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| Fiscal Decentralization, Soft Budget Constraints and Subnational Government Debt |
| JIANG Ziye, HU Yurong
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Nanjing Branch, the People’s Bank of China;
School of Business, Ningbo University |
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Abstract This paper focuses on China’s Subnational Government Debt Paradox, analyzes its overborrowing mechanism by using the fiscal decentralization theory. On the basis of expounding the meaning and the form of soft budget constrains,we analyse the SOE debt crisis in the 1990s and the current case of subnational government’s overborrowing,theoretically explain why the debt crisis repeated and describe its procyclicality.
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Received: 26 February 2015
Published: 01 January 1900
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