures for counter-cyclical supervision of local government debt.