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Trends of municipal debt policy development

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  • Nataliya Synyutka

    (Lviv Polytechnic National University)

Abstract

The article describes the municipal debt policy in Ukraine based on the study of the dynamics of quantitative indices of its functioning during 2003-2015 years. The author defined the basic forms of sub-sovereign loans, the exhaustive list of market participants in terms of its components and tools is provided. It is summarized the quantitative and qualitative indicators of the local bond market as a segment of the stock market. It is determined the key factors and trends in the management of local debt. Attention is paid to the municipality of the capital borrowing in the domestic and international capital markets. The author considers necessary the evaluation costs of debt servicing in the structure of local budget expenditures. To stabilize the tools of local loans, it is suggested the main directions of improvement of municipal debt policy in Ukraine: legislative regulation of relations in case of default of the municipality, restructuring and refinancing debt to strengthen the financial position of creditors; the introduction of preferential tax treatment for investors, inclusion the investment component of the tariffs for the services limit the minimum term borrowing for the full implementation of investment programs.

Suggested Citation

  • Nataliya Synyutka, 2015. "Trends of municipal debt policy development," Ukrainian Journal Ekonomist, Yuriy Kovalenko, issue 12, pages 25-29, December.
    • Handle: RePEc:uje:journl:y:2015:i:12:p:25-29
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    File URL: http://ua-ekonomist.com/archive/2015/12/Synutka.pdf
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