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近年来地方政府债务问题一直困扰着我国政府,随着经济增长放缓,债务风险再次凸显,如果不及时防范将极有可能导致系统性债务危机。文章通过中欧政府债务生成机制与扩散路径的比较,认为债务危机的生成机制源于举债主体的权责关系不清,而中欧的体制差异决定了两者危机扩散路径的不同。欧洲债务危机是欧元区货币财政“二元”体制下成员国间的有限扩散,而我国债务危机是行政集权与财政分权体制下自下而上逐级向中央的系统性积聚。因此,化解地方政府债务危机必须从界定政府间的权责关系入手,通过明确与规范地方政府融资权,改革体制以优化危机传导路径等综合性方案化解。
In recent years, the issue of local government debts has plagued our government. With the slowdown in economic growth, the debt risks have once again been highlighted. Failure to prevent in time will most likely lead to a systemic debt crisis. Through the comparison of the mechanism of government debt generation and the path of proliferation in China and the EU, the article thinks that the mechanism of debt crisis originates from the unclear power and responsibility of the main body of the debt, while the institutional difference between China and the EU determines the difference of the path of the two countries’ crisis diffusion. The debt crisis in Europe is a limited diffusion among member states under the monetary and fiscal dual system in the euro area. The debt crisis in our country is a systematic accumulation of the central government from bottom to top in the administrative centralized and fiscal decentralization systems. Therefore, to resolve the debt crisis of local governments, we must start with the definition of the power-responsibility relationship among governments, and clarify and regulate the financing rights of local governments, and reform the system to optimize the route of crisis transmission.