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《Contemporary Finance & Economics》 2019-05
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National Assistance, Local Financial Decentralization and Financial Fluctuations

MIAO Wen-long;Shaanxi Normal University;  
Based on China's economic facts in recent years, this paper establishes a stochastic dynamic general equilibrium model of two-tier multi-regional government departments including fiscal decentralization and financial decentralization. The findings of the analysis show that under the fiscal decentralization model, local governments have the behaviors of investment expan sion and financial competition, the state provides guarantees to the commercial banks in the forms of the last resort and write-offs of the bad loans, thus local governments can realize financial decentralization; the deepening of local government financial decentralization is directly reflected in the rising of the proportions of local commercial banks' debt scale and local government bond scale, which has become a major factor affecting financial volatility. Under the certainty policy of"stable growth and risk prevention", the national assistance may fall into the circulation of" assistance-local financial decentralization deepening-intensified financial volatility". Therefore, the state should adopt some direct measures, such as credit rating of local government bonds, management of local bond quotas, establishment of local financial risk dynamic monitoring and early warning system. In addition, some long-term measures should also be adopted, such as rationalization of the administration power and financial power of the central and local governments according to the efficiency of the government expenditures at different levels, the appropriate introduction of random assistance, and the establishment of a matching mechanism between financial rights and risk-responsibilities.
【Fund】: 教育部人文社会科学研究规划基金项目“金融经济周期、个体异质性与财政政策技术创新效应研究”(17YJAZH062);; 陕西省社科界2019年度重大理论与现实问题研究项目“适度分权与陕西省金融体系发展研究”(2019C026)
【CateGory Index】: F832;D632.1
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