A New Framework of"Three Dimensional Six Elements"for Judging Government Debt Risk
The correct understanding of government debt and its risk judgment is a significant issue related to Chinese economic and social development,and it is also an important factor affecting the quality and efficiency of Chinese fiscal policy.The scale of government debt is only a symptom of the problem.The relationship between debt scale and risk is not a simple positive linear relationship.If debt risk is judged solely based on debt scale,there will be a single logic alienation,and the true risk of government debt cannot be accurately assessed.Government debt is not only the debt of the government,but also the debt of the"nation",which belongs to the cost of economic and social development.The essence of the debt problem lies in the balance between economic development and debt risks.In view of the shortcomings of the current mainstream debt risk judgment methods and standards,we believe that it is necessary to base on the circular flow of the national economy and the overall development of the social economy,and judge debt risk from macroeconomics,debt costs and efficiency,and borrowing and repayment ability.Therefore,a theoretical framework for debt risk assessment called"Three Dimensions and Six Elements"is proposed to provide a new perspective for theoretical research and practical decision-making.
Government debtRisk judgmentDebt structureDebt fund utilization efficiency
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