债务期限结构、流动性与公共债务管理  

Debt Maturity Structure,Liquidity and Public Debt Management

作　　者：孙国伟[1] 

机构地区：[1]复旦大学理论经济学

出　　处：《金融评论》2012年第5期78-89,125,共12页Chinese Review of Financial Studies

摘　　要：本文研究中国公共债务期限结构管理如何实现中央和地方两级政府债务融资效率性与稳定性的统一。我们的理论模型证明,当前地方政府融资平台和一些具有准政府性质的国有经济部门的短期债务融资在未来发生流动性冲击时会导致资产降价销售和负的社会外部性。基于资产组合理论和比较优势原理,我们提出中央和地方债务融资的利率互换方式以及债务期限结构优化管理的基本原则,并且对地方政府不同融资模式的经济效应和治理效应进行了简要的比较分析。In this paper we study how public debt maturity structure management can achieve both efficiency and stability in central and local government financing.Based on the analysis of a theoretical model on local government debt maturity structure choice,we find that local financing institutions prefer financing with short term debt.This may give rise to debt crisis,asset fire sale and negative social externality in the future.Based on the portfolio theory and comparative advantage principle,we suggest an interest rate swap approach to achieve optimal allocation of government debt maturity structure.Moreover we also discuss the economic effects of different local government financing modes,including both economic efficiency and governance efficiency.

关 键 词：降价销售 流动性 公共债务 

分 类 号：F812.5[经济管理—财政学]