Impacts of financial decentralization on economic growth and inflation in China  

作　　者：Fu Yong Li Liangsong 

机构地区：[1]the People’s Bank of China [2]Shanghai Head Office of the People’s Bank of China

出　　处：《China Finance and Economic Review》2017年第2期69-93,共25页中国财政与经济研究（英文）

摘　　要：Fiscal decentralization and promotion incentives are main elements that inspire local governments in China to compete for economic growth with each other;but this regime is only part of reason that local governments in China have more effects on economic cycle than their counterparts in other countries.The authors think that financial decentralization should be taken into account.Empirical results indicate that excess financial decentralization would cause high risk of inflation and economic overheating.After tax-sharing reform in 1994,the central government could adjust the boundary of financial decentralization and the local governments may borrow more money during the economic downturn.The authors suggest that a two-tiered financial supervisory system should be set up in the new round of financial reform and financial decentralization should be adjusted to the changing market economy in China.

关 键 词：financial decentralization fiscal decentralization economic growth INFLATION 

分 类 号：F82[经济管理—财政学]