西方国家在各自的社会经济发展过程中,均发行或举借过地方债务。由于国情不同,宪法、法律法规、财政制度均有所不同,加上各国财政状况和金融市场发展程度不一,中央政府对地方政府的管理约束方式也各不相同。大致来说,地方债务管理模式可以分为四种。市场约束模式市场约束模式是指利用资本市场对地方政府举债进行约束管理,中央政府在整个过程中不干涉地方债券的 In their respective socio-economic development, western countries have issued or borrowed local debts. Due to different national conditions, the Constitution, laws and regulations and the financial system are different. In addition, due to the different national financial conditions and different levels of financial market development, the central government’s management and restraint on local governments are also different. Broadly speaking, there are four types of local debt management models. Market restraint mode Market restraint mode refers to the use of capital markets to local governments bond constraint management, the central government throughout the process does not interfere with local bonds