"THE DETERMINANTS OF THE MUNICIPAL BONDS MARKET IN ROMANIA"

IF 1 4区管理学 Q3 PUBLIC ADMINISTRATION

Transylvanian Review of Administrative Sciences Pub Date : 2021-01-01 DOI:10.24193/tras.63e.9

Adriana Tiron-Tudor, C. Ştefănescu, Anamaria Dan

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引用次数: 3

Abstract

"Municipal bonds are widely issued by local municipalities as a feasible financial alternative to fund infrastructure projects. On the other side, from the investors’ perspective, bonds issued by municipalities have historically been a popular investment option due to often favorable tax treatment for investors as well as the issuer’s credibility and generally high credit quality of the market. The paper explores the factors that influence the size and interest rates of Romanian municipal bonds for a 20 years period starting from 2001, when the first issuance took place, to the present. The data collected were analyzed through multiple linear regressions using ordinary least square estimator. The results revealed that municipalities with large populations, higher levels of income and expenses, and longer maturity tended to issue more municipal bonds. On the other hand, the unemployment and inflation rates increased the interest rates. The regions, fund destinations, and political variables also influenced the levels of bonds issued as well as the interest rates. These findings illustrated the importance of the context at local and national level, expressed by different social, economic and political variables that local governments should consider when issuing municipal bonds. The study contributes to the development of knowledge in the area of issuer’s characteristics and, moreover, the political, economic, and financial setting influences on the municipal bond market in an emergent country from Eastern Europe, Romania."

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罗马尼亚市政债券市场的决定因素

地方政府广泛发行市政债券，作为为基础设施项目提供资金的一种可行的金融选择。另一方面，从投资者的角度来看，市政当局发行的债券历来是一种受欢迎的投资选择，因为投资者通常享有优惠的税收待遇，而且发行人的信誉良好，市场的信用质量普遍较高。本文探讨了影响罗马尼亚市政债券规模和利率的因素，从2001年第一次发行到现在的20年期间。利用普通最小二乘估计对收集的数据进行多元线性回归分析。结果表明，人口多、收入和支出水平较高、期限较长的城市倾向于发行更多的市政债券。另一方面，失业率和通货膨胀率提高了利率。地区、资金目的地和政治变量也会影响债券发行水平和利率。这些发现说明了地方和国家层面背景的重要性，地方政府在发行市政债券时应考虑不同的社会、经济和政治变量。该研究有助于发行人特征领域知识的发展，此外，政治、经济和金融环境对东欧新兴国家罗马尼亚市政债券市场的影响。”

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来源期刊

Transylvanian Review of Administrative Sciences PUBLIC ADMINISTRATION-

CiteScore

2.10

自引率

10.00%

发文量

审稿时长

25 weeks

期刊介绍： TRAS represents a collective effort initiated by an international group aimed at boosting the research in the field of public administration in a country where during the communist regime there was no tradition in this sense. TRAS represents a unique source of specialized analysis of the ex-communist space, of the transition processes to democracy, of the reform of public administration, and of comparative analysis of administrative systems. The general topic covered by the articles in the Review is administrative sciences. As a result of an interdisciplinary, modern approach, the articles cover the following specific themes: Public management, public policy, administrative law, public policy analysis, regional development, community development, public finances, urban planning, program evaluation in public administration, ethics, comparative administrative systems, etc. TRAS encourages the authors to submit articles that are based on empirical research. From the standpoint of the topic covered, TRAS is lined up with the trends followed by other international journals in the field of public administration. All articles submitted to the Transylvanian Review of Administrative Sciences have to present a clear connection to the field of administrative sciences and the research (both theoretical and empirical) should be conducted from this perspective. Interdisciplinary topics related to organizational theory, sustainable development and CSR, international relations, etc. can be considered for publication, however the research needs to address relevant issues from the perspective of the public sector. Articles which use highly specialized econometrics models as well as studies addressing macro-economic topics will not be considered for evaluation. The decision on whether a certain topic falls within the interest of TRAS belongs to the editors and it is not connected with the overall quality of the work submitted.