{"title":"中国地方政府举债的驱动因素:非对称分权下的财政饥饿与竞争博弈","authors":"","doi":"10.1016/j.apgeog.2024.103422","DOIUrl":null,"url":null,"abstract":"<div><div>This paper contributes two mechanisms through which asymmetric fiscal decentralization drives local government borrowing: ‘fiscal hunger’ (borrowing to address budgetary fiscal gaps, leverage land resources, and pay off existing loans) and ‘competition game’ (borrowing to compete for bond issuance and state funds). Analyzing a dataset of 290 Chinese cities from 2006 to 2015, we find local government borrowing is driven by both fiscal hunger and inter-city competition. Borrowing is not confined to the growth-oriented purpose. Our Geographically Weighted Panel Regression uncovers the spatial patterns of two borrowing mechanisms, in which borrowing in less-developed regions is predominantly driven by fiscal hunger, while developed coastal regions actively engage in inter-city competition through borrowing. These dynamics may aggravate fiscal disparities among Chinese cities.</div></div>","PeriodicalId":48396,"journal":{"name":"Applied Geography","volume":null,"pages":null},"PeriodicalIF":4.0000,"publicationDate":"2024-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Drivers of local government borrowing in China: Fiscal hunger and competition game under asymmetric decentralization\",\"authors\":\"\",\"doi\":\"10.1016/j.apgeog.2024.103422\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This paper contributes two mechanisms through which asymmetric fiscal decentralization drives local government borrowing: ‘fiscal hunger’ (borrowing to address budgetary fiscal gaps, leverage land resources, and pay off existing loans) and ‘competition game’ (borrowing to compete for bond issuance and state funds). Analyzing a dataset of 290 Chinese cities from 2006 to 2015, we find local government borrowing is driven by both fiscal hunger and inter-city competition. Borrowing is not confined to the growth-oriented purpose. Our Geographically Weighted Panel Regression uncovers the spatial patterns of two borrowing mechanisms, in which borrowing in less-developed regions is predominantly driven by fiscal hunger, while developed coastal regions actively engage in inter-city competition through borrowing. These dynamics may aggravate fiscal disparities among Chinese cities.</div></div>\",\"PeriodicalId\":48396,\"journal\":{\"name\":\"Applied Geography\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":4.0000,\"publicationDate\":\"2024-10-04\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Applied Geography\",\"FirstCategoryId\":\"89\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0143622824002273\",\"RegionNum\":2,\"RegionCategory\":\"地球科学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"GEOGRAPHY\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Applied Geography","FirstCategoryId":"89","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0143622824002273","RegionNum":2,"RegionCategory":"地球科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"GEOGRAPHY","Score":null,"Total":0}
Drivers of local government borrowing in China: Fiscal hunger and competition game under asymmetric decentralization
This paper contributes two mechanisms through which asymmetric fiscal decentralization drives local government borrowing: ‘fiscal hunger’ (borrowing to address budgetary fiscal gaps, leverage land resources, and pay off existing loans) and ‘competition game’ (borrowing to compete for bond issuance and state funds). Analyzing a dataset of 290 Chinese cities from 2006 to 2015, we find local government borrowing is driven by both fiscal hunger and inter-city competition. Borrowing is not confined to the growth-oriented purpose. Our Geographically Weighted Panel Regression uncovers the spatial patterns of two borrowing mechanisms, in which borrowing in less-developed regions is predominantly driven by fiscal hunger, while developed coastal regions actively engage in inter-city competition through borrowing. These dynamics may aggravate fiscal disparities among Chinese cities.
期刊介绍:
Applied Geography is a journal devoted to the publication of research which utilizes geographic approaches (human, physical, nature-society and GIScience) to resolve human problems that have a spatial dimension. These problems may be related to the assessment, management and allocation of the world physical and/or human resources. The underlying rationale of the journal is that only through a clear understanding of the relevant societal, physical, and coupled natural-humans systems can we resolve such problems. Papers are invited on any theme involving the application of geographical theory and methodology in the resolution of human problems.