지방재정법상 지방채 발행제도의 개선방안 연구

Abstract

Although local government bonds are frequently issued to make up for the loss in fiscal revenues of local government, their issuance should be strictly managed to be faithful with fiscal soundness. It seems that local government debts have not been issued so much that fiscal soundness is well kept in Korea. However, in case the probability for increased future expenditures and reasonable definition of debt are considered, such interpretation should be revised and, as a result, fiscal soundness can be regarded as rather seriously damaged. This study proposes practical plans to solve that problem as below. First, indirect issuance of local government bonds through extra- government organizations should be equally controlled as direct issuance, and increasing fiscal assistances for private investment projects such as the BTL projects and the MRG projects should also be thoroughly investigated as bond accruals. Second, the ceiling system for local government bonds should be revised to include reasonable estimates of future liabilities and to escape the threshold effect for issue amounts. Finally, local government bonds with high interest bearings, mostly forced to be issued around the 2008 economic crisis, should preferably be repaid or replaced with lightly burdened ones.