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关于地方政府公债问题,历来就有各种不同观点。60多年来,地方债券时而存在,时而消失。2008年地方融资平台扩张加剧了地方政府债务;2009年财政部破冰代发2000亿地方债券。2011年,首次允许上海、浙江、广东、深圳四省市自主发债。近年来,正式赋予地方政府举债权的声音尤为强烈。本文结合制度经济学制度变迁的理论视角,以中央政府和地方政府作为两个活动主体,通过债券市场的相关概念解析,完整回顾我国地方债券或准地方债券的历史发展脉络,进而分析地方政府公债这一制度的变迁可能及选择变迁的缘由。笔者认为,赋予地方政府完整、合法的举债权,可以解决地方政府融资难题,激励地方政府转型,调整央地关系,推动预算公开、预算民主,进而开启财政公开、财政民主。
On the issue of local government bonds, there have always been different opinions. For more than 60 years, local bonds have sometimes disappeared. In 2008, the expansion of local financing platform exacerbated local government debt; in 2009, the Ministry of Finance broke the ice to send 200 billion local bonds on behalf of the ice. In 2011, for the first time, Shanghai, Zhejiang, Guangdong and Shenzhen provinces and municipalities were allowed to issue their own bonds. In recent years, the voices that officially give the local government a right to raise debt are particularly strong. Based on the theoretical perspective of the institutional change of institutional economics, taking the central government and local government as the main body of the two activities, the paper reviews the historical development of local bonds or quasi-local bonds through the analysis of the relevant concepts in the bond market, and then analyzes the bonds of local government The changes in this system may be due to the reasons for choosing changes. The author believes that giving the local government a complete and legal right to borrow can solve the financing problems of local governments, stimulate the transformation of local governments, adjust the relations between central and local governments, promote budget openness and budget democracy, and then open up fiscal openness and fiscal democracy.