Studies Of Local Government Debt

Since State Council R&D center Dr. Wei Jianing pointed out our country local authority debt risk has surpassed the financial risk. The academic circles have made many beneficial explorations in abundance on the local authority debt question, and have yielded the substantial result. But although so, the current research also has certain insufficiency. there are very few people from the historical angle system analyzing our country local debt constitution, also very few people studying the local authority debt from the angle of public financial system .There are also few person to study melting local authority large amount debt in near future with the foreign exchange reserve.In view of the fact that the major part of our country local authority debt belongs to the history to leave behind the storage quantity debt, analyzing storage quantity debt to grasp the origin of our country local authority debt and the countermeasure has a vital significance. From the historical angle, the author reviewed the historical origin of our country local authority debt, analyzed its constitution. With the aid of the authoritative expert's achievement, the author made an estimate on our local authority debt quantity. The author concluded that local authority debt of our country scale is very big, the structure is complex, and the risk is already emergent. Taking this as the basis, author analyzed formation reason and countermeasure of the large amount local authority debt.The author used the comparison research technique. Through introducing the mainstream viewpoint in our country literature, the author proposed own viewpoint. The author thought that the reason for our country large amount local authority debt lies in our country financial system; the imperfect financial system is most basic reason for our local authority debt formation. And the author believed that, long-term basic measure melting the debt lies in carrying on the financial reform and constructing the consummation public financial system. Before proposing own countermeasure, the author carried on the thorough analysis about the effective horse whip - to distribute the local authority bond in the western nations, and explained the conditions on our country distributing the local authority bond is not mature, and the author explained constructing the consummation public finance system to melt the local authority debt. Finally, the author, from current embarks, boldly proposed the idea that alleviating the local authority debt by using the present large amount foreign exchange reserve to pay off the debt.This article is divided into three parts. In the introduction, the author overall introduced the domestic research present situation on local authority debt, writing reason and writing mentality. The main body has four branches ,in the first branch ,the author has carried on the limits on the local authority debt connotation; In the second branch divided ,the author has carried on a systematic analysis on historical and the present situation about local authority debt of our country ; In the third part , author formed the reason on our local authority debt ;In the fourth part, The author thought we should melt local authority debt of our country with the long-term countermeasure and the near countermeasure.Last, the part carried on the subtotal to the full text.