地方政府化债:国际经验及启示  

Defusing Local Governments' Debt Risks:International Experience and Inspiration

作　　者：冯俏彬 宋恒 王蒋姜 张驰 李健 Feng Qiaobin;Song Heng;Wang Jiangjiang;Zhang Chi;Li Jian

机构地区：[1]国务院发展研究中心宏观经济研究部 [2]中国财政科学研究院 [3]清华大学公共管理学院

出　　处：《财政科学》2023年第10期26-33,共8页Fiscal Science

摘　　要：化解地方政府债务风险是防范化解系统性风险的重中之重,关系到国家财政可持续发展与经济安全。本文选取日本、美国、巴西和墨西哥地方政府化债的案例,总结提炼地方政府化债的国际经验。研究发现,地方政府存在合理的融资需求,融资时会面临各种风险,其中外债风险大于内债风险,若处置不当则会产生债务危机。短期化解债务风险的主要出路是动员金融资源;长期来看,公开发行债券、建立健康活跃的债券市场,保持健全的债务人格对于化解债务风险尤为重要。Defusing local government'debt risk is the top priority in preventing and defuse systemic risk,which relates to sustainable financial development and economic security.This paper chooses the cases of local government debt in Japan,the United States,Brazil and Mexico,summarizes and refines the international experience of local government debt.The study shows that local governments have reasonable financing needs and will face various risks in financing,among which the risk of external debt is greater than that of domestic debt,and debt crisis will occur if handled improperly.The main way to resolve the debt risk in short term is to mobilize financial resources;In the long run,public issuance of bonds,the establishment of a healthy and active bond market,and the maintenance of a sound debt personality are particularly important for resolving debt risks.

关 键 词：地方政府 债务风险 债务重组 国际经验 

分 类 号：F812.5[经济管理—财政学]