关键词: 地方政府债务,收入增长效应,收入分配效应,债务负担

Abstract: By making use of the sample data of 30 provinces in China from 2000 to 2015 and employing the analyzing method of inclusive growth, this paper conducts an empirical analysis of the income growth effects and distribution effects of local government debts in China. The findings show that in general the expansion of the scale of local government debt is to the disadvantage of the growth of resident income and widens the income distribution gap, which would lead to the worsening of the income distribution structure. Between the different regions and different groups, the income growth effect and the distribution effect of local government debts have some differences. In the western regions, the impact of local government debt on income growth and distribution is the greatest, while in the eastern and central regions, it is relevantly less. Local government debt is conducive to the income growth of the experienced groups, while it is not conducive to the groups with higher education level. So it is suggested that local government should ease the debt burden and keep an appropriate level of debt. The central government should implement a differentiated regional debt policy, and the local governments in the western regions should reduce their debts as many as possible.

Key words: local government debt; income growth effect; income distribution effect; debt burden