Naslov
Municipal bonds as a possible model of financing capital projects of local self-government units

Autori
Učkar, Dean ; Bukša Tezzele, Ružica

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
Economic and Social Development (Book of Proceedings), 53rd International Scientific Conference on Economic and Social Development / Klopotan, Igor ; Czako, Katalin ; Beker, Victor - Sveti Martin na Muri : VADEA ; Sveučilište Sjever, 2020, 19-30

Skup
53rd International Scientific Conference on Economic and Social Development ; 6th ITEM Conference: "Innovation, Technology, Education and Management"

Mjesto i datum
Sveti Martin na Muri, Hrvatska, 10.09.2020. - 11.09.2020

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
Croatian capital market, local self-government units, municipal bonds

Sažetak
Local government units have limited budgets and often find themselves in a situation where investment needs for local community development go beyond budget possibilities for their funding. This paper analyzes municipal bonds as a possible way of obtaining funds to finance local self- government projects, and gives a brief overview of markets for these securities in the United States, the selected European Union (EU) countries and the Republic of Croatia. Since local authorities in certain EU countries successfully issue municipal bonds to finance development projects, the paper specially emphasize theirs management model. In the Republic of Croatia, the municipal bond market was established in 1995, but virtually no longer exists since there is currently no issued and on the secondary market listed municipal bonds. Inadequate development of the Croatian capital market, currently low interest rates of commercial banks, open possibilities for financing capital projects of public interest through European Union funds, and lack of knowledge and experience of issuers and potential investors on municipal bond issuance, limit the application of these securities with world growing attractiveness.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA