地方政府债务管理及危机处置的国际经验借鉴

地方政府举债是工业化、城市化的必然选择,合理举债有利于地方财政的高效运转,但若监管错位、过度举债则有可能引发债务危机。自2014年起,我国赋予地方政府发债权,随着近年来收益类专项债的扩容,地方政府债务规模不断扩大,同时融资平台、政府引导基金等各种形式的隐性债务风险依然突出。当前地方政府债务风险被视为“灰犀牛”,亟需引起重视和关注。本文通过梳理美国、日本、巴西地方政府债务危机产生的原因和处置方式,总结国外地方政府债务管理和危机处置的有效经验,并结合现阶段我国地方政府债务管理中存在的预算软约束、发行主体单一、债务透明度差、评级和监管缺位、预警和处置机制不完善等主要问题,提出相关对策建议。

International Experience of Local Government Debt Management and Crisis Management

Local government borrowing is an inevitable choice for industrialization and urbanization.Reasonable borrowing is conducive to the efficient operation of local finance,but if the supervision is misplaced and excessive borrowing takes place,it may trigger a debt crisis.Since 2014,China has given local governments the right to issue debts.With the expansion of special income bonds in recent years,the scale of local government debts has continued to expand.At the same time,various forms of hidden debt risks,such as financing platforms and government guid?ance funds,have remained prominent.The current local government debt risk is regarded as a"grey rhino",which needs more attention.This paper summarizes the effective experience of debt management and crisis management of foreign local governments by sorting out the causes and disposal methods of the debt crisis of local governments in the United States,Japan,and Brazil,and combining major problems such as soft budget constraints,single issuers,poor debt transparency,lack of ratings and supervision,and inadequate early warning and disposal mechanisms in the debt management of local governments,and then proposes related countermeasures.