Uncertainty,Government Guarantees,and Government Contingent Liabilities——Based on the Evolution of Government Contingent Liability Practice,Theoretical Research and Empirical Insights
Uncertainty,Government Guarantees,and Government Contingent Liabilities——Based on the Evolution of Government Contingent Liability Practice,Theoretical Research and Empirical Insights
For the government,contingent liability is a legal obligation for it to make payments only if particular events occur.According to international experience,the government's role and positioning as the"last guarantor"make government guarantees a powerful tool for hedging uncertainty in the evolution of government guarantees and contingent liability practices and theoretical research.At the same time,as a policy tool with low immediate costs,government guarantees have been widely used by countries to achieve macroeconomic regulation and social equity goals.Once the payment obligation looms large,however,these guarantees will have a significant negative impact on the macroeconomy.Thus,in view of the"double-edged sword"function of government guarantees,we need to use this low-cost policy tool with prudence to hedge risks,and be alert to the potential payment risks.In the process of advancing Chinese modernization,we should draw on the experience of international contingent liability governance,and"embed"the early warning and prevention function into the system and mechanism while planning a new round of fiscal and tax system reform,to disperse and reduce public risks,reduce the probability of centralized contingent government payment obligations,and provide reliable support for high-quality economic development.
关键词
或有债务/隐性债务/政府担保/深化财税体制改革
Key words
Contingent Liability/Implicit Liability/Government Guarantees/Deepening the Fiscal and Tax System Reform
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