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The article presents issues related to the occurrence of political risk in local government in Poland. It will attempt to identify the symptoms to demonstrate the possibility of a political budget cycle in local government units. On the basis of budgetary data an empirical analysis of local governments will be carried out, with a particular emphasis on debt levels, capital expenditures, and a result of the budget in the years of local elections and pre-election periods. The presented research results cover all categories of local government units, i.e., municipalities, cities with poviat rights, poviats, and voivodships. The time range of the analysis is 2003-2019. The empirical part is preceded by a literature review, both in terms of the election cycle and the risk related to local debt management. The adopted structure of the article allows obtaining an answer to the question of whether there is a political risk in the surveyed entities.

The study investigates debt impact on economic growth in ten Central and Eastern European countries from 2001 until 2012. In the existing literature, the theoretical and empirical analyses provide contradicting results on the debt influence on economy, while the global financial and sovereign debt crises encourage new investigations in this field. The determination of debt impact on GDP growth is based on the neoclassical Solow growth model and testified with dynamic OLS, FE and differenced and system GMM estimators. The empirical results prove that the level of debt has the most statistically significant impact on physical capital growth and TFP growth. Furthermore, the decomposition of debt indicates that the GDP growth is explained the most accurately by the incorporation of government, corporate and household debts as separate explanatory variables. The corporate debt has the most significant negative effect on the GDP growth, while the impact of public debt is lower but negative as well. The statistically insignificant household debt encourages evaluating the importance of practical significance of this variable. Further research could take this into consideration as well as the inclusion of new instrumental variables in the dynamic GMM models.

The study investigates debt impact on economic growth in ten Central and Eastern European countries from 2001 until 2012. In the existing literature, the theoretical and empirical analyses provide contradicting results on the debt influence on economy, while the global financial and sovereign debt crises encourage new investigations in this field. The determination of debt impact on GDP growth is based on the neoclassical Solow growth model and testified with dynamic OLS, FE and differenced and system GMM estimators. The empirical results prove that the level of debt has the most statistically significant impact on physical capital growth and TFP growth. Furthermore, the decomposition of debt indicates that the GDP growth is explained the most accurately by the incorporation of government, corporate and household debts as separate explanatory variables. The corporate debt has the most significant negative effect on the GDP growth, while the impact of public debt is lower but negative as well. The statistically insignificant household debt encourages evaluating the importance of practical significance of this variable. Further research could take this into consideration as well as the inclusion of new instrumental variables in the dynamic GMM models.

O wyborze problematyki refinansowania zadłużenia samorządowego zadecydowało przeświadczenie o niedostatecznym ujmowaniu tego zagadnienia w literaturze przedmiotu, nierzadko jego bagatelizowaniu w odniesieniu do szczebla regionalnego i lokalnego oraz istnieniu pokaźnych luk na tym polu badawczym. Zasadniczym celem pracy jest usystematyzowanie informacji dotyczących refinansowania długu publicznego, w tym samorządowego, oraz zbadanie skali zjawiska w polskich gminach. Przedstawiono propozycje wzbogacenia mierników oceny kondycji finansowej samorządów o te dotyczące opisywanych zagadnień. Sprecyzowane cele mają więc charakter zarówno teoretyczny, jak i aplikacyjny. W pracy wskazano trudności, jakie związane są z pomiarem zadłużenia publicznego, przybliżono pojęcie refinansowania długu oraz odniesiono je do długu samorządowego. Zasygnalizowano zagadnienia związane z restrukturyzacją zadłużenia, myloną czasem z jego refinansowaniem. Zaprezentowano również dane dotyczące refinansowania polskich gmin w latach 2003-2015 oraz przedstawiono propozycje mierników omawianych zagadnień. Opracowanie kończy podsumowanie zawierające najważniejsze wnioski; zasygnalizowano również problemy wymagające dalszych badań. ; The choice of the subject of this paper: the refinancing of the local government debt, was determined by the conviction that this field of research has not yet been sufficiently explored. Literature downplays this issue at the regional and local level. Thus the main aim of this work is the systematisation of information on the refinancing of public debt, including local government debt, and examination of the scale of this phenomenon existing throughout Polish municipalities. Debt indicators have been proposed to be added to the array of tools used for assessing the financialcondition of local governments so that the objectives defined in the paper had both a theoretical as well as practical application. Problems and difficulties associated with the measurement of public debt have been identified, the concept of debt refinancing explained in more detail and a reference of a public debt to the local government debt has been made. Issues indicated in the article relate to debt restructuring and are sometimes confused with refinancing. The refinancing of Polish municipalities in the years 2003-2015 has been presented, followed by some proposals for measures applicable to the issues under discussion. The paper ends with a summary containing the main findings, and indicates issues that still require further research.

