The Research With Regard To The Institutional Design And Management Of Local Government Bonds In China

Local government bonds, as a kind of local government debts, can raise funds for the local government effectively, and reach the aim of regulating the local economy. The first part of the thesis introduces the definition and characteristics of the local government bonds, and brings forward the necessary support by the public finance theory to issue the local government bonds. The second part analyses the bonds' issuance entailed by such problems as our country's tax sharing reform, process of urbanization and local debts in real life. Simultaneously, this part does a feasibility study for the bonds'issuance while taking into consideration the improvement of local economy, the growth of household savings rate and the market environment in our country. In response to these circumstances, the third part investigates the American and Japanese local government bonds institution, compares their similarities and differences, therefore, draws conclusions which can be borrowed by us. Finally, the forth part of the thesis discusses how to set up our basic local government bonds institution and the mechanism of risk prevention according to our national conditions, with a view to design a system of local government bonds which can be reasonable and feasible, and has a risk control function.