ФИНАНСИРАНЕ НА ОБЩИНСКИТЕ ИНВЕСТИЦИОННИ РАЗХОДИ В БЪЛГАРИЯ: ПОСТИЖЕНИЯ И ПРОБЛЕМИ
MUNICIPAL INVESTMENTS FINANCING IN BULGARIA: ACHIEVEMENTS AND CHALLENGES

Summary/Abstract: Presented paper is intended to study dynamics of local investments in Bulgaria, by means of comparative analysis within the European Union. For this purpose the following indices have been used: local investments per capita (euro), local investments relative share respectively into the general domestic product, total public sector investments, and total municipal expenditures. The conclusion is that in spite of the positive dynamics during the last years, Bulgaria has preserved one of the most centralized models of public investments within the European Union. Relatively low share of local into consolidated public investment activity is a result of comparatively low degree of financial decentralization in the country. Important positive tendency is the increase of the local investments, financed through the revenue sources under local control. This is a precondition for enhancing local financial autonomy and improving the efficiency of municipal financial management.

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