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文章对我国地方政府债务管理的“新政”进行了考察.通过将这一新的制度框架与我国过去的地方债管理制度、与日本的管理制度进行比较,发现我国地方债管理新制度是一种行政控制下的市场约束型制度,与过去简单的行政控制制度相比更加完善,转变成规范的行政控制,中央政府控制债务发行总规模和利率;与日本的行政控制型的制度相比,我国的地方债务管理制度在募集资金方面更趋向于市场化,债务风险更易于分散化,但是风险监督体系、预警机制亟待建立和完善.
This article examines the “New Deal” of local government debt management in our country.Comparing this new institutional framework with the past local debt management system in our country and the Japanese management system, we find that the new local debt management system in our country is A market-restraint system under administrative control is more perfect than the simple administrative control system of the past and transformed into a normative administrative control. The central government controls the total size and interest rate of debt issuances. Compared with Japan’s administrative control system The local debt management system in our country tends to be more market-oriented in raising funds and the debt risk is more easily decentralized. However, the risk supervision system and the early-warning mechanism need to be established and perfected.