制度与债务危机:一个国际比较分析框架  

Institution and Debt Crisis: An International Comparative Analysis Framework

作　　者：王柏杰[1] 

机构地区：[1]西北工业大学人文与经法学院,陕西西安710072

出　　处：《当代经济科学》2015年第4期22-28,124-125,共7页Modern Economic Science

基　　金：国家自然科学基金"资源型地区地方公共投资效率与债务可持续性研究"(71303182);中国博士后基金"我国债券利差与地方债务风险研究"(2012M511987);西北工业大学人文社科创新基金"资源诅咒;政企合谋与地区经济增长"(3102015RW003);西北工业大学引进高层次人才基金"最优金融结构与资源型地区经济转型研究"的阶段性研究成果

摘　　要：政府债务危机形成的根本原因是制度,通过借鉴Buchanan的"用手投票"和"用脚投票"的公共选择理论及North的"制度决定经济绩效"论断,深入比较分析中美两国政府债务积累的制度基础,构建了"制度、政府行为与债务积累"的理论框架。研究发现:中国垂直集中的政治体制及中国特色的财政联邦,地方政府自身不但有促进地方经济发展的巨大激励,而且地方政府间存在"竞争锦标赛",造成了地方政府债务风险巨大;美国三权分立制度和财政联邦制,政府官员对选民负责,地方政府财政自律,结果是美国中央政府风险凸显。因此,在化解中国地方债务风险中,应重视制度和规则来规范政府官员行为,制定良好的财政规则和纪律,建立发达的债券市场以及发挥市场的决定性作用。The radical reason that causes debt crisis is the institution. This paper deeply compares and analyzes the systematic foundation of governmental debt accumulation of China and America and builds the theoretical framework of 'institution,governmental behaviors and debt accumulation'by learning from Buchanan's Public Selection Theory of 'voting by hands'and 'voting by feet'and North's thesis of 'institution determines economic performance'. The research finds that because of the Chinese political system of vertical concentration and the fiscal federalism with Chinese characteristics,the local government itself not only have the huge incentives to promote the development of local economy,but also 'competitive championship'exists among the local governments,which makes high debt risk of the local governments. Because of American separation of powers system and fiscal federalism,the governmental officials are responsible to the electorate and the finance of the local governments is self-disciplined. As a result,the risks of American central government are significant. Therefore,when we defuse the risks of Chinese local debts,we should pay more attention to standardizing the behaviors of governmental officials by institutions and regulations,formulate good fiscal regulations and disciplines,build advanced debt market and give play to the decisive role of market.

关 键 词：制度 政府债务 财政联邦制 财政纪律 

分 类 号：F811.5[经济管理—财政学]