An analysis of the factors influencing the issuing rate of local government bonds in China: Based on the VAR model

DOI

10.2991/icpm-18.2018.22How to use a DOI?

Keywords

Local Government Bonds; Issue Costs; Vector Auto-regression Mode

Abstract

With the introduction of the new budget law, the issuance of local government bonds has gradually become the only legitimate channel for local government debt financing. In the three-year “spontaneous self-reliance” practice, although local government bonds have entered a period of normalization and large-scale issuance, they also face “high interest rates, high risks” and other issues. Reducing the issuance interest rate of local government bonds is the key to reducing their risks. Therefore, it is very important to explore the influencing factors of the interest rate of local government bond issuance. This paper will review the current research results and use the VAR model to quantitatively analyze the data of the relevant issuance indicators to clarify the impact of various influencing factors on the interest rate of local government bond issuance, and propose relevant policies to promote the local government bond issuance mechanism.

Copyright

© 2018, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Fang Zhu
AU  - Peng Minjiao
PY  - 2018/09
DA  - 2018/09
TI  - An analysis of the factors influencing the issuing rate of local government bonds in China: Based on the VAR model
BT  - Proceedings of the Fifth International Conference on Public Management : International Collaboration for Innovated Public Governance (ICPM 2018)
PB  - Atlantis Press
SP  - 93
EP  - 100
SN  - 2352-5428
UR  - https://doi.org/10.2991/icpm-18.2018.22
DO  - 10.2991/icpm-18.2018.22
ID  - Zhu2018/09
ER  -