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The local descentralisation and the issues of municipal bonds in Romania

Tatiana Mosteanu and Lacatus Carmen Maria ()
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Lacatus Carmen Maria: Academy of Economic Studies from Bucharest, The Faculty of Finance, Assurances, Banks and Stock Exchange, Bucharest

Authors registered in the RePEc Author Service: Carmen Maria Lacatus (Constantinescu) ()

Annals of Faculty of Economics, 2008, vol. 3, issue 1, 371-375

Abstract: This paper work analyses the connection between local financial decentralization and the potential of local public administration to sustain the local economic and social development by its own forces by taking part to the capital market. Next to the ordinary financial sources, which are the local taxes, the local collectivities resorted last years more and more to the loans, by issuing municipal bonds. As an effect of the local autonomy and financial independence, these kinds of financial instruments gave the chance to the local public administrations to answer all community needs in efficiency and efficacy terms. Very attractive for investors because of the rate of return offered, up to the level of the reference rate of interest fixed by the Romanian National Bank, the municipal bonds are used to reduce the risk of their portfolio.

Keywords: local autonomy; financial decentralization; local public revenues; municipal bonds; local public administration; Hunter’s index (search for similar items in EconPapers)
JEL-codes: G30 F20 (search for similar items in EconPapers)
Date: 2008
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