In Lithuania, like in other European countries where dynamic processes of economy reorganization are proceeding, there is a constant impact with lack of funds to finance these processes. Objectively, when limited resources of finance funds are in countries, lending abroad has a huge influence on strengthening their financial systems and providing them with necessary funds. Policy of national debt management is inseparable part from national economy. Taking about national debt, one constantly confronts to budget deficit. The country is forced to finance formed budget deficit with loans. All countries of transitional economy need huge investments to modernize economy. The proportion of national stockpiling and gross domestic product (GDP) at that time is not high; therefore, the country does not have enough own resources for investments. Therefore, such countries, including Lithuania, have to borrow, and that is very normal. The country in credit relations participates like their subject. Usually the country takes a loan and guarantees for bigger sums than lends. The most important reason of this condition is that though national credit raised funds change taxes and funds collected in other ways. That is the main reason of formed national debt. Local finance resources are the most suitable country's finance resources, especially if there resources are denominated by national currency. Inland debt is a very important factor that presents the level of country's economical development. However, if financial demands are higher than it is expected to save funds inside the country, the country has to supplement its inland resources with foreign finance resources. It is important to analyse this theme as managing national debt and predicting Lithuania's loan perspective it is necessary to know how national debt has changed and what reasons have influenced these changes. National debt, its changes and their management are analysed in this paper. Object of the paper: Lithuanian national debt and its management. Aim of the paper: to value theoretical reasons of national debt and Lithuania's loan changes and perspective. Tasks of the paper: - To analyse theoretical aspects of national debt and its management. - To analyse EU raised criteria for national debt. - To evaluate Lithuania's national debt's changing tendencies in the period of 1993-2006. - To evaluate Lithuania's loan perspective. - To formulate conclusions. Research methods that are used in this paper: - Analysis of literature; - Logical analysis; - Data structure method; - Vertical and horizontal analyses; - Graphical method. The paper consists of 3 main parts. In the first part of the paper, theoretical aspects of national debt and its management are analysed. In the second part of the paper tendencies of national debt in the period of 1993-2006 are valuated. In the third part of the paper Lithuania's loan politic in the contests of European Union is valuated. The paper consists of 70 pages, 6 tables, 21 picture and 8 appendixes are enclosed. 28 sources of literature are used.

In Lithuania, like in other European countries where dynamic processes of economy reorganization are proceeding, there is a constant impact with lack of funds to finance these processes. Objectively, when limited resources of finance funds are in countries, lending abroad has a huge influence on strengthening their financial systems and providing them with necessary funds. Policy of national debt management is inseparable part from national economy. Taking about national debt, one constantly confronts to budget deficit. The country is forced to finance formed budget deficit with loans. All countries of transitional economy need huge investments to modernize economy. The proportion of national stockpiling and gross domestic product (GDP) at that time is not high; therefore, the country does not have enough own resources for investments. Therefore, such countries, including Lithuania, have to borrow, and that is very normal. The country in credit relations participates like their subject. Usually the country takes a loan and guarantees for bigger sums than lends. The most important reason of this condition is that though national credit raised funds change taxes and funds collected in other ways. That is the main reason of formed national debt. Local finance resources are the most suitable country's finance resources, especially if there resources are denominated by national currency. Inland debt is a very important factor that presents the level of country's economical development. However, if financial demands are higher than it is expected to save funds inside the country, the country has to supplement its inland resources with foreign finance resources. It is important to analyse this theme as managing national debt and predicting Lithuania's loan perspective it is necessary to know how national debt has changed and what reasons have influenced these changes. National debt, its changes and their management are analysed in this paper. Object of the paper: Lithuanian national debt and its management. Aim of the paper: to value theoretical reasons of national debt and Lithuania's loan changes and perspective. Tasks of the paper: - To analyse theoretical aspects of national debt and its management. - To analyse EU raised criteria for national debt. - To evaluate Lithuania's national debt's changing tendencies in the period of 1993-2006. - To evaluate Lithuania's loan perspective. - To formulate conclusions. Research methods that are used in this paper: - Analysis of literature; - Logical analysis; - Data structure method; - Vertical and horizontal analyses; - Graphical method. The paper consists of 3 main parts. In the first part of the paper, theoretical aspects of national debt and its management are analysed. In the second part of the paper tendencies of national debt in the period of 1993-2006 are valuated. In the third part of the paper Lithuania's loan politic in the contests of European Union is valuated. The paper consists of 70 pages, 6 tables, 21 picture and 8 appendixes are enclosed. 28 sources of literature are used.

