英国地方政府债务构成特征及监管研究

英国地方政府多年来没有发生过债务危机.该国在地方政府举债制度设立、债务问责管理等方面积累了大量经验,"透明度要求""审慎性制度"等监管安排在地方政府债务风控方面发挥着积极作用.为满足市场融资多元化需求,英国多种新的融资方式与平台得以被陆续引入,针对违约风险控制而推出的"贷款集中度限制""连带担保制度"也很具有借鉴意义.现阶段英国地方政府债务规模及结构呈现出新的特征:债务余额占GDP比重已经连续多年高悬在警戒线之上,过于集中的融资格局成为英国地方经济持续发展的隐患,而脱欧事件的震荡、新冠肺炎疫情的肆虐更是使英国地方政府潜在的偿债压力凸显.英国政府将如何去摆脱这一困境值得关注.

A Study on the Composition and Supervision of Local Government Debt in the UK

Local governments in the UK have not taken place a debt crisis for many years.The country has accumulated a lot of experience in the establishment of local government debt system,debt accountability management and other aspects,"transparency requirements","prudential system"and other arrangements play a positive role in local government debt risk control.In order to meet the diversified needs of market financing,a variety of new financing methods and platforms have been introduced in succession.The"loan concentration limit"and"joint and several guarantee system"launched for default risk control are also of great significance.At this stage,the scale and structure of local government debt in the UK shows new characteristics.The proportion of debt balance in GDP has been above the warning line for many years.The COVID-19 has become a hidden danger for the sustainable development of the local economy in Britain.The shock of the European unemployment and the outbreak of Covid-19 epidemic are the potential pressure on the British local governments to repay their debts.How the British government will get rid of this dilemma is of great concern to the world.