Local Government Debt and the Improvement of Non-Farm Employment
This study combines data from the China Family Panel Studies(CFPS)and macro-level data to empirically analyze the impact of local government debt on non-farm employment.The research findings indicate that local government debt significantly enhances non-farm employment,with revenue debt playing a predominant role.Furthermore,the study investigates the mechanisms through which local government debt promotes non-farm employment from both the labor supply and demand perspectives.It reveals that local government debt improves the supply capacity of rural labor for non-farm employment by enhancing transaction efficiency infrastructure and production efficiency infrastructure.Notably,revenue debt,particularly,attracts corporate investment and expands the demand for non-farm labor in relevant industries.Heterogeneity analysis demonstrates that the positive effect of local government debt on non-farm employment is more pronounced for rural residents,women,individuals with intermediate or lower skills,and young labor force.Additionally,the extended analysis suggests that local government debt positively influences residents'job satisfaction,although it has not yet substantially impacted employment quality.
Local Government DebtNon-Farm EmploymentInfrastructureEnterprise Investment
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万方数据
