ДЕТЕРМИНАНТИ И ОГРАНИЧЕНИЯТА ВЪРХУ ОБЩИНСКОТО ФИНАНСИРАНЕ НА ПРИМЕРА НА БЪЛГАРИЯ
DETERMINANTS AND LIMITATIONS ON MUNICIPAL FINANCING: CASE OF BULGARIA

Author(s): Desislava Kalcheva
Subject(s): Economy, Business Economy / Management
Published by: Икономически университет - Варна
Keywords: debt financing; local governments; determinants; debt limits; Bulgaria
Summary/Abstract: The research presents the determinants and applicable mechanisms for limitation of the local government debt. In particular, the practice in Bulgaria, applicable after the democratic changes since 1990 is considered. The main economic and financial variables influencing the debt change in the period 2007-2018 are analyzed and evaluated. The impact of the financial crisis on the level of municipal debt is investigated. The impact of individual macroeconomic factors on debt has been estimated on the basis of a regression model. The practice related to the introduction of debt limitation mechanisms by local authorities of some countries in the European Union is reviewed.

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