Możliwości inwestycyjne gminy wobec rosnącego zadłużenia
Investment opportunities of municipalities in comparison with raising debt

Summary/Abstract: Investment opportunities of local governments are limited by various barriers, but mostly of a financial nature. The aim of this article is to present a model of decision-making of local authorities in situations in which local authorities intend to invest, but have financial difficulties. In the future, it may contribute to avoid the effect of the vicious circle of decisionmaking, as well as to improve the investment opportunities of local government units. In face of lack of funds, investment opportunities are determined not so much by the same need which necessitates execution but by those that are essential for safety. This is also connected with the restriction of investment projects in subsequent budgets. Municipalities are compelled to make more reasonable decisions.

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