Municipal bonds - an instrument of financial management used by the Romanian authorities

摘要

The municipal bonds are new instruments used by many Romanian local authorities in order to finance their development's activity. These securities are important not only for issuers, but also for local and foreign investors. Many of these securities are traded on the official Romanian stock market - the Bucharest Stock Exchange. For many years, the municipal bonds were the only securities traded on the bond market of the Bucharest Stock Exchange. In time, even if the dimensions of this market have grown, the share has decreased because new bonds are listed on official stock exchange: corporate bonds and treasury bonds.