THE DEBT OF MUNICIPALITIES IN BULGARIA - THREAT OR OPPORTUNITY

Desislava Zheleva Kalcheva ()
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Desislava Zheleva Kalcheva: Sofia University St. Kliment Ohridski

Economics and Management, 2020, vol. 17, issue 1, 58-67

Abstract: In times of high liquidity in the credit markets and low interest rates, debt financing is an attractive opportunity both for expanding the municipal investment program and for meeting short-term temporary current needs. The purpose of this article is to review the debt financing of local authorities in Bulgaria for the period 2008-2018, to assess whether the macroeconomic risk is currently present on municipal debt in Bulgaria, to analyze the potential risks of rising local debt levels. The change in the municipal debt of EU countries is presented, the examples of the implementation of local debt control and monitoring systems are given.

Keywords: debt financing; local governments; Bulgaria; financial situation (search for similar items in EconPapers)
JEL-codes: E62 H63 H74 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:neo:journl:v:17:y:2020:i:1:p:58-67

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