银行管制放松、财政开源与地方政府债务治理

Banking Deregulation,Financial Open Source and Local Government Debt Regulation

在我国金融业结构性改革深化与地方政府债务风险逐步暴露的背景下,本文从收入侧的角度探究了表现为城商行大量设立的银行管制放松所带来的财政开源,并对金融发展与政府债务之间的关系进行了再考察。基准研究结论表明,银行管制放松所带来的城商行发展通过激发结构性竞争显著抑制了地方政府债务规模的扩张。进一步研究表明,银行管制放松的债务抑制作用在经济"僵尸化"程度更高的城市会表现的更强,并且这一结论在财政开源需求更大的城市会进一步增强,银行管制放松表现出了显著的开源效应。本文的结论意味着,地方政府债务治理与金融业结构性深化改革具有高度的逻辑一致性。

Under the background of deepening structural reforms in China’s financial sector and the gradual exposure of local government debt risks,this paper explores the open source effect of banking deregulation from the perspective of income-side,and conducts a relationship between financial development and local government debt.The benchmark results show that banking deregulation has significantly inhibited the expansion of the scale of local government debt through promoting the structural competition.Further study shows that the debt suppression effect of banking deregulation will be stronger in cities with a higher degree of“zombie”economy and the effect will be further strengthened in cities with more needs for financial open source.Banking deregulation has shown a significant open source effect.The conclusion of this paper implies that there is a high degree of logical consistency between the regulation of local government debt and the structural reform of the financial industry.