Instrumenty rynku kapitałowego w finansowaniu jednostek samorządu terytorialnego
Capital market instruments in the financing of local government units

Summary/Abstract: The aim of the article is to point out the limitations on local government participation in the capital market, the assessment of participation of JST on the Catalyst market as the issuers of municipal bonds and an indication of the opportunities and challenges faced by local governments as the potential issuers of bonds on the Catalyst market. The paper presents the possibility of participation of local government units in the capital market. It shows restrictions on the use of debt instruments, which are offered by the financial market, including the capital. It also discusses the access to the capital market as an alternative solution to finance the financial gap. The analysis has been part of local government units in the capital market (Catalyst). The article presents the benefits and challenges of local government decision-making for the authorities resulting from the participation in the capital market.This article aims to answer the question about the possibility of using tax strategies as an instrument of local intervention.

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