CONSIDERATIONS ON THE ISSUANCE OF MUNICIPAL BONDS IN ROMANIA
The global financial crisis raised the price of the access to bank loans, a viable solution for financing is represented by issuing municipal bonds. This paper presents the current situation of municipal bons issues in Romania focusing on destination, on costs, on loans’ guarantees and their impact on indebtedness of local government. Local municipal bond market in Romania has a relatively short history, tailored after 2001, knowing that a considerable advance in recent years. The most common reasons for which public authorities are calling for loans are: either in need of cash or in need to balance the budget.
Issues in Development of Government Bond Markets
Developing a government securities market is a complex undertaking that depends on the financial and market system development of each country. For many governments, this involves immense challenges as the problems that inhibit securities market development run deep in the economy. For example, some governments rely on a few domestic banks for funding, which makes competition scarce and transaction costs high. In addition, a proliferation of government agencies issuing securities can fragment national government securities markets. Absence of a sound market infrastructure may make specific actions to develop a government securities market premature. A paucity of institutional investors, low domestic savings rates, and lack of interest from international investors can result in a small, highly homogeneous investor group, contrary to the heterogeneity needed for an efficient market. Furthermore, economic instability, often fed by high fiscal deficits, rapid growth of the money supply, and a deteriorating exchange rate, can weaken investor confidence and increase the risks associated with development of a market for government securities. This paper presents a brief overview of the key policy questions that arise for policymakers seeking to further develop their domestic government securities market.
A Study on Technology Embedded English Classes Using QR Codes
The development of information and technology has brought plenty of changes to the educational environment. The prevalence of smart phones is particularly playing a huge role in shaping learning methods. Smart phones provide the opportunity to scan QR codes, which can greatly ease access to information. Due to a high recognition speed, recognition rate, and restoration rate, they can be useful tools for English teachers to use in their class. In this study, we suggest using QR codes for writing and picture descriptions. Based on this study, more research should invest in Technology Embedded English teaching models to create better English classes for students.