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FISCAL DECENTRALIZATION – DEBT OF SLOVAK CITIES
Abstract
The aim of this article is to provide with detailed analysis of the fiscal decentralization in the area of issuing debt, its realization and the impact on the Slovak cities during 2012-2016. Primarily, we will focus on the local self-governing level, which is in our conditions formed by villages and cities. One of the pillars of the fiscal decentralization in the decentralized self-governing unit is the scope of jurisdictions in the ability to borrow, and therefore also the regulation of these jurisdictions. If the self-governing units are responsible for the development of infrastructure and investments within their area, then it is also very important for local governments to have the possibility to use also the foreign sources. The surplus of the current economy and perhaps even financial subsidies from the central government do not necessarily need to be enough at the certain time to finance bigger and longer lasting projects. If the lower self-governing unit wishes to finance more advanced developments and infrastructure project, there are in this case more possibilities.
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