我国地方政府举债的优化研究——基于政府治理理论分析

通过对政府治理理论的西方起源的分析,发现我国地方政府债务存在规模大、效率低、偿债压力大的问题,其原因主要是政府对社会经济的发展的过度参与.提出改革政府主导的投融资模式、财政体制、官员升迁体制、现阶段财政监督管理体制等对策缩小政府的有形之手.     

Public Debt Sustainability in Africa: Building Resilience and Challenges Ahead

The increased access of African countries to international capital markets has put public debt sustainability at the forefront of the continent's policy agenda. Utilising the ‘stabilising primary‐balance’ approach, this article finds that the actual primary balances exceeded those required to keep public debt at the 2007 level in about half the countries studied, and in several cases, those needed to reduce public debt‐to‐GDP to sustainable thresholds. The interest rate‐growth differential (IRGD) drove sustainability, underscoring the importance of growth and borrowing for growth‐enhancing outlays. As the IRGDs are likely to narrow over the longer term, fiscal policies will need to play a greater role.     

Student budgets and widening participation: Comparative experiences of finance in low and higher income undergraduates at a northern red brick university

Drawing on a thematic analysis of longitudinal qualitative data (n_total = 118), this article takes a “whole student lifecycle” approach to examine how lower and higher income students at an English northern red brick university variously attempted to manage their individual budgets. It explores how students reconcile their income—in the form of loans, grants, and bursaries—with the cost of living. Four arenas of interest are described: planning, budgeting, and managing “the student loan”; disruptions to financial planning; the role of familial support; and strategies of augmenting the budget. In detailing the micro‐level constraints on the individual budgets of lower and higher income undergraduates, the article highlights the importance of non‐repayable grants and bursaries in helping to sustain meaningful participation in higher tariff, more selective, higher education institutions. It also supports an emerging body of literature that suggests that the continuing amendments to the system of funding higher education in England are unlikely to address inequality of access, participation, and outcome.     

我国台湾地区消费者债务清理管理人制度研究——兼谈对我国大陆个人破产管理人制度的借鉴

随着我国大陆社会经济发展，个人破产制度的建立已是大势所趋，有必要对个人破产管理人进行探究。我国台湾地区在“双卡风暴”的背景下颁布了针对消费者的《消费者债务清理条例》，构建了个人破产制度，通过对《条例》中关于管理人的内容分析，可以发现其具有自身特点：法律地位上的财团代表属性，设立上的简单化，选任上基于个人债权债务关系的考量，职责的程序性和维持性，酬劳的绝对保障性，监督的严厉性等，对我国大陆个人破产管理人体系的构建具有借鉴意义。     

试论美国清理不良资产的做法及对我国的启示

国有企业负债与银行不良资产增加的问题,是我国经济体制改革中亟待解决的一个重大问题。本世纪８０年代末９０年代初,美国通过专门立法,建立起两套目标相同、职能互补、相互制约的机构,依法清理大量破产的储蓄贷款协会不良资产的做法,对我们有一定借鉴意义     

公平公正待遇视域下主权债务重组的国际责任

债务国发动的主权债务重组程序可能会引发其对国际投资协定中公平公正待遇条款所规定的条约义务的违反。依照各案仲裁庭宽松判断的标准,除了单纯主权债务违约外,当东道国发动主权债务重组程序时,几乎都可能因违反公平公正待遇而产生国际法责任。公平公正待遇允许仲裁庭在投资者与东道国的利益之间进行全面的司法平衡,债务国存在违反公平公正待遇的可能,但同时也存在免除责任的空间。阿巴克莱特等诉阿根廷案的债券持有人主张阿根廷的债务重组行为违反了意大利——阿根廷双边投资协定项下公平公正待遇条款,构成征收。仲裁庭对此案的裁决将首开主权债务重组之国际法责任认定的先河。     

企业债务融资对会计信息质量的影响研究——基于中国A股上市公司的经验证据

文章以2013年至2015年中国A股上市公司为样本,研究了企业债务融资和会计信息质量之间的关系。研究结果表明,负债比例越高,会计信息质量越低。但债务结构中不同组成部分对于会计信息质量的影响不同,上下游型债务比例越大,会计信息质量越高;其他型债务比例越大,会计信息质量越低;而银行型债务比例的影响则不明显。     

当前我国货币政策和财政政策的关联分析与思考

解决影响我国经济发展的通货紧缩、有效需求不足等问题,既要运用货币政策,也要运用财政政策,单靠其中一项政策是不行的。当前,我国应通过稳健的货币政策和积极的财政政策的配合运用,大力发展国债市场,扩大投资,刺激需求。     

Long‐Term Debt and Optimal Policy in the Fiscal Theory of the Price Level

The fiscal theory says that the price level is determined by the ratio of nominal debt to the present value of real primary surpluses. I analyze long‐term debt and optimal policy in the fiscal theory. I find that the maturity structure of the debt matters. For example, it determines whether news of future deficits implies current inflation or future inflation. When long‐term debt is present, the government can trade current inflation for future inflation by debt operations; this tradeoff is not present if the government rolls over short‐term debt. The maturity structure of outstanding debt acts as a “budget constraint” determining which periods' price levels the government can affect by debt variation alone. In addition, debt policy—the expected pattern of future state‐contingent debt sales, repurchases and redemptions—matters crucially for the effects of a debt operation. I solve for optimal debt policies to minimize the variance of inflation. I find cases in which long‐term debt helps to stabilize inflation. I also find that the optimal policy produces time series that are similar to U.S. surplus and debt time series. To understand the data, I must assume that debt policy offsets the inflationary impact of cyclical surplus shocks, rather than causing price level disturbances by policy‐induced shocks. Shifting the objective from price level variance to inflation variance, the optimal policy produces much less volatile inflation at the cost of a unit root in the price level; this is consistent with the stabilization of U.S. inflation after the gold standard was abandoned.