Municipalne obveznice kao instrument eksternog financiranja javnih potreba

master's thesis

• Title (english): Municipal bonds as an instrument for external financing of public needs
• Author: Domagoj Lovrić
• Mentor: Marko Primorac (mentor)
• Committee member: Hrvoje Šimović (član povjerenstva)
• Committee member: Denis Dolinar (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; Zagreb
• Defense date and country: 2023-07-07, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics

Abstract

U svrhu realizacije veliki kapitalnih projekata koje nije moguće financirati iz tekućih prihoda proračuna, jedinice lokalne samouprave odlučuju se na dugoročno zaduživanje. Ono se najčešće ostvaruje korištenjem dugoročnih bankarskih kredita, dok je prisutna alternativa u obliku izdavanja municipalnih obveznica. Municipalne obveznice predstavljaju instrument dugoročnog zaduživanja raširenog u praksi zemalja s razvijenim tržištem kapitala, dok u manje razvijenim zemljama dominira korištenje bankarskih kredita. Jedinice lokalne samouprave u Hrvatskoj se gotovo u potpunosti zadužuju korištenjem kredita banaka, dok postoje pojedinačni primjeri izdanja municipalnih obveznica. S obzirom na navedeno, cilj ovog rada je dati teorijski i praktični prikaz municipalnih obveznica kao instrumenta eksternog financiranja javnih potreba te istražiti mogućnost njihove primjene kao i ponuditi okvir potreban za snažniju primjenu navedene prakse u Hrvatskoj. Pojedinačni slučajevi izdanja lokalnih jedinica u Hrvatskoj značajni su za hrvatsko tržište kapitala i mogućnost primjene municipalnih obveznica u budućnosti. Prilikom emisija, u najvećem broju slučajeva, određena je kamatna stopa niža od aktivne kamatne stope banaka, stoga je ostvaren niži trošak zaduživanja u odnosu na korištenje bankovnih kredita te su emisije bile opravdane. Također, zakonodavni okvir u Hrvatskoj predviđa zaduživanje municipalnim obveznicama, uređuje njihovu ponudu javnosti te njihovo uvrštenje na uređeno tržište. Niska razvijenost tržišta kapitala u Hrvatskoj negativno se odražava na primjenu ovog instrumenta, posebice, u kontekstu malog broja sudionika te niske likvidnosti. Također, Hrvatska je tradicionalno bankocentrična zemlja što pridonosi niskoj razvijenosti tržišta kapitala te niskoj svjesnosti o koristima municipalnih obveznica na lokalnoj razini, dok je u tu svrhu potrebno educirati kadrove. Pozitivan poticaj praksi korištenja municipalnih obveznica mogao bi proizaći uvođenjem sustava kreditnog rejtinga koji bi umanjio asimetričnost informacija temeljem kreditne ocjene te potencijalno povećao interes investitora za izdanja lokalnih jedinica u Hrvatskoj.

Abstract (english)

In order to implement large capital projects that cannot be financed from current budget revenues, local self-government units decide on long-term borrowing. It is most often realized by using long-term bank loans, while there is an alternative in the form of issuing municipal bonds. Municipal bonds represent an instrument of long-term borrowing widespread in the practice of countries with a developed capital market, while in less developed countries the use of bank loans dominates. Local self-government units in Croatia borrow almost entirely using bank loans, while there are individual examples of issuing municipal bonds. In view of the above, the aim of this paper is to provide a theoretical and practical presentation of municipal bonds as an instrument of external financing of public needs and to explore the possibility of their application as well as to offer the framework needed for a stronger application of the aforementioned practice in Croatia. Individual cases of issues of local units in Croatia are significant for the Croatian capital market and the possibility of applying municipal bonds in the future. During the issue, in most cases, the interest rate was set lower than the active interest rate of the banks, therefore the cost of borrowing was lower compared to the use of bank loans, and the issues were justified. Also, the legislative framework in Croatia foresees the borrowing of municipal bonds, regulates their offer to the public and their listing on the regulated market. The low development of the capital market in Croatia has a negative impact on the application of this instrument, especially in the context of a small number of participants and low liquidity. Also, Croatia is traditionally a bank-centric country, which contributes to the low development of the capital market and low awareness of the use of municipal bonds at the local level, while for this purpose it is necessary to educate staff. A positive incentive for the practice of using municipal bonds could come from the implementation of a credit rating system that would reduce the asymmetry of information based on the credit rating and potentially increase the interest of investors in issuing local units in Croatia.

• Keywords: municipalne obveznice; obveznice; jedinice lokalne samouprave; zaduživanje; lokalna samouprava
• Keywords (english): municipal bonds; bonds; local self-government units; borrowing; local self-government
• Language: croatian
• URN:NBN: urn:nbn:hr:148:926907
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2023-07-09 18:44:18