On the regulation of municipal indebtedness

Pocsai, Erzsébet (2023) On the regulation of municipal indebtedness. PROSPERITAS, 10 (4). No.-6. ISSN 2064-759X

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Abstract

The indebtedness of the Hungarian domestic municipal lending market was an area of intense research prior to the consolidation of municipal debt. Research analysed the possible causes and explanations of the rise in indebtedness and attempted to identify a model of indebtedness in the domestic municipal system, drawing on the experience of international models and examples. In parallel with the debt consolidation process, which was carried out in several steps between 2011 and 2014, a number of active and passive control elements were introduced in Hungary, which can be grouped in several ways. The introduced control elements have lived up to expectations. At the same time, the increase in the stock of other liabilities in the sector points to a shift in the sector's indebtedness from being indebted to bank financiers to being indebted to other counterparties.

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