Analysis of Development of Municipal Borrowing Market in Ukraine: Factors and Trends

Nataliya Synyutka ()
Additional contact information
Nataliya Synyutka: 'Lviv Polytechnic' National University, Lviv, Ukraine

Oblik i finansi, 2015, issue 3, 116-123

Abstract: The article is to analyze the development of the municipal borrowing sector of Ukraine in terms of its components. There is characterized the municipal borrowing market in Ukraine based on the study of the dynamics of quantitative indices of its functioning during 2003-2015. There are defined the basic forms of sub-sovereign loans. There are overviewed the quantitative and qualitative indicators of development of the local bond market as a segment of the domestic stock market. There are determined the key factors and trends in the management of local debt. Special attention is paid to borrowing made by the capital municipality in the domestic and international capital markets. To stabilize functioning of sub-national debt market there are offered the key directions of improvement of municipal debt policy in Ukraine: legislative regulation of relations in case of default of the municipality, debt restructuring and refinancing to strengthen creditors' financial position; introduction of preferential taxation for investors, inclusion of investment component to tariffs for services, limitation of the minimum terms of borrowing for the full implementation of investment programs.

Keywords: municipal credits; sub-sovereign loans; sub-national securities market; debts of municipalities; effectiveness of municipal debt policy; local debt (search for similar items in EconPapers)
JEL-codes: G23 H63 (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.afj.org.ua/pdf/308-analiz-rozvitku-rink ... iki-ta-tendencii.pdf (application/pdf)
http://www.afj.org.ua/en/article/308/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:iaf:journl:y:2015:i:3:p:116-123

Access Statistics for this article

Oblik i finansi is currently edited by Valeriy Zhuk

More articles in Oblik i finansi from Institute of Accounting and Finance Contact information at EDIRC.
Bibliographic data for series maintained by Serhiy Ostapchuk ().