金融发展、收入分权与地方政府债务

Financial Development, Fiscal Revenue Decentralization and Local Government Debt

本文基于金融发展与收入分权的联合视角,将其与地方政府债务纳入到统一的内生经济增长理论框架之下,探究了其对地方政府债务的影响。并利用我国2000-2018年30个省市的面板数据进行实证检验,研究发现金融发展导致地方政府债务增长,而收入分权则有利于地方政府债务的减少;从联合项来看,收入分权并未缓解金融发展导致的地方政府债务问题。考虑到内生性问题,本文通过广义矩估计(GMM)的方法以及逐项增加控制变量进行稳健性检验,结果依然稳健显著。根据本文结论,分别从金融发展、收入分权两个角度提出了缓解地方政府债务的政策建议。

Based on the joint perspective of financial development and fiscal revenue decentralization,this paper integrates it and local government debt into a unified theoretical framework of endogenous economic growth,and explores its impact on local government debt.Based on the empirical test of panel data from 30 provinces and cities in China from 2000 to 2018,the study finds that financial development leads to the increase of local government debt,while revenue decentralization is conducive to the reduction of local government debt.From the perspective of joint item,fiscal revenue decentralization has not alleviated the local government debt problem caused by financial development.Considering the endogeneity problem,this paper adopts generalized moment estimation(GMM)method and increases the control variables one by one to test the robustness,and the results are still robust and significant.According to the conclusion of this paper,the author puts forward some policy suggestions from the perspectives of financial development and revenue decentralization to alleviate local government debt.