Research On The Risk And Control Of Government Debt

Government debt risk problem is an important factor to threaten economic development of the world,since 2009,China's local government debt risk caused widespread concern,because of the restraint of the original "budget law".The same time as China's market economy is not perfect,the regulatory mechanism is not perfect,debt rating market confusion and other reasons,exacerbated by the local government debt risk.Especially the 2015 economic downturn pressure,weakening local solvency risk,the real estate bubble caused by local government debt default risk,maturity mismatch caused by the liquidity risk,the local government "by the new-old" will bring debt accumulation risks intensified,causing national leaders and the community concerns of local government debt.Implemented in early 2015 a new "Budget Law",allowing local governments to issue bonds,but the actual implementation process,independent of local government debt is still high rate of expansion,all levels of government implicit guarantees problem is not resolved,the government debt risk control still grim.How local government debt risk effective management,reasonable debt risk assessment and resolve,is the need to solve the problem.Given the importance of local debt to China's economic development,this paper attempts under the new budget law and a series of new,comprehensive analysis of debt risk types,and on this basis,an attempt to reveal the greatest degree of debt risk.For the study of local government debt risks and controls.The thesis is divided into six chapters,the first chapter introduces the article's introduction background,research significance,research methods,innovation and shortcomings highlighted in the domestic and local government debt concept,types,causes,assessment and management outstanding achievement.The second chapter makes clear the research object of defining the difference between the concept of risk and local debt of local government debt risk concepts,and briefly discusses the concept of debt risk.The third part is to learn debt management experience of developed countries,the United States as the first countries to issue debt bonds not only huge,management is still perfect,China has a strong reference.Japan,as the most developed countries in Asia,advanced local debt management,there are more similarities to our country,so strong reference.The fourth and fifth part is the research focus of the article,the fourth part introduces the status quo under the local government debt management and a series of new measures,local governments in China still exist type of risk,and are classified as financing risk,structural risk,benefit and risk and social risks.The fifth part is empirical analysis of local government debt,from multiple perspectives comprehensive risk assessment of debt,build a relatively comprehensive index system.The fifth part is to prevent local government debt risk measures,put forward countermeasures to solve the above problems.