This paper reveals that domestic credit is becoming more involved in local economic development, even if it is considered an expensive resource. The loans are presented as a resource available for various “actors” of the local community – individuals, business agents and local authorities.

This paper attempts to analyze the determining factors of the risk premium of French and Spanish municipal bonds. The results show the impact of a subset of variables derived from published accounts and statistics on the risk premium : indebteness, current receipts structure and socio-economic...

Целью написания статьи является обоснование необходимости правовой регламентации действий органов местного самоуправления при обнаружении признаков...

This paper discusses key findings of the financial sector stability assessment for Romania. The assessment reveals that in recent years, Romania’s financial sector regulatory authorities have made significant progress in adopting international best practices, including through...

This article considers appropriate debt-funding strategies for state and municipal governments in the presence of a positive, tax-exempt term premium. In this context, the term premium measures the additional expected funding cost from issuing fixed-rate debt as opposed to issuing floating-rate...