Institutional Protections and Perils: The Interplay of Centralization, Fiscal Discipline, and China's Local Government Financing Vehicles

• In Event: Lightning Talk: Economic Policy

Brief Overview

Using local finance studies, this paper highlights that China's 1994 fiscal reforms led to increased risks. It exacerbates local debt, revealing a conflict between fiscal discipline and political stability.

Author

• Gepeng Ding, Stanford University