金融发展水平对地方政府债务适度规模的影响研究  

Effect of the Level of Financial Development on a Moderate Scale of Local Government Debt

作　　者：刘锡良[1] 李秋婵[2] 

机构地区：[1]西南财经大学金融安全协同创新中心,四川成都611130 [2]四川大学经济学院,四川成都610064

出　　处：《经济问题》2015年第5期53-58,共6页On Economic Problems

基　　金：国家社科基金重大资助项目"防范系统性和区域性金融风险研究"(13&ZD030)初期研究成果之一

摘　　要：在考虑金融发展水平对地方政府债务规模影响的基础上,构建了以金融发展水平和地方政府债务规模的门槛面板模型。实证研究发现,金融发展水平对地方政府债务规模存在"门槛效应",金融发展水平越高的地区,地方政府债务规模门槛值也较高;金融发展水平中等的地区,地方政府债务规模门槛值相对较低;而一旦地方政府规模超过最高"门槛值",地方政府较难通过金融市场来缓解债务压力。因此,长期来看,地方政府应将债务控制在一定适度范围内,并加强债务风险管控能力。In this paper,considering the level of financial development on the impact of local government debt, based on the level of financial development and local government debt to build the threshold panel model.Empirical studies have found that the level of financial development have “threshold effect”on local government debt, the higher the level of financial development of the region,the higher value of threshold local government debt.Moderate level of financial development of the region,local government debt is relatively lower.Once local governments ex-ceed the maximum size of the“threshold value”,it is more difficult for local government to alleviate the debt burden through financial markets.Therefore,in the long run,local government debt should be controlled within a certain range of moderate to strengthen risk management and control capabilities of debt.

关 键 词：金融发展 地方政府债务 适度规模 

分 类 号：F810.7[经济管理—财政学]