Theory and Reference of China's Local Government Debt Crisis Governance:Based on Debt Monetization Examination
At present,the local government debt is huge,coupled with slowing down growth and having been defaulted many debts.Once debt crisis breaks out,the overall national financial security situation may be concerned.However,the research on the relationship between local debt monetization and hyperinflation in the current context of China is still insufficient,which is not enough to gudie the solution of practical issues.Based on this,from the perspective of economic thought history and economic history,this paper explores the limita-tions of research on the hyperinflation of China's economy caused by the monetization of local debt,which probably ignores the applicable premise and background of classical monetary theory and typical events,and explores the scientific theoretical support of Chinese debt monetization.Further,it draws on the experience of successful solving local debt crisis in Brazil.It concludes that debt monetization does not necessarily lead to hyperinflation and it is a feasible choice for our country to properly dissolve the local debt crisis;the theory of"national capital structure"provides theoretical support for it with Chinese characteristics.
National Economic SecurityLocal Government Debt GovernanceDebt-monetizationNa-tional Capital Structure
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