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| GMMOn the Efficiency of Local Government Debt Expenditure in China——Based on CRITIC Method and Lageffect |
| Jin Rongxue Xu Wenyun |
| School of Public Finance and Tax， Zhongnan University of Economics and Law， Wuhan 430073 |
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Abstract On the basis of the investment orientation of local government debt， by setting up the efficient index of local government debt expenditure， and combining the panel statistics of 30 provinces from 2012 to 2017， meanwhile， making use of the system GMM method to calculate the lag period of local government debt output， this paper uses the basic “inputoutput” analysis method to evaluate the efficiency of local government debt expenditure in China.The empirical results show that： (1) the output lag period of local government debt is 1 year; (2) the efficiency of local government debt expenditure is declining in nearly half of China’s provinces; (3) the efficiency of local government debt expenditure is not necessarily related to the level of local governments’ own economic development. Accordingly, this paper puts forward the following suggestions which include building a dynamic evaluation and adjustment mechanism for the management of local government debt expenditure, improving the allocation efficiency of local government debt and formulating the new debt limit standards reasonably.
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Received: 08 April 2020
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2020, Vol. 59 
