Oleksandr Maksymchuk
LOCAL BORROWING AS A SOURCE OF CAPITAL EXPENDITURES OF LOCAL BUDGETS
West Ukrainian National University
introduction ukraine past decades extremely difficult situation renewal fixed assets level wear fixed assets disposal public authorities 50 circumstances issue finding resources financing capital expenditures updating infrastructure creation new fixed assets becomes topical issue important role process given local budgets decentralization broad powers many areas including related implementation capital expenditures local borrowing significant potential revenue mobilization practically used local authorities therefore study institute extremely important area justification improvement budgetary system ukraine purpose purpose article study legal norms practices implementation local borrowing well develop recommendations improve institution results result review current legislation discovered main drawbacks inhibit development local borrowing ukraine lack methodology issuing external local loan bonds limited access local councils borrowing market analysis statistical data showed low state development local borrowing market ukraine main reasons situation inability local councils compete equal footing state financial market long period crisis state national economy low level experience issue municipal bonds large number bureaucratic procedures restrictions conclusions research showed institution local borrowing ukraine fact stage formation significant shortcomings legislation practice local borrowing least developed ukraine segment municipal bonds frequency issuing loans low carried irregularly fact municipal bonds market active segment market municipal borrowings developed countries gives grounds assert considerable untapped potential ukraine reforming budgetary system ukraine increasing financial autonomy local authorities impetus development ukraine order make possible necessary stimulate development financial market institutions especially stock market ways development local borrowings offered follow establishment objective flexible criteria obtaining opportunity enter loan market increase number types bonds creation intermediary underwriter bond issue developing system incentives investors municipal bonds implementation proposed directions together set measures designed develop financial market increase financial literacy population ensure greater efficiency use local budgets development economy