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Fiscal Decentralization And Issues Of Municipal Bonds. The Case Of Romania


  • Dan Constantin Danuletiu

    (University of Alba Iulia)


Local governments can make an important contribution to public well-being through the execution of local government policies and the delivery of public services that are important to the local citizens. For this reason, through the local budgets are financed the public goods that are selected to be more important. But if the own revenues of the local budgets are low, the local authorities are dependent on the central ones, fact that affect the allocation of resources by the destinations. Because of the unlimited needs, the local governments search for alternative sources of financing, like bank loans, loans from the capital market, leasing, using some collaboration formulas with the private sector, like public-private partnerships and other financing forms. In a analysis on Romanian case, we shows that a greater level of decentralization give to local governments greater possibilities to cover local needs by attracting new resources, also from alternative ways.

Suggested Citation

  • Dan Constantin Danuletiu, 2010. "Fiscal Decentralization And Issues Of Municipal Bonds. The Case Of Romania," Polish Journal of Management Studies, Czestochowa Technical University, Department of Management, vol. 1(1), pages 70-78, May.
  • Handle: RePEc:pcz:journl:v:1:y:2010:i:1:p:70-78

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    References listed on IDEAS

    1. Jorge Martinez-Vazquez & Cristian Sepúlveda & Gabriel Leonardo & Benjamin Miller, 2006. "Intergovernmental Fiscal Relations in Romania: Challenges and Options for Reform," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper0619, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
    2. Tatiana Mosteanu & Carmen Maria Lacatus, 2008. "The Municipal Bonds – the Cause and the Effect of the Local Financial Decentralisation Growth. Romanian Case," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 9(9(526)), pages 51-60, September.
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    Cited by:

    1. Uzoechi Nwagbara, 2012. "Beyond The Allure Of Budgeting: Assessing The Suitability Of Budget For Organisational Performance In The 21st Century," Polish Journal of Management Studies, Czestochowa Technical University, Department of Management, vol. 5(1), pages 78-90, June.

    More about this item


    local budget; municipal bond; fiscal decentralization;

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • H00 - Public Economics - - General - - - General
    • G00 - Financial Economics - - General - - - General


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