本文应用我国334个地级市的2006-2015年的面板数据，采用固定效应模型研究地方政府债务对于我国区域经济增长的影响。研究发现，我国地方政府债务与当地经济增长呈正U型关系，当债务负担较小时，二者之间存在负相关关系；当债务负担加大到一定程度之后，会促进经济发展。接着本文进一步对不同产业进行实证研究，结果发现对于第二产业来说，地方政府债务与第二产业经济发展之间同样呈现正U型关系；而在第一产业和第三产业中，二者没有显著的相关性。最后本文对东部和中西部进行分析。研究发现，在中西部地区政府债务与区域经济发展呈显著的正U型关系，而对于东部地区，二者之间为显著负相关。

This paper uses the fixed effects model to make the quantitative analysis about the relationship between the government debt and regional economic growth, using the sample of 344 prefecture-level administrative regions from 2006 to 2015 in China. We found that there was significant U type relationship between government debt and regional economic growth, which means that there is a negative relationship between the two when the debt is low, but when the debt burden increases to a certain extent, the debt will promote economic development. So we cannot determine whether it is beneficial to the economy simply by debt scale. What's more, this paper divided GDP into different industries regions to conduct empirical researches. The results found that there are different relationships between the two, significant U type for the secondary industry and no relationship for the first and tertiary industry. Lastly, this paper divided our country into two parts, and made separate empirical researches. The results showed that there is significant U type in the Midwest part, and the negative relationship in the east part.

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