地方政府债券的经济影响分析  

The Economic Effects of Local Government Bonds

作　　者：时炜[1] 王大树[1] 

机构地区：[1]北京大学经济学院,北京100871

出　　处：《财经理论与实践》2009年第3期40-43,共4页The Theory and Practice of Finance and Economics

基　　金：北京市哲学社会科学"十五"规划项目(05BJDJG153)

摘　　要：地方政府债券的发行对经济的影响涉及宏观、微观、金融、财政、区域发展等多个层面。其在缓解地方财政困难的同时也可能助长地方政府负债冲动,对中央财政的影响则取决于地方政府自身的偿付能力及发债规模的控制。在微观层面,地方政府债券的发行会促进地方性公共品的供给,同时也有利于实现公共品受益的代际公平;在宏观层面,有助于克服利用外资的本币化倾向,规避汇率风险问题。此外,地方政府债券的推出也有助于完善金融市场和金融体系,其对区域经济发展的影响取决于发债地区的选择标准。在推出地方债券的同时,必须通过审慎的管理来防范其风险。Local government bonds have multiple effects on various aspects of an economy. The issuance of local government bonds can ameliorate the financial situation of local governments. It may also make local governments more aggressive to borrow. The effect of local bonds on central government depends on the solvency of local governments as well as limits on amount of issuance. The microeconomic effects of local bonds include increasing the supply of local public goods and promoting the equity among generations. In macroeconomic aspect, local government bonds can help to avoid the currency domestic inclination of foreign investments and problems resulting from changing exchange rates. Local government bonds also contribute the development of financial markets. The regional effect of local bonds depends on the selection criteria for issuers. When authorizing local government to issue bonds, risk management is important.

关 键 词：地方政府债券 地方债务 地方财政 

分 类 号：F812.7[经济管理—财政学]