Fiscal system reform and implicit government guarantees: evidence from China

被引：0

作者：

Li, Xinqi ^{[1
]}

Wu, Wenzhi ^{[2
,3
]}

Yao, Xuehui ^{[4
]}

Yu, Hongbin ^{[5
]}

机构：

[1] Xiamen Univ, Wang Yanan Inst Studies Econ, Xiamen, Peoples R China

[2] Shenzhen Univ, Inst Emerging Ind Dev Studies, Room 605,Shouzheng Bldg,Block B,1066 Xueyuan Ave, Shenzhen 518055, Guangdong, Peoples R China

[3] Hunan Univ Finance & Econ, Sch Finance, Changsha, Peoples R China

[4] Univ Int Business & Econ, Sch Int Trade & Econ, Beijing, Peoples R China

[5] Univ Int Business & Econ, Sch Law, Beijing, Peoples R China

来源：

APPLIED ECONOMICS LETTERS | 2025年

关键词：

Sub-provincial fiscal reform; implicit government guarantees; bond risk premium; urban construction investment bonds; DEBT;

D O I：

10.1080/13504851.2024.2449125

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper examines the impact of China's sub-provincial fiscal reform in 2022 on the risk premium of urban construction investment bonds (UCIBs). We find that the risk premium of UCIBs issued by counties with lower fiscal self-sufficiency rates exhibits a greater decline than that of UCIBs issued by counties with higher fiscal self-sufficiency rates. This impact is particularly evident in regions with lower levels of fiscal transparency and more constrained financial resources. Our findings suggest that this reform exerts an influence on the risk premium of UCIBs by amplifying investors' expectations of government guarantees.

引用

页数：8

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