How local government financing vehicles can lay the foundation for market-oriented transformationbased on measuring the liquidity and default risk of lgfv bonds

HIGHLIGHTS

• What: Through empirical testing, the study concludes that bond liquidity can reflect and evaluate local government default risks, aiming to provide a basis for accurately assessing such risks. Following the research of Pastor and Veronesi, the yield spread between urban investment bonds and the risk-free rate is used as a proxy for default risk .
• Who: Guangzheng Xu and collaborators from the 3, Gongshang University, Xiasha, Hangzhou, China have published the research work: How Local Government Financing Vehicles Can Lay the Foundation for Market-Oriented Transformation—Based on Measuring the Liquidity and Default Risk of . . .
  

   

  

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