650
Views
1
CrossRef citations to date
0
Altmetric
Research Articles

The 2018 new asset management regulation and LGFV bonds in China

, , , &
Pages 469-493 | Received 13 Apr 2021, Accepted 09 Sep 2021, Published online: 15 Apr 2022

References

  • Arellano, Cristina. 2008. “Default Risk and Income Fluctuations in Emerging Economies.” American Economic Review 98 (3): 690–712.
  • Arellano, Cristina, and Ananth Ramanarayanan. 2012. “Default and the Maturity Structure in Sovereign Bonds.” Journal of Political Economy 120 (2): 187–232.
  • Ba, Shusong. 2009. “Difang Zhengfu Tourongzi Pingtai de Fazhan jiqi Fengxian Pinggu” [Development and Risk Assessment of Local Government Investments and Financing Vehicles]. Xinan Jinrong [Southwest Finance] 9: 9–10.
  • Bai, Chong-En, Chang-Tai Hsieh, and Zheng Michael Song. 2016. “The Long Shadow of a Fiscal Expansion.” National Bureau of Economic Research Working Paper Series No. 22801.
  • Cai, Hongbin, and Daniel Treisman. 2004. “State Corroding Federalism.” Journal of Public Economics 88 (3-4): 819–843.
  • Cao, Chunfang, and Chao Zhang. 2020. “Chanquan Quanlishu Fenge yu Guoqi Chuangxin: Jiyu Zhongyang Qiye Fenhongquan Jili Gaige de Zhengju” [Segmentation of Property Rights with the Cluster of Rights and Innovation of Stated-owned Enterprises: A Quasi-natural Experiment of Bonus Incentive Reforms in Central Government-owned Enterprises]. Guanli Shijie [Management World] 9: 155–168.
  • Carleton, Willard T., and Eugene M. Lerner. 1969. “Statistical Credit Scoring of Municipal Bonds.” Journal of Money, Credit and Banking 1 (4): 750–764.
  • Chen, Zhuo, Zhiguo He, and Chun Liu. 2020. “The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes.” Journal of Financial Economics 137 (1): 42–71.
  • Edwards, Chris. 2006. “Income Tax Rife with Complexity and Inefficiency.” Tax and Budget Bulletin 33. https://www.cato.org/sites/cato.org/files/pubs/pdf/tbb-0604-33.pdf
  • Feng, Xingyuan. 2014. “Local Government Debt and Municipal Bonds in China: Problems and a Framework of Rules.” The Copenhagen Journal of Asian Studies 31 (2): 23–53.
  • Gong, Qiang, Jun Wang, and Kun Jia. 2011. “Caizheng Fenquan Shijiao xia de Difang Zhengfu Zhaiwu Yanjiu: Yige Zongshu” [An Overview on the Research into Local Government Debts from the Perspective of Fiscal Decentralisation]. Jingji Yanjiu [Economic Research Journal] 7: 144–156.
  • Hastie, K. Larry. 1972. “Determinants of Municipal Bond Yields.” The Journal of Financial and Quantitative Analysis 7 (3): 1729–1748.
  • Horton, Joseph J. 1970. “Statistical Classification of Municipal Bonds.” Journal of Bank Research 1 (3): 29–40.
  • Jiang, Min, Wei Zhou, and Yang Song. 2020. “Research on Shadow Banking, New Regulations on Asset Management and Corporate Finance.” Studies of International Finance 12: 63–72.
  • Johnson, Van E., and Linda Johnson. 1996. “Tax Aspects of Municipal Bonds.” Journal of Accountancy 181 (4): 51.
  • Kidwell, David S., Timothy W. Koch, and Duane R. Stock. 1984. “The Impact of State Income Taxes on Municipal Borrowing Costs.” National Tax Journal 37 (4): 551–561.
  • Liu, Laura Xiaolei, Yuanzhen Lyu, and Fan Yu. 2017. “Implicit Government Guarantee and the Pricing of Chinese LGFV Debt.” SSRN Scholarly Paper 2922946.
  • Lovely, Mary E., and Michael J. Wasylenko. 1992. “State Taxation of Interest Income and Municipal Borrowing Costs.” National Tax Journal 45 (1): 37–52.
