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Access to Debt Financing - Opportunities for Improvement of the Investment Capacity of Bulgarian Municipalities (for the period 2003-2015)

Author

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  • Desislava Kalcheva

    (Risk Managemen Department at Fund for Local Authorities and Governments, Bulgaria)

Abstract

The activities regarding further improvement of the degree of fiscal decentralization in Bulgaria started in 2003. As a result of initiated reforms, Bulgarian municipalities gradually improved their abilities to generate revenue, obtained new responsibilities regarding expenditures, including these for construction, maintenance and expansion of local public infrastructure, and gradually improve their access to debt markets. This paper presents an examination of the development of debt financing of municipalities in Bulgaria. The aim is to reveal how decentralization opened up opportunities to finance municipal investments through debt, as well as to determine the character of debt financing as regards the increased municipal investment capacity. The period of research is 2003- 2015 because this period ensures more accurate results. The object of analysis is debt financing while the research topic is the changes in the municipal domestic debt in Bulgaria. The main information base includes data about the performance of municipal budgets, statistical data of the Bulgarian National Bank and of the National Statistical Institute, data concerning state debt, published on the official site of the Ministry of Finance, and data from a survey conducted among Bulgarian municipalities. The research methods used are: historical analysis; analysis and synthesis; induction and deduction; descriptive analysis, survey.

Suggested Citation

  • Desislava Kalcheva, 2017. "Access to Debt Financing - Opportunities for Improvement of the Investment Capacity of Bulgarian Municipalities (for the period 2003-2015)," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 390-404, September.
    • Handle: RePEc:nwe:eajour:y:2017:i:3:p:390-404
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    Citations

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    Cited by:

    1. Svetlana Aleksandrova-Zlatanska & Desislava Zheleva Kalcheva, 2019. "Alternatives For Financing Of Municipal Investments - Green Bonds," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 23, pages 57-77, June.

    More about this item

    Keywords

    decentralization; debt financing; investment capacity;
    All these keywords.

    JEL classification:

    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing
    • H76 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Other Expenditure Categories
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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