| Abstract [eng] |
Decentralization of management structures occurring worldwide results in relocation of management activities between the central power and local municipal institutions, and transferring apart management functions to local governments. This, in turn, brings about changes in financing of management functions: municipalities in western countries began using various financing tools, including raising credit finances through issuing local municipal bonds. Laxity of the management procedures related to issuing municipal bonds, inadequate legal base as well as a lack of theoretical knowledge on this financial tool and its issuing models prevent Lithuanian local governments from buying credit finances through issuing municipal bonds. The first local government that used municipal bonds for the reconstruction of the Metropolitan in 1856 was Chicago municipality. The issuer of municipal bonds was the municipality itself, and such model of issuing in literature is called “American”. It was applied until 1899, when the Danish municipality crediting institution – KommuneKredit – was established. In Denmark, a different principle of the issuing of municipal bonds (the “Scandinavian” model) was used, where the issuer of the bonds is not the municipality, but the municipality crediting institution. Differently from the “Scandinavian” model, whose name reflects its geographical distribution, the “American” model is used not only in the US, but also in Europe. |
