随着国际经济和贸易的迅速发展,世界上绝大多数国家对地方政府债券均有一定程度的认可,认为赋予地方政府发债权是完善的分税制以及财政分权体制下地方政府履行其公共职能的必然要求。因此,本文将对地方政府发行债券的必要性和可行性以及与市政投资的关系以及市政债券的宏观经济效应等方面进行分析。 With the rapid development of international economy and trade, most countries in the world have a certain degree of recognition of local government bonds. They think that giving local governments the right to issue debt is a sound tax-sharing system and that local governments fulfill their public functions under the fiscal decentralization system Necessary requirements. Therefore, this article will analyze the necessity and feasibility of bond issuance by local governments as well as the relationship with municipal investment and the macroeconomic effects of municipal bonds.