Font Size: a A A

Institutional Matching And Issuing Mode ——comparison And Selection Of Issuing Mode Of Local Government Bonds In China

Posted on:2015-12-25Degree:MasterType:Thesis
Country:ChinaCandidate:P QiFull Text:PDF
GTID:2309330461499234Subject:Western economics
Abstract/Summary:PDF Full Text Request
Local government borrowing is forbidden in china, so local governments have always depend on financing platform for issuing bonds. However, local financing platform operates outside budget of local government, causing local government debts to swell. In order to formulate the issuing mode, our country allowed to issue local government bonds through the Ministry of Finance and on their own successively. Along with the liberalization of subjectivity and autonomy, the issuing mode of local government bonds arouse public concern. Against this background, the paper is trying to solve three questions:From the international experience, what is the relevance between issuing mode and relevant institution? Does the issuing mode of our local government bonds match the relevant institution? Which is the feasible approach of issuing mode under the tax-separating system reform?The paper choose America, Japan and Australia for typical countries, after studying their federal and unitary system, tax-separating system and the transfer payment system, the issuing mode of local government bonds not only depend on the nature and characteristics itself, but also depend on the harmonize between the mode and the relevant institution. A lot of institution form the issuing mode of local government bonds. In short, there is no best but the most fitting mode. Mirror the past research results, this paper divide the issuing mode into there mode. Comparing their essential attribute, equity and efficiency and existing problems, the present modes can not restrain the issuing behavior of local government. On the base of institutional matching, the tax-separating system has break the original equilibrium. Give the right of issuing bonds autonomously to local government, and add the institutional constraint to the game between central and local government should be the direction of issuing mode of our local government bonds.
Keywords/Search Tags:local government bond, issuing mode, institutional matching, tax-separatiug system
PDF Full Text Request
Related items