Sustainable Financial Management of Local Capital Markets
Professor Heidi Smith from Iberoamericana University in Mexico City was invited to discuss[Published]:2018-06-19 [Views]:32 Translated from here: http://sg.cufe.edu.cn/info/1037/4675.htm
On the afternoon of June 7, Prof. Heidi Smith, Director of the International Public Policy Program of the University of Iberoamericana in Mexico, was invited to visit our institute for academic exchanges and organized a topic entitled “Sustainable Financial Management of Local Capital Markets”. "The Cross-Country Comparison of China, Mexico, South Korea and the United States": An Academic Discussion.
The seminar attracted faculty teachers, graduate students and undergraduates to participate. Professor Smith's report aims to analyze the determinants of local debt levels and fiscal sustainability. First, the report uses China, Mexico, South Korea, and the United States as examples to discuss the characteristics of the management structure of different countries, the debt management of local governments, and the debt structure.
Second, an empirical analysis based on data from the management structure of the case country, financial capacity, and political and economic factors shows that the central government has established clear rules for inter-governmental transfer payments and strengthened market liberalization policies can enhance the fiscal sustainability of local governments.
The higher the local government’s fiscal capacity, the less transfer payments between governments means that the more complete the management of debt. Finally, combining empirical analysis results, Professor Smith proposed a series of policy recommendations for developing countries to establish a sound local capital market. In the discussion session, Professor Smith answered all questions raised by the teachers and classmates in detail and further explored the motives, methods, processes, and conclusions of his research.
The seminar was supported by the International Intelligence Division of the University of Science and Technology of China. It is one of the project activities of the “International Experience of Fiscal Decentralization of Local Governments” (Project Number: HZKY20180036). The seminar was chaired by Prof. Liu Liguang, Department of Resources and Environmental Management of the Institute, who was responsible for the project.
On the afternoon of June 7, Prof. Heidi Smith, Director of the International Public Policy Program of the University of Iberoamericana in Mexico, was invited to visit our institute for academic exchanges and organized a topic entitled “Sustainable Financial Management of Local Capital Markets”. "The Cross-Country Comparison of China, Mexico, South Korea and the United States": An Academic Discussion.
The seminar attracted faculty teachers, graduate students and undergraduates to participate. Professor Smith's report aims to analyze the determinants of local debt levels and fiscal sustainability. First, the report uses China, Mexico, South Korea, and the United States as examples to discuss the characteristics of the management structure of different countries, the debt management of local governments, and the debt structure.
Second, an empirical analysis based on data from the management structure of the case country, financial capacity, and political and economic factors shows that the central government has established clear rules for inter-governmental transfer payments and strengthened market liberalization policies can enhance the fiscal sustainability of local governments.
The higher the local government’s fiscal capacity, the less transfer payments between governments means that the more complete the management of debt. Finally, combining empirical analysis results, Professor Smith proposed a series of policy recommendations for developing countries to establish a sound local capital market. In the discussion session, Professor Smith answered all questions raised by the teachers and classmates in detail and further explored the motives, methods, processes, and conclusions of his research.
The seminar was supported by the International Intelligence Division of the University of Science and Technology of China. It is one of the project activities of the “International Experience of Fiscal Decentralization of Local Governments” (Project Number: HZKY20180036). The seminar was chaired by Prof. Liu Liguang, Department of Resources and Environmental Management of the Institute, who was responsible for the project.
