本文探讨了中国房地产行业风险向地方政府债务的溢出效应。以中国房地产巨头恒大集团的债券违约为案例，结合城投债（UIBs）发行数据，研究发现超大型房地产公司的违约显著增加了城投债的风险溢价，城投债通常反映了地方政府隐性债务的风险。这种风险溢出效应在欠发达地区、信用评级较低的地方政府融资平台（LGFVs）以及担保措施不足的债务工具中更为显著。进一步分析表明，溢出效应与土地资产价值紧密相关，主要由“地方政 ...

The political marriage between U.S. President Donald Trump and U.S. billionaire Elon Musk came to a dramatic and public end, ...

BEIJING, June 6 (Xinhua) -- Big institutional investors are leaving the United States as U.S. administration's trade wars and the country's rapidly mounting government debt have shaken confidence in ...