日本地方政府债务治理及启示  

The Debt Governance of Japanese Local Government and Its Enlightenment

作　　者：刘穷志[1] 刘夏波 LIU Qiongzhi;LIU Xiabo(Economics and Management School,Wuhan University,Wuhan,Hubei,430072,China)

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072

出　　处：《现代日本经济》2020年第5期24-39,共16页Contemporary Economy OF Japan

基　　金：教育部人文社会科学研究规划基金“政府隐性债务风险:真实状态、数理模型及管控路径研究”(20YJA790045)。

摘　　要：当前中国经济进入新常态,经济转为中高速增长,但地方政府显性债务持续增长、规模已超过中央政府债务,隐性债务压力更大且成本较高,较高的债务规模与成本影响地方政府债务的可持续性。日本也曾经历地方政府债务快速增长的困境,但2000年后实施了系列改革以保障地方政府债务的可持续性,如通过财政分权、分类举债权限及强化监督与约束控制地方政府债务规模,畅通FILP、JFM、地方政府债券等融资工具降低地方政府债务成本,构建财政健全制度等保障地方政府债务安全等,即使近年来日本主权债务高企,日本地方政府债务规模与占GDP比例均稳中有降、地方政府债务可持续性增强。研究日本地方政府债务管理,既可把握日本地方政府债务管理的动态变化,也能为我国地方政府债务管理提供借鉴。Currently,China’s economy has entered a new normal and is shifting towards a medium-high growth model.However,the sustained growth of local government’s explicit debt has exceeded the central government debt,and the implicit debt has greater pressure and higher cost.Higher debt scale and cost affect local government debt sustainability.Japan experienced the rapid growth of local government debt as well,and Japan’s government has implemented a series of reforms to guarantee the debt sustainability since 2000,such as controlling the scale of local government debt through fiscal decentralization,classifying grants borrowing authority,and strengthening supervision and restraint;and taking advantage of FILP,JFM,and local government bonds to reduce the cost of local government debt;and building a sound fiscal system to ensure the safety of local government debt.Even though Japan’s sovereign debt has been high in recent years,the scale of Japan’s local government debt and its share of GDP have both steadily declined,and the sustainability of local government debt has increased.Studying Japanese local government debt management can not only grasp the dynamic changes of Japanese local government debt management,but also provide a reference for local government debt management in China.

关 键 词：日本 地方政府债务 债务治理 债务规模 债务可持续性 

分 类 号：F813.313.7[经济管理—财政学]