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The financing of local government bonds : mode selection and risk control

Author: HuangZuo
Tutor: SongLi
School: Graduate School of the Chinese Academy of Social Sciences
Course: National Economics
Keywords: Local government bonds Mode selection Risk control
CLC: F812.5
Type: Master's thesis
Year: 2011
Downloads: 465
Quote: 0
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Abstract

Although our law the local government does not have to cite the claims, but in recent years, the scale of local government debt is still expanding. Especially in the context of response to the global financial crisis, the local government bond financing presents \The same time, the huge scale of local government debt, the rapid growth of its concealment caused fears and panic. In this context, the paper-based mode select explore the local government bond financing and risk control perspective, to try to answer three questions: First, the contradiction between the face of insufficient financial resources and the financial risk of the local government, whether it should be given its bond financing powers?, in the face of a variety of financing local government in China take bond financing model is appropriate, and how to control the risk? third, facing forward reform, China's local government bonds financing to more mature and efficient mode change direction, path, and what are the conditions? This paper argues that China's local government bond financing is necessary: ??to show that the related financial theory as well as the condition of our country, the powers of local government spending is necessary; local governments facing fiscal The balance of payments need for external financing gap; bond financing as an important way of external financing, with reasonable economic theory, is also the reality of the need to resolve and prevent local financial risk. On paper constructs a debt sustainability analysis model, considering only the dominant direct local government debt (loans and bonds), the scale of China's local government debt is still at a relatively safe range, so given the right to an appropriate local government bond financing is feasible. Based on the experiences of other countries, this paper summarizes the countries in various forms of debt financing for local bonds \choice is actually financing efficiency and risk control trade-offs of different combinations; certain financial system under the local government's fiscal situation, and bond financing risk control needs to determine what financing model and the corresponding risk control mechanism. Analysis showed that Australia and Japan financing model of institutional change theory: The central government should pay attention to the \institutional change toward the positive direction; view of the system as there is insufficient supply of public products, the Central Government has the responsibility \and progressive path in the process of gradual modification. In addition, we build a mathematical model to self-distribute model \Based on the above analysis, this paper presents: can be implemented in the near future \direction.

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CLC: > Economic > Fiscal, monetary > Finance, the state's financial > China's financial > National bonds, bonds, foreign debt
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