DŁUŻNE PAPIERY WARTOŚCIOWE JAKO INSTRUMENTY FINANSOWANIA LOKALNEJ POLITYKI PUBLICZNEJ W POLSCE W LATACH 2012–2022
DEBT SECURITIES AS INSTRUMENTS OF FINANCING LOCAL PUBLIC POLICY IN POLAND IN 2012–2022

Summary/Abstract: Purpose – The purpose of the study is to analyze the use of debt securities as instru-ments for financing local public policies in Poland in 2012–2022 and to identify thecharacteristics of these instruments from a legal and economic perspective.Research method – The research procedure consisted of the following: analysis ofthe available literature on the subject relating to the local public policy issues and debtsecurities, analysis of reports on the implementation of the local government budgets,analysis of data from: the National Bank of Poland, Fitch Ratings agency and the organizedsecurities market Catalyst.Results – In recent years, municipal bond issues have become an increasingly impor-tant source of financing the local public policies. It has been shown that the financingof various planes of local public policy through the issuance of securities is possiblemainly in the investment aspect. The planes of the local public policy related to theenvironmental protection can be financed by issuing green bonds. It was noted thatthe issue of revenue bonds is a relatively rarely used instrument in the area of the Polishlocal finance.Originality   / value   / implications   / recommendations – The evaluation of debt securities asinstruments of local the public policy undertaken in the article implies the need to expandthe research to include the socio­‑economic conditions of development of individual TSUsand their impact on bond issues.

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