"Municipal bonds are widely issued by local municipalities as a feasible financial alternative to fund infrastructure projects. On the other side, from the investors’ perspective, bonds issued by municipalities have historically been a popular investment option due to often favorable tax treatment for investors as well as the issuer’s credibility and generally high credit quality of the market.The paper explores the factors that influence the size and interest rates of Romanian municipal bonds for a 20 years period starting from 2001, when the first issuance took place, to the present. The data collected were analyzed through multiple linear regressions using ordinary least square estimator. The results revealed that municipalities with large populations, higher levels of income and expenses, and longer maturity tended to issue more municipal bonds. On the other hand, the unemployment and inflation rates increased the interest rates. The regions, fund destinations, and political variables also influenced the levels of bonds issued as well as the interest rates.These findings illustrated the importance of the context at local and national level, expressed by different social, economic and political variables that local governments should consider when issuing municipal bonds. The study contributes to the development of knowledge in the area of issuer’s characteristics and, moreover, the political, economic, and financial setting influences on the municipal bond market in an emergent country from Eastern Europe, Romania."

中文翻译：

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“罗马尼亚市政债券市场的决定因素”

更长的期限往往会发行更多的市政债券。另一方面，失业率和通货膨胀率提高了利率。地区、资金目的地和政治变量也影响债券发行水平和利率。这些发现说明了地方和国家层面背景的重要性，通过不同的社会、经济和政治变量来表达，地方政府应该发行市政债券时考虑。该研究有助于发展发行人特征领域的知识，此外，还有助于了解政治、经济和金融环境对东欧新兴国家罗马尼亚市政债券市场的影响。” 资金目的地和政治变量也影响债券发行水平和利率。这些发现说明了地方和国家层面背景的重要性，体现在地方政府在发行债券时应考虑的不同社会、经济和政治变量市政债券。该研究有助于发展发行人特征领域的知识，此外，还有助于了解政治、经济和金融环境对东欧新兴国家罗马尼亚市政债券市场的影响。” 资金目的地和政治变量也影响债券发行水平和利率。这些发现说明了地方和国家层面背景的重要性，体现在地方政府在发行债券时应考虑的不同社会、经济和政治变量市政债券。该研究有助于发展发行人特征领域的知识，此外，还有助于了解政治、经济和金融环境对东欧新兴国家罗马尼亚市政债券市场的影响。” 地方政府在发行市政债券时应考虑的经济和政治变量。该研究有助于发展发行人特征领域的知识，此外，还有助于了解政治、经济和金融环境对东欧新兴国家罗马尼亚市政债券市场的影响。” 地方政府在发行市政债券时应考虑的经济和政治变量。该研究有助于发展发行人特征领域的知识，此外，还有助于了解政治、经济和金融环境对东欧新兴国家罗马尼亚市政债券市场的影响。”