地方政府债务风险管理模式比较:国际经验与启示
-
摘要: 随着各国财政分权和地方政府债务规模的增加,地方政府债务及其风险防范的管理制度也相应发生了变革。目前各国的地方政府债务风险管理存在着四种模式:市场纪律约束、地方财政规则约束、中央政府债务管理、央地政府合作管理。从比较结果看,实行市场纪律规则要求金融市场发展程度高,各级政府的透明度标准较高,地方政府治理能力较好,资产核算准确且财务制度规范,此种情况下,中央政府能够严格履行不救助承诺。大多数单一制国家普遍采取中央政府主导管理方法,由中央政府对地方政府举债进行直接控制,但采取这一形式,中央政府无法避免地方政府的救助要求,从而增加了中央政府负担,降低了金融市场效率。基于我国现有的市场条件和管理模式,我国在地方政府债务风险管理中,在短期内可以实施中央政府主导、财政规则约束、央地政府合作模式:一方面,中央政府对债务进行总体风险监管,但是不实施日常的微观干预;另一方面,在保障不出现系统性财政金融风险的情况下,由财政规则来约束地方政府债务的日常使用和运作。在中长期,应逐渐建立起基于市场纪律的管理制度,探讨建立债务保险制度和省以下联合发债和担保制度的可行性。
-
-
[1]
FUKASSAKU K,DE MELLO L R.Fiscal decentralization and macroeconomic stability:the experience of large developing and transition economies[R].Paris:OECD,1998.
-
[2]
TER-MINASSIAN T.Fiscal federalism in theory and practice[M].Washington D C:International Monetary Fund,1997.
-
[3]
HILLMAN A L.Public finance and public policy:responsibilities and limitations of government[M].2nd.New York:Cambridge University Press,2009.
-
[4]
AHMAD E,ALBINO-WAR M,SINGH R.Sub-national public financial management:institutions and macroeconomic considerations[R].IMF,2005.
-
[5]
PURFIELD C.The decentralization dilemma in india[R].IMF:IMF Working Paper,2004.
-
[6]
TER-MINASSIAN T,CRAIG J.Control of subnational government borrowing[M].Washington D C:International Monetary Fund,1997.
-
[7]
JOUMARD I,KONGSRUD P M.Fiscal relations across government levels[J].OECD Economic Studies,2003(1):143.
-
[8]
RATTSØ J.Fiscal controls in europe:a summary[M]//B DAFFLON.Local public finance in europe:Balancing the budget and controlling debt,[S.I.]:Edward Elgar Publishing,2002.
-
[9]
RODDEN J.Hamilton's paradox:the promise and peril of fiscal federalism[M].Cambridge:Cambridge University Press,2006.
-
[10]
BIRD R M,TASSONYI A.Constraints on provincial and municipal borrowing in canada:market,rules and norms[J].Canadian Public Administration,2001(1):84.
-
[11]
KOUTSOGEORGOPOULOU V.Fiscal relations across levels of government in Australia[R].OECD Economics Department Working Papers,2007:541.
-
[12]
JORGEN N,PEDERSEN M.Local government and debt financing in denmark[M].Cheltenham:Edward Elgar Publishing,2002.
-
[13]
DAFFLON B.The theory of sub-national balanced budget and debt control[M].Cheltenham:Edward Elgar Publishing,2002.
-
[14]
IMF.The functions and impacts of fiscal councils[R].IMF,2013.
-
[1]
-
![WeChat](/fileZZQGYXYXBSKB/journal/article/zzqgyxyxbskb/2015/6/PIC/wechat_09f6c6d7-c276-4893-931c-8525800b62df.jpg)
计量
- PDF下载量: 52
- 文章访问数: 1053
- 引证文献数: 0