地方政府资本融资

Christine R. Martell, Tima T. Moldogaziev, Salvador Espinosa
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摘要

本书认为,资本市场可以成为全球地方政府的重要融资来源,因为它们面临着治理体系的分散化和地方一级基础设施需求的增加。核心论点是,国家和城市层面的信息解决方案对次国家资本市场的成功至关重要。此外,本章认为,在自上而下(国家到地方政府)和由外而内(金融部门公司到地方政府)的交易和压力方面,次国家政府能够而且必须成为称职的行动者。本章通过提供资本融资的备选类型,为城市决策者提供了当系统信用收缩性和潜在信用质量都不同时,资本市场准入的选择。本章提出了建立可收缩性和信贷质量评估机制的政策建议,并对未来的研究提出了建议。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Subnational Government Capital Financing
This book argues that capital markets can be an important source of financing for subnational governments across the globe as they face decentralization of governance systems and increased demand for infrastructure at the local level. The central argument is that information resolution at both the national-level and the city-level is critical for the success of subnational capital markets. Furthermore, the chapter argues that subnational governments can and must become competent actors with regards to both top-down (national to local governments) and outside-in (financial sector firms to local governments) transactions and pressures. This chapter presents city policymakers with options for capital market access when both system credit contractibility and underlying credit quality vary by offering a typology of alternatives for capital financing. The chapter recommends policies that establish contractibility and credit quality assessment mechanisms and concludes with recommendations for future research.
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