Geographic Distance and the Allocation of Local Government Special Debt
This article takes the special debt quota of cities in China from 2015 to 2022 and empirically tests the impact of geographical distance on debt quota.The results indicate that the quota of cities adjacent to provincial capital cities is significantly higher than that of other regions,and the distance effect has certain boundaries and is more pronounced in areas with high promotion incentives for officials,high fiscal revenue,and low implicit debt.The mechanism analysis shows that geographic distance mainly increases the level of quotas in neighboring areas through information transmission between vertical governments and rent-seeking activities.Further discussion reveals that"Interim Measures for the Administration of Allocation of New Local Government Debt Quota"clarified the allocation standards for quotas and corresponding punishment mechanisms,and to some extent corrected the biased allocation effect brought about by location advantages.This study provides a new perspective for promoting the improvement of the local government debt management system and provides inspiration for optimizing the allocation mechanism of local government debt quota.
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