Differences in the Use of Municipal Bonds by Rural Municipalities Across the Polish Territory

Abstract

The main purpose of this paper was to present the extent of using municipal bonds and to find a statistically significant relationship between the location of a municipality in the macroregion and the use of bonds. The study was carried out in 2017. The basic research tool was a survey questionnaire administered in 606 rural municipalities., and132 surveys were sent back by rural municipalities located across all voivodeships. Approximately 90% of the municipalities surveyed access EU financing, loans and credits while less than 30% issue bonds. This seems to be primarily caused by the municipal authorities' cautiousness and reluctance to rely on instruments they do not know well. Municipalities located in the north- -western and north-eastern macroregions willingly issued bonds.. Conversely, municipalities located in the eastern and central macroregions are the least interested in these instruments. A chi-squared-based analysis of correlation was performed.(original abstract)