Język Polski
English
Published
:
2011-09-30
Debt Management in Subnational Government - Legal, Financial and Financial Liquidity Management Aspects : Case of the City of Warsaw
Mirosław Czekaj
Abstract
The article presents the issue of debt management in subnational governments focusing on the case of the City of Warsaw. In the first part of the article the author formulates the crucial aspects in their access to debt instruments. Then the author points to the major objectives of Warsaw's debt policy, experience of the city in recoursing to debt instruments, the structure of its indebtedness and the approach to reduce risks resulting from debt, highlighting the role of the financial liquidity management system. Managing the certain level of financial liquidity reserve is regarded by the author as the most relevant condition for current and future solvency, determining the ability of the metropolis to incur expenditures. It is the principal factor providing financial security. The recent turbulences on financial markets make the debt management process as well as risk management in subnational governments particularly challenging. The author presents solutions applied in Warsaw, based on experience and financing of big cities in Poland, that could be successfully implemented in other subnational governments on condition that they conform to the transformations taking place in subnational government in Europe and in the whole public finance sector. (original abstract)Keywords:
Public finance sector, Public debt, Debt management, Local government financeDetails
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Czekaj, M. (2011). Debt Management in Subnational Government - Legal, Financial and Financial Liquidity Management Aspects : Case of the City of Warsaw. Zeszyty Naukowe Wyższej Szkoły Bankowej W Poznaniu, 36(36). Retrieved from https://journals.wsb.poznan.pl/index.php/znwsb/article/view/1417