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Local Government Debt, Financing Platform and Fiscal Risk

机译:地方政府债务,融资平台和财政风险

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The excessive expansion of local financing platform as a substantive medium for local government borrowing has aggravated local government financial risks, which may induce systemic financial risks. Based on the current debt situation of the central and provincial governments, this paper uses different measurement models to calculate debt balance and default risks of the financing platforms. The results show that nearly one-third of the provinces may have potential financial risks, therefore the central government and local governments should work together and keep four kinds of balances in order to prevent and defuse risks.
机译:本地融资平台的过度扩展为当地政府借贷的实质性媒介,加剧了地方政府金融风险,可能会引起全身的金融风险。 根据中央和省级政府的当前债务状况,本文采用不同的测量模型来计算债务平衡和融资平台的违约风险。 结果表明,近三分之一的省份可能具有潜在的金融风险,因此中央政府和地方政府应共同努力,保留四种余额以防止和融合风险。

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