An Empirical Research on the Impact of Fiscal Decentralization on the Efficiency of Local Government Debt Expenditure
The research explores the impact of fiscal decentralization on the efficiency of local government debt expenditure.Drawing on provincial panel data from 2015 to 2022 and using the three-stage DEA model to measure the impact,we find that only some provinces in China have achieved effective efficiency in local government debt expenditure,and there is room for the improvement in the efficiency level of government debt expenditure.Further empirical analysis reveals that fiscal decentralization can promote the ef-ficiency of local government debt expenditure,and this can be achieved through the transmission mechanism of local government com-petition.However,fiscal pressure can weaken the positive impact of fiscal decentralization through a moderating effect.Therefore,to enhance the efficiency of government debt expenditure,it is necessary to deepen fiscal institutional reform,strive for a match between fiscal authority and expenditure responsibility,and reduce the fiscal expenditure pressure on local governments.Additionally,it is cru-cial to establish intergovernmental coordination mechanisms,guide orderly and reasonable competition among governments,and im-prove the supervision mechanism for government debt.
fiscal decentralizationgovernment debtexpenditure efficiencythree-stage DEA model
NETL
NSTL
万方数据
