Optimal bond issuance with cost and liquidity constraints for Chinese local governments: a multi-period stochastic programming approach

In recent years, China’s local governments have issued numerous bonds to support the country’s economic development. However, as total debt accumulates, the pressure on debt repayments is gradually increasing. To increase the sustainability of local government debt, we propose a multi-period stochas...

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Bibliographic Details
Published in:	Empirical economics Vol. 63; no. 5; pp. 2605 - 2632
Main Authors:	Yang, Ruicheng, Li, Li, Jiang, Qi, Qi, Ji
Format:	Journal Article
Language:	English
Published:	Berlin/Heidelberg Springer Berlin Heidelberg 01.11.2022 Springer Nature B.V
Subjects:	Bond portfolios Constraints Costs Debt Deviation Econometrics Economic development Economic theory Economic Theory/Quantitative Economics/Mathematical Methods Economics Economics and Finance Finance Insurance Liquidity Local government Management Optimization Portfolios Public debt Repayments Risk Statistics for Business China Bond cost Local government bonds Liquidity risk Stochastic programming
ISSN:	0377-7332, 1435-8921
Online Access:	Get full text
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