一、我国允许地方政府发行债券的必要性 世界上大多数国家都允许地方政府发行债券。在一些发达国家,债券融资是地方政府筹集资金的重要渠道,也是实现政府职能和进行基础设施建设的重要资金来源。如日本,地方公债收入占全部收入的1/3,1986年日本地方公债发行规模达6.6兆日元,占当年地方财政预算的12.5％。在美国,地方政府债券规模也很大,以1996年为例,美国地方债券总额占整个债券总额的9.29％,通过发债筹集的资金主要用于交通、通讯、住 I. The Necessity of Allowing Local Governments to Issue Bonds Most countries in the world allow local governments to issue bonds. In some developed countries, bond financing is an important channel for local governments to raise funds. It is also an important source of funds for realizing government functions and infrastructure construction. In Japan, for example, local government bonds accounted for one-third of the total income. In 1986, the issuance of local bonds in Japan amounted to 6.6 trillion yen, accounting for 12.5% ​​of the local fiscal budget for that year. In the United States, the scale of local government bonds is also huge. Taking 1996 as an example, the total amount of local bonds in the United States accounts for 9.29% of the total bonds. The funds raised through debt issuance are mainly used for transportation, communications and live