Heir's responsibility for debts of the succession is in Lithuania one of the most problematical sphere of the inheritance law. It takes still not enough notice of this law's institute. It lacks literature, which is approachable for any member of the society, who comes across negative effects of inheritance or who wants escape them. Many people think, that when they accept a succession, they accept just assets. But situation is different – they are obliged to pay the debts of the succession too, because Lithuania like and other in this work analyzed continental law countries, recognizes unlimited heir's responsibility, which can be limit to the extent of the value of the property of the succession. The people know little about the possibility to limit their responsibility for the devisor's debts when they make an inventory. It's not good, because a law's measure like this was brought in our Civil Code in 2001. It passed eight jears, but today we still don't have exhaustive works on this theme. This method of the succession acceptance still lacks of consideration of the law scientists and practitioners. We don't have laws, which detail content of the inventory and explain where the inventory may be consulted by persons concerned too. The legislator must do something not just in this law's sphere. He must take more notice of the acceptance of succession, when the heir takes possession in fact of the property of the succession too. The possession in fact of the property of the succession is the most problematical method of the succession acceptance. Today the heir, who accepts the succession in this method, has a period of three months for the renunciation of succession from the death of the testator, when he, for example, finds out that debts of the deceased are greater than his assets. It must be the same regulation in this law's sphere and it needs to determine, that when the heir accepts the succession in any method, which is recognized in Lithuania, such his act must be don't recall and final. That can help to escape the violation of interests of the creditors and coheirs and waste of the deceased's property.

Heir's responsibility for debts of the succession is in Lithuania one of the most problematical sphere of the inheritance law. It takes still not enough notice of this law's institute. It lacks literature, which is approachable for any member of the society, who comes across negative effects of inheritance or who wants escape them. Many people think, that when they accept a succession, they accept just assets. But situation is different – they are obliged to pay the debts of the succession too, because Lithuania like and other in this work analyzed continental law countries, recognizes unlimited heir's responsibility, which can be limit to the extent of the value of the property of the succession. The people know little about the possibility to limit their responsibility for the devisor's debts when they make an inventory. It's not good, because a law's measure like this was brought in our Civil Code in 2001. It passed eight jears, but today we still don't have exhaustive works on this theme. This method of the succession acceptance still lacks of consideration of the law scientists and practitioners. We don't have laws, which detail content of the inventory and explain where the inventory may be consulted by persons concerned too. The legislator must do something not just in this law's sphere. He must take more notice of the acceptance of succession, when the heir takes possession in fact of the property of the succession too. The possession in fact of the property of the succession is the most problematical method of the succession acceptance. Today the heir, who accepts the succession in this method, has a period of three months for the renunciation of succession from the death of the testator, when he, for example, finds out that debts of the deceased are greater than his assets. It must be the same regulation in this law's sphere and it needs to determine, that when the heir accepts the succession in any method, which is recognized in Lithuania, such his act must be don't recall and final. That can help to escape the violation of interests of the creditors and coheirs and waste of the deceased's property.

