Restricted Research - Award List, Note/Discussion Page

Fiscal Year: 2021

232  University of North Texas  (84528)

Principal Investigator: Shi,Yu

Total Amount of Contract, Award, or Gift (Annual before 2011): $ 35,000

Exceeds $250,000 (Is it flagged?): No

Start and End Dates: - 5/31/22

Restricted Research: YES

Academic Discipline: Public Admin

Department, Center, School, or Institute: Col of Health & Public Servic

Title of Contract, Award, or Gift: Fiscal Self-sufficiency, Debt Limits, and Fiscal Sustainability in China's Emerging Municipal Bond Market

Name of Granting or Contracting Agency/Entity: Lincoln Institute of Land Policy


Program Title: N/A


Research - A tension between centralized policymaking and decentralized implementation of those policies exists in the evolution of municipal bond market in China. By observing the tension and the recent policy transformations in the China’s municipal bond market, it is important to understand Chinese local governments’ fiscal self-sufficiency and maintain fiscal sustainability of municipal bond market. Based upon a panel data of 155 Chinese provincial-level governments between the years of 2014 and 2018, this project proposes some fiscal measures needed to measure a sustainable bond market in China’s institutional context. With these measures, this proposed research will empirically explore the effect of fiscal institutional restrictions imposed by higher levels of governments on local governments’ fiscal sustainability measures and will investigate the effect of local government’s self-sufficiency capacity to meet debt obligations and see how it may affect fiscal sustainability measure. The expected research findings can help public finance and policy scholars to understand the effectiveness of fiscal institutions imposed by the central government in China and can assist local government officials to determine the potential effects of debt limits to control the debt risk and maintain fiscal sustainability. Moreover, the proposed research will provide important insights about how to move toward a more financially sustainable bond market and offer policy recommendations in the study.

Discussion: No discussion notes


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