地方债为公共品融资:条件与效应分析

地方债的发行期与偿还期往往不一致,与资本性地方公共品不一致的建设期和受益期相对应,再加上法律明确赋予的举债权,地方债因此而成为世界各国经常采用的资本性地方公共品的融资方式。利用地方债为地方公共品融资,可以实现降低对政府收入依赖程度的预算效应、过度刺激地方政府利用公债投资的负激励效应以及影响居民迁入与移出的迁移效应。

Financing Pubic Goods through Local Debt: Conditions and Effects

The local debt's issue period is inconsistent with its maturity,which corresponds to the construction time and benefit time of capital local public goods,and also the law permits the local government the debt financing right,so the local debt is now one important financing means of capital local public goods in all over the world.Financing the local public goods through local debt leads to three effects,that is,the budget effect which decreases the dependence degree on the government revenue,the negative stimulation effect which increases the government's excess investment by local debt and the migration effect which affects the people's immigration and emigration.