The aim of this article is the presentation and the attempt to analyse such phenomena as: an excessive general government deficit and public debt in EU Member States over the past 3 years. For the European Union the years 2008-2010 were the time when public finances of most member countries worsened dramatically. The average budget deficit in the EU increased during that period to a value of almost 7% compared to gross domestic product and public debt reached almost 80% of GDP. Referring the numbers to the principles of the budgetary policy in the Treaty on the European Union (the deficit should not exceed 3% in relation to GDP and public debt – 60% of GDP), the observance of budgetary discipline has been significantly violated. In consequence, the excessive deficit procedure has been initiated. in relation to almost all the countries of the EU, Its purpose was to force the member countries to take concrete actions to stabilize public finances. The economic crisis that began in the second half of 2007 in the United States of America which resulted in a significant deterioration of the finances of all the EU member countries might be regarded as the major source of violation of their budgetary discipline. The reactions of most governments TO the harmful effects caused by the financial crisis were to stimulate national economies and stem the decline of domestic demand. The higher level of public expenditures was simultaneously the cause of increased budget deficits,. To develop and present the problem of an excessive budget deficit and public debt in the EU countries some statistical methods were used and the data source statistics were mainly carried out by the European Commission and the European Statistical Office. ; Celem niniejszego artykułu jest prezentacja i próba analizy zjawisk: nadmiernego deficytu budżetowego i długu publicznego w krajach członkowskich Unii Europejskiej na przestrzeni ostatnich 3 lat. Lata 2008-2010 były dla Unii Europejskiej czasem, w którym stan finansów publicznych większości krajów członkowskich pogorszył się w sposób drastyczny. Średnia deficytu budżetowego w UE wzrosła w tym okresie do wartości prawie 7% w stosunku do wielkości produktu krajowego brutto, a zadłużenie publiczne osiągnęło poziom niemalże 80% PKB. Odnosząc te wielkości do założeń polityki budżetowej zapisanych w Traktacie o Unii Europejskiej (wartość deficytu nie powinna przekraczać 3% w stosunku do PKB, a zadłużenia publicznego 60% PKB), poszanowanie dyscypliny budżetowej zostało w sposób znaczący złamane. W następstwie, w stosunku do prawie wszystkich państw należących do UE, została wszczęta na szczeblu UE procedura nadmiernego deficytu. Jej celem było wymuszenie na krajach członkowskich podjęcia konkretnych działań zmierzających do ustabilizowania stanu finansów publicznych. Kryzys gospodarczy, który narodził się w drugiej połowie 2007 roku w Stanach Zjednoczonych Ameryki i skutkował znaczącym pogorszeniem stanu finansów wszystkich krajów członkowskich Wspólnot Europejskich można uznać za główne źródło złamania przez nie dyscypliny budżetowej. Reakcje większości rządów na niekorzystne zjawiska finansowe wywołane kryzysem miały na celu próbę pobudzenia gospodarek narodowych oraz zahamowania spadku popytu krajowego. Zwiększony poziom wydatków publicznych przyczynił się jednak równocześnie do wzrostu poziomu deficytów budżetowych. W celu opracowania i zaprezentowania problemu nadmiernego poziomu deficytu budżetowego oraz długu publicznego w państwach UE zostały zastosowane wybrane metody statystyczne, a źródłem danych były przede wszystkim statystyki prowadzone przez Komisję Europejską oraz Europejski Urząd Statystyczny.

