The structure and sustainability of China's debt

被引：9

作者：

Sun, Lixin ^{[1
]}

机构：

[1] Shandong Univ, Ctr Econ Res, Econ, Jinan, Shandong, Peoples R China

来源：

CAMBRIDGE JOURNAL OF ECONOMICS | 2019年 / 43卷 / 03期

关键词：

Debt Structure; Debt Sustainability; Public and Private Debt; China's Economy;

D O I：

10.1093/cje/bey030

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper, using a new comprehensive debt set, we describe the evolution of China's debt structure in detail, and then we assess the sustainability of China's domestic and external debt by employing a fiscal space framework, the threshold estimation, and the debt service-capacity measure. The empirical results suggest that, China's public debt from the central government and external debt are sustainable, whereas the highly indebted local governments, non-financial corporations and the shadow banks could lead to potential risk for China's financial stability. Nevertheless, China's debt overall is sound and sustainable in the near and medium term.

引用

页码：695 / 715

页数：21