财政金融协同视角下的地方政府债务治理——来自金融市场的证据  

Coordinating the Fiscal and Financial Framework of the Management of Local Government Debt:Evidence from Financial Markets

作　　者：吴文锋[1] 胡悦 Wu Wenfeng;Hu Yue

机构地区：[1]上海交通大学安泰经济与管理学院,上海200030 [2]华东理工大学商学院,上海200237

出　　处：《中国社会科学》2022年第8期143-162,207,共21页Social Sciences in China

摘　　要：现有基于财政担保的理论,无法解释地方财力不断下降并没有显著增加地方政府融资成本的现象,也难以应对中央政府严监管下的地方政府债务不断增长问题。理论和实证两方面的研究表明,地方政府掌握的金融资源为其债务提供了隐性担保;这种金融担保在降低融资成本的同时,也会导致地方金融风险传导到财政部门。因此,仅仅从财政或金融单一角度,都不足以化解地方政府债务所带来的财政和金融的双边风险问题。中央政府需要在财政金融联合治理框架下进行财政和金融政策的协调,合理分散化解地方政府债务风险,避免单部门承担过高风险。同时密切关注地方金融机构的资产质量及其在货币市场的信誉,避免地方金融风险向地方财政传导。Theories based on fiscal guarantees cannot explain either the fact that the decline in local fiscal resources has not significantly increased local government financing costs,nor the fact that local government debt has been rising at a time of strict central government regulation.The theoretical and empirical analyses provided in this study show that it is the financial resources under local government control that provide the implicit guarantee for local government debt.Such financial resources lower local governments’financing costs but have the potential to lead to the contagion of financial risk through local government to the financial sector.To look at the question solely in terms of either fiscal or financial sector guarantees will not be sufficient to resolve the problem of local government debt.The central government needs to coordinate fiscal and financial policy under a joint management framework in a way that rationally disperses and resolves the risks attached to local government debt and avoids the assumption of excessive risk by either sector.At the same time,close attention should be paid to local financial institutions’asset quality and their money market reputation to avoid the risk of contagion from local financial institutions to local public finance.

关 键 词：财政金融协同 地方政府债务风险 金融担保 财政担保 

分 类 号：F812.5[经济管理—财政学] F832.5