Local Government Borrowing: Risks and Rewards

1,44

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434

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1932

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Columbia Law School, The Public Interest Law Initiative

2004

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Contents

List of Tables and Figures .v

Foreword.xiii

PART I . Introduction

Pawel Swianiewicz

Th e Th eory of Local Borrowing and the West-European Experience1

PART II . Country Studies

Th e Regulation and Development of the Subsovereign Debt Market in Poland: 1993–2002 .25

Agnieszka Kopańska and Tony Levitas

Local Government Borrowing in Hungary.79

Gábor Balás and József Hegedüs

Local Government Borrowing in the Deregulated Market of the Czech Republic127

Vladimír Ježek, Hana Marková and Lukáš Váňa

Local Borrowing in Slovakia: From Deregulation to Regulation and Stabilization 175

Jaroslav Kling and Viktor Nižňanský

Local Government Borrowing: Regulations and Practices in Estonia .227

Annika Jaanso, Sulev Liivik, Andrus Jõgi, Tähve Milt

Bond Issues and Bank Loans: New Mechanisms to Support Local Development in Romania.277

Anca Ghinea, Gabriela Căluşeru, Iordan Nicola and Stela Stretean

Local Government Borrowing in Russia: Diffi cult Paths of Economic Transformation 319

Sergey Mikhaylovich Nikiforov, Andrey Vasil'evich Cherniavsky, Vladislav Eduardovich Grigorov,

Igor Vyacheslavovich Belyakov and Konstantin Gur'evich Tioussov

PART III .

Comparing International Experiences: Emerging Markets of Local Borrowing? .385

Pawel Swianiewicz

List of Contributors .423

Index425