What is local government financialisation? Four empirical channels to clarify the roles of local government
本文通过系统文献综述和跨国统计比较，识别出地方政府金融化的四个实证渠道：公共资产和服务金融化、资产抵押借贷、债券和衍生品管理风险、投资创收，并指出未来研究方向。
Recent literature at the nexus of geography and political economy notes that local governments are becoming financialised. But it is not always clear what this means. Specifically, what is being financialised? And what is the role of local governments in this process? Building on Whiteside’s definition of local state-led financialisation as enabled and internal, this article combines a systematic literature review with the comparative analysis of country-level statistics to clarify this process further. It identifies four channels through which local government financialisation unfolds empirically. First, local governments enable the financialisation of public assets and services through privatisation and outsourcing and by applying financial principles to land use planning. Second, they borrow against their own assets. Third, local governments use bonds and derivatives to manage the risks and costs of their borrowing. Fourth, they invest to generate financial income. Focusing on high-income countries in Western Europe, the article extends the geographical remit of the US- and UK-centric literature. Building on its findings, the article highlights two avenues for further research. First, internationally comparative research can explore how the structural context in which local governments operate shapes their financialisation. Second, critical research into the tension between the objectives and risks of local government financialisation adds nuance to current debates.