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An analysis of the factors influencing the issuing rate of local government bonds in China: Based on the VAR model

机译:影响中国地方政府债券发行率的因素分析:基于VAR模型

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With the introduction of the new budget law, the issuance of local government bonds has gradually become the only legitimate channel for local government debt financing. In the three-year "spontaneous self-reliance" practice, although local government bonds have entered a period of normalization and large-scale issuance, they also face "high interest rates, high risks" and other issues. Reducing the issuance interest rate of local government bonds is the key to reducing their risks. Therefore, it is very important to explore the influencing factors of the interest rate of local government bond issuance. This paper will review the current research results and use the VAR model to quantitatively analyze the data of the relevant issuance indicators to clarify the impact of various influencing factors on the interest rate of local government bond issuance, and propose relevant policies to promote the local government bond issuance mechanism.
机译:随着新预算法的引入,当地政府债券的发行逐渐成为地方政府债务融资的唯一合法渠道。在三年的“自发自力更生”实践中,虽然地方政府债券进入了正常化和大规模发行时期,但它们也面临着“高利率,高风险”等问题。减少当地政府债券的发行利率是降低风险的关键。因此,探索当地政府债券发行利率的影响因素非常重要。本文将审查目前的研究结果,并使用VAR模型定量分析相关发行指标的数据,以澄清各种影响因素对地方政府债券发行利率的影响,并提出了促进当地政府的相关政策的影响债券发行机制。

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