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The Issue Of Municipal Bonds, A Challenge For The Romanian Local Public Administrations

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  • Tatiana Mosteanu
  • Carmen Maria Lacatus

Abstract

This paperwork studies the municipal bond loan issue situation on the Romanian financial market and its relation with the local financial decentralization. We discussed also about the opportunity of the municipal rating in selling local bonds and the advantages gave by this kind of financial instruments, both for the issuers and the investors.

Suggested Citation

  • 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.
    • Handle: RePEc:alu:journl:v:1:y:2009:i:11:p:47
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    File URL: http://oeconomica.uab.ro/upload/lucrari/1120091/47.pdf
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    References listed on IDEAS

    as
    1. 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.
    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 / Editura Economica, vol. 9(9(526)), pages 51-60, September.
    3. Rivers, Mary Jean & Yates, Barbara M., 1997. "City size and geographic segmentation in the municipal bond market," The Quarterly Review of Economics and Finance, Elsevier, vol. 37(3), pages 633-645.
    4. Daniels, Kenneth N. & Vijayakumar, Jayaraman, 2007. "Does underwriter reputation matter in the municipal bond market?," Journal of Economics and Business, Elsevier, vol. 59(6), pages 500-519.
    5. Reck, Jacqueline L. & Wilson, Earl R., 2006. "Information transparency and pricing in the municipal bond secondary market," Journal of Accounting and Public Policy, Elsevier, vol. 25(1), pages 1-31.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Valentina Vasile & Mirela Matei, 2010. "The Romanian Municipal Bond Market and the International Financial Crisis," Romanian Journal of Economics, Institute of National Economy, vol. 30(1(39)), pages 110-126, June.

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    More about this item

    Keywords

    municipal bonds; local public administration; decentralization; rating;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • H72 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Budget and Expenditures
    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing

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