  • Luo, Danglun, and Guoman She. 2015. “Difang Zhengfu Guanyuan Biangeng yu Difangzhai Faxing” [The Turnover of Local Officials and the Issuance of Local Government Debts]. Jingji Yanjiu [Economic Research Journal] 6: 131–146.
  • Luo, Ronghua, and Jinjin Liu. 2016. “Difang Zhengfu de Yinxing Danbao Zhende Youxiao Ma? Jiyu Chengtouzhai Faxing Dingjia de Jianyan” [Is Local Government’s Invisible Guarantee Effective? An Empirical Test Based on the Issuance and Pricing of Quasi-municipal Bonds]. Jingji Yanjiu [Economic Research Journal] 4: 83–98.
  • Niu, Linlin, Zhiwu Hong, and Guojin Chen. 2016. “Difang Zhengfu Zhaiwu Yinyou jiqi Fengxian Chuandao: Jiyu Guozhai Shouyilyu yu Chengtouzhai Licha de Fenxi” [Hidden Worries and Risk Transmissions of Local Government Debts in China: An Analysis Based on Treasury Yields and Quasi-municipal Spreads]. Jingji Yanjiu [Economic Research Journal] 11: 83–95.
  • Pan, Jun, Liangliang Wang, and Xiaofeng Shen. 2015. “Jinrong Shengtai Huanjing yu Difang Zhengfu Zhaiwu Rongzi Chengben: Jiyu Shengji Chengtouzhai Shuju de Shizheng Jianyan” [The Financial Ecological Environment and Costs of Local Governments’ Debt Financing: An Empirical Test Based on Quasi-municipal Bonds at the Provincial Level]. Kuaiji Yanjiu [Accounting Research] 6: 34–41.
  • Peng, Yuchao, and Shan He. 2020. “Asset Management Regulation, Shadow Banking and High-quality Economic Growth.” The Journal of World Economy 43 (1): 47–69.
  • Poterba, James, and Kim Rueben. 1997. “State Fiscal Institutions and the U.S. Municipal Bond Market.” National Bureau of Economic Research. https://economics.mit.edu/files/19922
  • Schwert, Michael. 2017. “Municipal Bond Liquidity and Default Risk.” The Journal of Finance 72 (4): 1683–1722.
  • Smith, Wade S. 1979. The Appraisal of Municipal Credit Risk. New York: Moody’s Investors Service.
  • Song, Li. 2004. “Shizheng Shouyi Zhaiquan: Jiejue Difang Zhengfu Zhaiwu Wenti de Zhongyao Tujing” [The Municipal Bond: An Important Way to Address Local Government Debt Issues]. Guanli Shijie [Management World] 2: 27–34.
  • Sun, Hui. 2004. “Zhongguo Zhun Shizhengzhai de Tezheng jiqi Chengyin Fenxi” [An Analysis of Characteristics and Causes of Quasi-municipal Bonds in China]. Jinrong Yanjiu [Journal of Financial Research] 11: 62–66.
  • Swianiewicz, Pawel. 2004. “Local Government Borrowing: Risk and Rewards. A Report on Central and Eastern Europe.” Budapest: Open Society Institute. http://pdc.ceu.hu/archive/00006961/01/LGI_Local-Government-Borrowing-2004.pdf
  • Trzcinka, Charles. 1982. “The Pricing of Tax-exempt Bonds and the Miller Hypothesis.” The Journal of Finance 37 (4): 907–923.
  • Wang, Bosen, and Dan Shi. 2014. “Shichang Tezheng xia Kuaiji Xinxi dui Zhaiquan Dingjia de Zuoyong Yanjiu” [Impacts of Accounting Information on the Bond Pricing under Certain Market Characteristics]. Kuaiji Yanjiu [Accounting Research] 4: 19–26.
  • Wang, Li, and Shiyi Chen. 2015. “Yinxing Zhengfu Danbao, Zhaiwu Weiyue yu Lilyu Jueding” [Implicit Government Guarantees, Default Risk and the Determination of Interest Rates]. Jinrong Yanjiu [Journal of Financial Research] 9: 66–81.
  • Wang, Yongqin, and Xian Wu. 2019. “Zhongguo Chuangxinxing Huobi Zhengce Ruhe Fahui Zuoyong: Diyapin Qudao [How an Unconventional Monetary Policy Works in China: A Collateral Path]. Jingji Yanjiu [Economic Research Journal] 12: 86–101.
  • Wu, Jianxin, Yanrui Wu, and Bing Wang. 2018. “Local Government Debt, Factor Misallocation and Regional Economic Performance in China.” China & World Economy 26 (4): 82–105.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.