金融稳定保障基金的风险处置功能研究--以地方政府债务引发金融风险为例

Research on the Risk Disposal Function of the Financial Stability Guarantee Fund--Taking the Financial Risk Caused by Local Government Debt as an Example

为完善我国金融稳定保障体系,金融稳定保障基金的设立被提上工作日程,但稳定基金适用的风险主体范围仍需要考虑。地方政府债务包括显性债务和隐性债务,具有总量高的特点。近年来由于新冠疫情、房地产政策调整等因素的影响,导致局部地方政府债务风险居高不下,并且对金融行业产生传导效应,足以引发系统性金融风险。因此在明确稳定基金的“资金池”定位的前提下,应将稳定基金使用到地方政府债务引发的系统性金融风险处置程序中,为其提供一系列流动性支持。

In order to improve my country's fi nancial stability guarantee system,the establishment of the Financial Stability Guarantee Fund was put on the agenda,but the scope of risk subjects to which the stability fund is applicable still needs to be considered.Local government debt includes explicit debt and implicit debt,and is characterized by a high total amount.In recent years,due to the impact of factors such as the new crown epidemic and real estate policy adjustments,the risk of local government debt has remained high,and the transmission eff ect on the fi nancial industry is suffi cient to trigger systemic fi nancial risks.Therefore,on the premise of clarifying the positioning of the"capital pool"of the stabilization fund,the stabilization fund should be used in the systemic fi nancial risk disposal procedures caused by local government debts to provide it with a series of liquidity support.