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Subject and purpose of work: The article presents an analysis of the use of municipal bonds in financing the development activities of local governments in Poland.

Materials and methods: The study uses data from the Ministry of Finance, the European Central Bank, the Central Statistical Office and the CATALYST platform.

Results: The results of the research show that the level of using bonds by local governments in Poland is lower than the EU average. Poland’s accession to the EU and the inflow of structural funds significantly increased local governments’ interest in the implementation of bonds to fund investments, especially in 2008-2010.

Conclusions: A significant part of funds from the issues of municipal bonds was allocated to regional development projects, mainly infrastructure. In 2008-2012 the value of newly issued municipal bonds increased, however, after that the number and value of new issues significantly decreased.


The years since the 2008 financial crisis and subsequent economic crash have witnessed significant changes to the funding of the local government system in Ireland. This paper outlines these developments, while, at the same time, exploring some of the most important future challenges relating to the financing of Irish local authorities. The dominant local government revenue issues of the last decade outlined here are fiscal autonomy and the balance between own-source income and central government grants, income differences between urban and rural councils, the Local Property Tax, changes in commercial rates and fiscal equalisation. In terms of fiscal dependency and equalisation, our findings show reductions in the vertical and horizontal fiscal imbalances in the Irish local government system. Likely future challenges include the need to re-examine the balance between business taxes and non-business taxes, funding the expected growth in metropolitan areas and the financing options for capital investment by local authorities, including consideration of municipal bond issuance for the Greater Dublin Area.

, corporate bonds, municipal bonds, government bonds and asset-backed securities. The credit sphere has led to the emergence of new auxiliaries who carry out credit checks and calculates credit scores and credit ratings. Another feature, a change that will occur in financial services, is the transaction of value. Every day, markets globally facilitate the exchange of financial assets at the level of trillions of dollars. But not every day, but every minute, because of time zones, transactions take place in every part of the globe. The transaction refers to the

has been paid. The compensation for the removal of ownership of land was addressed either by emphyteusis, or the offer of municipal bonds. Ultimately, the decree has caused a slowdown of construction in the capital. The situation was partially resolved in costly litigation only after 1989. 4 Conclusion If we go back to the possibility to establish residential co-ownership within the superficiary right of building, then there is the question of cui bono, i.e. who can benefit from such a dogmatically objectionable concept. We do not have to look too far for an