Teliatnykov V. Local government on the financial instruments market

The thesis is devoted to theoretical aspects of local authorities' financial instruments market in Ukraine and suggests ways of increasing its efficiency. The essence and significance of local government's debt financial instruments is in shaping the revenues of local budgets. Described financial instruments that can be used in the process of local government's borrowing. Bond issuing procedure of local government and the ways of its improvement was analyzed. The author reviewed the current state of local authorities debt financial instruments market. Risks, associated with the issuance of municipal bonds, was identified, as well as the ways to minimize them. The author shows the ways of improving creditworthiness of local governments. The expediency of the institution of local government finance was described, and was defined its organizational structure and tasks. The use of specialized created through process of financial engineering debt financial instruments was shown.