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Municipal Bonds. A Viable Funding Option For Oradea Local Public Administration (Romania)

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  • Liliana Bunescu

    (University from Sibiu, Romania.)

Abstract

In a market economy government resources are often insufficient to cover all the public budget needs. Public capital collecting process presents a particular interest considering the need of getting them with lower costs. The options for collecting public resources are characterized by diversity and complexity. One of them is based on municipal bonds funds. This paper explores the potential of public bonds issued at a local level in raising capital for infrastructure investments in Romanian public administration. This paper is not meant to be an empirical study at national level because sub-sovereign bonds market in Romania is not very developed. This paper is limited to a case study of public financing methods for a Romanian local public administration. Local authorities from Oradea have no other possibility without one of borrowing to achieve the objectives proposed. Thus, it resorted to a set of internal and external loans. Our study contents a comparative cost analysis of public financing by loans. The analysis lead to the result that the cheapest source of financing is the loan offered by the European Investment Bank, followed by municipal bonds issuing.

Suggested Citation

  • Liliana Bunescu, 2010. "Municipal Bonds. A Viable Funding Option For Oradea Local Public Administration (Romania)," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2016), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 9, pages 1-15, October.
    • Handle: RePEc:eac:articl:08/09
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    References listed on IDEAS

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    1. Daniel Platz, 2009. "Infrastructure finance in developing countries—the potential of sub-sovereign bonds," Working Papers 76, United Nations, Department of Economics and Social Affairs.
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    Cited by:

    1. Maria-Andrada Georgescu & Cornelia Pop, 2013. "Treasury Bond Market Segment at Bucharest Stock Exchange August 2008 – June 2012," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 9(2), pages 193-202, April.

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