(Państwowa Szkoła Wyższa im. Papieża Jana Pawła II w Białej Podlaskiej, 2019-09-30)
Kozak, Sylwester
Subject and purpose of work: The article presents an analysis of the use of municipal bonds in
financing the development activities of local governments in Poland.
Materials and methods: The study uses data from the Ministry of Finance, the European Central Bank,
the Central Statistical Office and the CATALYST platform.
Results: The results of the research show that the level of using bonds by local governments in Poland is
lower than the EU average. Poland's accession to the EU and the inflow of structural funds significantly
increased local governments’ interest in the implementation of bonds to fund investments, especially in
2008-2010.
Conclusions: A significant part of funds from the issues of municipal bonds was allocated to regional
development projects, mainly infrastructure. In 2008-2012 the value of newly issued municipal bonds
increased, however, after that the number and value of new issues significantly decreased.