The aim of this article is the presentation and the attempt to analyse such phenomena as: an excessive general government deficit and public debt in EU Member States over the past 3 years. For the European Union the years 2008-2010 were the time when public finances of most member countries worsened dramatically. The average budget deficit in the EU increased during that period to a value of almost 7% compared to gross domestic product and public debt reached almost 80% of GDP. Referring the numbers to the principles of the budgetary policy in the Treaty on the European Union (the deficit should not exceed 3% in relation to GDP and public debt – 60% of GDP), the observance of budgetary discipline has been significantly violated. In consequence, the excessive deficit procedure has been initiated. in relation to almost all the countries of the EU, Its purpose was to force the member countries to take concrete actions to stabilize public finances. The economic crisis that began in the second half of 2007 in the United States of America which resulted in a significant deterioration of the finances of all the EU member countries might be regarded as the major source of violation of their budgetary discipline. The reactions of most governments TO the harmful effects caused by the financial crisis were to stimulate national economies and stem the decline of domestic demand. The higher level of public expenditures was simultaneously the cause of increased budget deficits,. To develop and present the problem of an excessive budget deficit and public debt in the EU countries some statistical methods were used and the data source statistics were mainly carried out by the European Commission and the European Statistical Office. ; Celem niniejszego artykułu jest prezentacja i próba analizy zjawisk: nadmiernego deficytu budżetowego i długu publicznego w krajach członkowskich Unii Europejskiej na przestrzeni ostatnich 3 lat. Lata 2008-2010 były dla Unii Europejskiej czasem, w którym stan finansów publicznych większości krajów członkowskich pogorszył się w sposób drastyczny. Średnia deficytu budżetowego w UE wzrosła w tym okresie do wartości prawie 7% w stosunku do wielkości produktu krajowego brutto, a zadłużenie publiczne osiągnęło poziom niemalże 80% PKB. Odnosząc te wielkości do założeń polityki budżetowej zapisanych w Traktacie o Unii Europejskiej (wartość deficytu nie powinna przekraczać 3% w stosunku do PKB, a zadłużenia publicznego 60% PKB), poszanowanie dyscypliny budżetowej zostało w sposób znaczący złamane. W następstwie, w stosunku do prawie wszystkich państw należących do UE, została wszczęta na szczeblu UE procedura nadmiernego deficytu. Jej celem było wymuszenie na krajach członkowskich podjęcia konkretnych działań zmierzających do ustabilizowania stanu finansów publicznych. Kryzys gospodarczy, który narodził się w drugiej połowie 2007 roku w Stanach Zjednoczonych Ameryki i skutkował znaczącym pogorszeniem stanu finansów wszystkich krajów członkowskich Wspólnot Europejskich można uznać za główne źródło złamania przez nie dyscypliny budżetowej. Reakcje większości rządów na niekorzystne zjawiska finansowe wywołane kryzysem miały na celu próbę pobudzenia gospodarek narodowych oraz zahamowania spadku popytu krajowego. Zwiększony poziom wydatków publicznych przyczynił się jednak równocześnie do wzrostu poziomu deficytów budżetowych. W celu opracowania i zaprezentowania problemu nadmiernego poziomu deficytu budżetowego oraz długu publicznego w państwach UE zostały zastosowane wybrane metody statystyczne, a źródłem danych były przede wszystkim statystyki prowadzone przez Komisję Europejską oraz Europejski Urząd Statystyczny.

State debt management has direct impact on state's economical situation. State debt management is widely regulated by European Union's and Lithuania's laws. In that laws there are established institutional system, subject's rights and duties, policy of state debt management and borrowing procedures.

State debt management has direct impact on state's economical situation. State debt management is widely regulated by European Union's and Lithuania's laws. In that laws there are established institutional system, subject's rights and duties, policy of state debt management and borrowing procedures.

The steady state of debt in this article means that the stock of government debt does not change over the time. The paper reveals that the rule of the Stability and Growth Pact concerning the ceiling of 3% for the budget deficit is not sufficient to have a steady or non-increasing state of the debt. Great varieties of GDP growth and initial outstanding stock of the debt in the EU countries allow very substantial growth of the debt as well as decrease of the debt for individual country, despite the rule of 3% in place. The conclusions are based on the statistical data and the model of integral presentation form of the debt. The Stability and Growth Pact requirements should be put together with economic indicators of individual country and simulation of the debt development in the future defining the budget deficit and managing country deb

The steady state of debt in this article means that the stock of government debt does not change over the time. The paper reveals that the rule of the Stability and Growth Pact concerning the ceiling of 3% for the budget deficit is not sufficient to have a steady or non-increasing state of the debt. Great varieties of GDP growth and initial outstanding stock of the debt in the EU countries allow very substantial growth of the debt as well as decrease of the debt for individual country, despite the rule of 3% in place. The conclusions are based on the statistical data and the model of integral presentation form of the debt. The Stability and Growth Pact requirements should be put together with economic indicators of individual country and simulation of the debt development in the future defining the budget deficit and managing country deb