Theories based on fiscal guarantees cannot explain either the fact that the continuously decline in local fiscal resources has not significantly increased local government financing costs,or the fact that local govern...Theories based on fiscal guarantees cannot explain either the fact that the continuously decline in local fiscal resources has not significantly increased local government financing costs,or the fact that local government debt has been rising at a time of strict central government regulation.The theoretical and empirical analyses provided in this study show that it is the financial resources under local government control that provide the implicit guarantee for local government debt.Such financial resources lower local governments’financing costs but have the potential to lead to the contagion of financial risk through local government to the financial sector.Therefore,to look at the question solely in terms of either fiscal or financial sector guarantees will not be sufficient to resolve the problem of local government debt.The central government needs to coordinate fiscal and financial policies under a joint management framework in a way that rationally disperses and resolves the risks attached to local government debt and avoids the assumption of excessive risk by either sector.At the same time,close attention should be paid to local financial institutions’asset quality and their money market reputation to avoid the risk of contagion from local financial institutions to local public finance.展开更多
Over the past decade, open-source software use has grown. Today, many companies including Google, Microsoft, Meta, RedHat, MongoDB, and Apache are major participants of open-source contributions. With the increased us...Over the past decade, open-source software use has grown. Today, many companies including Google, Microsoft, Meta, RedHat, MongoDB, and Apache are major participants of open-source contributions. With the increased use of open-source software or integration of open-source software into custom-developed software, the quality of this software component increases in importance. This study examined a sample of open-source applications from GitHub. Static software analytics were conducted, and each application was classified for its risk level. In the analyzed applications, it was found that 90% of the applications were classified as low risk or moderate low risk indicating a high level of quality for open-source applications.展开更多
From the view of current condition and developing trend of the debt scale in Chinese local government,if it could not be controlled by an effective way,the debt crisis will explode in the near future.According to the ...From the view of current condition and developing trend of the debt scale in Chinese local government,if it could not be controlled by an effective way,the debt crisis will explode in the near future.According to the regional distribution in our country,except for Beijing,Shanghai,Tianjin and Hainan,the debt risk mainly concentrates in the western region.In a further step,it can be seen that this risk of debt is resulted by the imbalanced relationship among“power,responsibility and interests”which contains none-accordance of debt power(such as debt financing power),confusion of debt responsibility(such as debt management responsibility)and distortion of debt interests(such as the private benefit and the public interests).If we want to correct this problem,the keynote is to prevent the local government’s debt to be used by the purpose of reaching the private interests.Actually,it should play a role that the local debt financing takes to the“faithful”service for the social interests.For realizing this purpose,it should keep eyes on the relationship among“power,responsibility and interests”,which is the most important factor as for setting up the control system of debt risk about our local governments.Particularly,it includes the following aspects.First of all,it should find the right time to empower the local government with the debt power.Secondly,on the basis of both positive and negative sides,it should design a system to restrict the debt responsibility in the local government,in order to solve the problems such as new debt,invalid debt and overdue debt expansion.Thirdly,it should propose the guidance mechanism to realize the convergence from the private benefit to the social interests on the local debt.展开更多
文摘Theories based on fiscal guarantees cannot explain either the fact that the continuously decline in local fiscal resources has not significantly increased local government financing costs,or the fact that local government debt has been rising at a time of strict central government regulation.The theoretical and empirical analyses provided in this study show that it is the financial resources under local government control that provide the implicit guarantee for local government debt.Such financial resources lower local governments’financing costs but have the potential to lead to the contagion of financial risk through local government to the financial sector.Therefore,to look at the question solely in terms of either fiscal or financial sector guarantees will not be sufficient to resolve the problem of local government debt.The central government needs to coordinate fiscal and financial policies under a joint management framework in a way that rationally disperses and resolves the risks attached to local government debt and avoids the assumption of excessive risk by either sector.At the same time,close attention should be paid to local financial institutions’asset quality and their money market reputation to avoid the risk of contagion from local financial institutions to local public finance.
文摘Over the past decade, open-source software use has grown. Today, many companies including Google, Microsoft, Meta, RedHat, MongoDB, and Apache are major participants of open-source contributions. With the increased use of open-source software or integration of open-source software into custom-developed software, the quality of this software component increases in importance. This study examined a sample of open-source applications from GitHub. Static software analytics were conducted, and each application was classified for its risk level. In the analyzed applications, it was found that 90% of the applications were classified as low risk or moderate low risk indicating a high level of quality for open-source applications.
文摘From the view of current condition and developing trend of the debt scale in Chinese local government,if it could not be controlled by an effective way,the debt crisis will explode in the near future.According to the regional distribution in our country,except for Beijing,Shanghai,Tianjin and Hainan,the debt risk mainly concentrates in the western region.In a further step,it can be seen that this risk of debt is resulted by the imbalanced relationship among“power,responsibility and interests”which contains none-accordance of debt power(such as debt financing power),confusion of debt responsibility(such as debt management responsibility)and distortion of debt interests(such as the private benefit and the public interests).If we want to correct this problem,the keynote is to prevent the local government’s debt to be used by the purpose of reaching the private interests.Actually,it should play a role that the local debt financing takes to the“faithful”service for the social interests.For realizing this purpose,it should keep eyes on the relationship among“power,responsibility and interests”,which is the most important factor as for setting up the control system of debt risk about our local governments.Particularly,it includes the following aspects.First of all,it should find the right time to empower the local government with the debt power.Secondly,on the basis of both positive and negative sides,it should design a system to restrict the debt responsibility in the local government,in order to solve the problems such as new debt,invalid debt and overdue debt expansion.Thirdly,it should propose the guidance mechanism to realize the convergence from the private benefit to the social interests on the local debt.
