Obligațiunile municipale – instrument de dezvoltare a comunităților locale
Municipal bonds – a tool for developing local communities

Author(s): Adrian Lupușor, Dumitru Pîntea, Sergiu Gaibu, Stas Madan, Tatiana Sava
Subject(s): Public Finances, Fiscal Politics / Budgeting
Published by: EXPERT-GRUP Centrul Analitic Independent
Keywords: Local Authorities;
Summary/Abstract: This study explores one of the main viable instruments that could be used by Local Public Authorities (LPAs) for the development of localities and the strengthening of local autonomy – the issuance of securities. In international practice, these are also called municipal bonds which represent debt securities issued by cities or other local administrative territorial forms. Based on these instruments, LPAs can borrow to obtain financing, usually for capital investments.

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