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Determinants And Limitations On Municipal Financing: Case Of Bulgaria

Author

Listed:
  • Desislava Kalcheva

    (Sofia University St. Kliment Ohridski, Bulgaria)

Abstract

The research presents the determinants and applicable mechanisms for limitation of the local government debt. In particular, the practice in Bulgaria, applicable after the democratic changes since 1990 is considered. The main economic and financial variables influencing the debt change in the period 2007-2018 are analyzed and evaluated. The impact of the financial crisis on the level of municipal debt is investigated. The impact of individual macroeconomic factors on debt has been estimated on the basis of a regression model. The practice related to the introduction of debt limitation mechanisms by local authorities of some countries in the European Union is reviewed.

Suggested Citation

  • Desislava Kalcheva, 2020. "Determinants And Limitations On Municipal Financing: Case Of Bulgaria," Economic Science, education and the real economy: Development and interactions in the digital age, Publishing house Science and Economics Varna, issue 1, pages 472-482.
    • Handle: RePEc:vrn:cfdide:y:2020:i:1:p:472-482
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    More about this item

    Keywords

    debt financing; local governments; determinants; debt limits; Bulgaria;
    All these keywords.

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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