Zasady polityki finansowej samorządów terytorialnych we Francji : wybrane ograniczenia przedmiotowe

• Autorzy: Mariola Lemonnier

Warianty tytułu

Financial Policies of Local Governments in France : the Constraints in Question

• Języki publikacji: PL

Abstrakty

Niniejszy artykuł ma na celu wykazanie istotnej ingerencji prawa w zarządzanie zadłużeniem samorządowym przez wprowadzone ograniczenia rodzajowe stosowanych instrumentów finansowych. (fragment tekstu)

EN

Since the entry into force of the laws on decentralization French local authorities benefit from the choice of financial products offered to them on the financial market. Since then, the proposed local government finance products have become increasingly sophisticated in comparison to conventional loans or bonds. Since the mid-nineties, a significant part of government debt is in the form of structured products in which the level of interest rate is determined in a manner not directly proportional to the level of market indices. Therefore, for a long time local governments can borrow money from the market at lower level than market interest rates. The financial crisis has changed the situation, highlighted the disproportionately high level of risk contained in certain financial instruments and has caused the need to protect against the growth of government debt in such products. At the same time attention has been paid in a circular addressed to the local government to insufficient knowledge about the risks contained in some complex financial products and to inadequacy in many cases of these products to the needs of the active management of government debt. (original abstract)

Słowa kluczowe

PL

Samorząd terytorialny; Dług publiczny; Zarządzanie długiem; Polityka finansowa

EN

Local government; Public debt; Debt management; Financial policy

• Czasopismo: Annales Universitatis Mariae Curie-Skłodowska. Sectio H. Oeconomia
• Rocznik: 2012
• Tom: 46
• Numer: nr 3
• Strony: 361--370

Twórcy

autor

Mariola Lemonnier

• Uniwersytet Warmińsko-Mazurski w Olsztynie