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The local descentralisation and the issues of municipal bonds in Romania


  • Mosteanu Liliana

    () (Academy of Economic Studies from Bucharest, The Faculty of Finance, Assurances, Banks and Stock Exchange, Bucharest)

  • Lacatus Carmen Maria

    () (Academy of Economic Studies from Bucharest, The Faculty of Finance, Assurances, Banks and Stock Exchange, Bucharest)


This paper work analyses the connection between local financial decentralization and the potential of local public administration to sustain the local economic and social development by its own forces by taking part to the capital market. Next to the ordinary financial sources, which are the local taxes, the local collectivities resorted last years more and more to the loans, by issuing municipal bonds. As an effect of the local autonomy and financial independence, these kinds of financial instruments gave the chance to the local public administrations to answer all community needs in efficiency and efficacy terms. Very attractive for investors because of the rate of return offered, up to the level of the reference rate of interest fixed by the Romanian National Bank, the municipal bonds are used to reduce the risk of their portfolio.

Suggested Citation

  • Mosteanu Liliana & Lacatus Carmen Maria, 2008. "The local descentralisation and the issues of municipal bonds in Romania," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 3(1), pages 371-375, May.
  • Handle: RePEc:ora:journl:v:3:y:2008:i:1:p:371-375

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    Cited by:

    1. Tatiana Mosteanu & Carmen Maria Lacatus, 2009. "The Issue Of Municipal Bonds, A Challenge For The Romanian Local Public Administrations," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(11), pages 1-47.

    More about this item


    local autonomy; financial decentralization; local public revenues; municipal bonds; local public administration; Hunter’s index;

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • F20 - International Economics - - International Factor Movements and International Business - - - General


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