美国地方政府债务管理的启示与借鉴

Revelation and Reference of American Local Government Debt Management

中国目前的地方政府债务规模已经积累至相当高的水平,债务的结构性问题日益凸显,如何处理这一问题受到了国内外的广泛关注。本文选取美国作为案例,分别从建设性债务不纳入财政赤字、编制中长期建设投融资规划以及地方政府债务风险管控三个方面介绍了美国地方政府债务管理的经验,最后总结全文,从发挥市场对地方政府债务的激励约束作用、防范地方政府债务流动性危机等角度得出了可供我国借鉴的经验,并在此基础上提出了相应的政策建议。

At present,the scale of local government debt(LGD)in China has accumulated to a considerable level,and the structural problem of debt has become increasingly prominent.How to deal with this issue has received wide attention at home and abroad.With the United States as a case,this paper introduces US experience in LGD management from three aspects:exclusion of constructive LGD from budget deficit;preparation of long-term construction investment and financing plans;LGD risk control.From the perspective of preventing LGD liquidity crisis and exerting the market's incentive and restraint effects on LGD,the paper finally summarizes the US experience in this regard that can be borrowed by China and puts forward corresponding policy suggestions.