@misc{Cichocki_Krzysztof_A_2002,
 author={Cichocki, Krzysztof},
 copyright={Creative Commons Attribution BY 4.0 license},
 address={Warszawa},
 journal={Raport Badawczy = Research Report},
 howpublished={online},
 year={2002},
 publisher={Instytut Badań Systemowych. Polska Akademia Nauk},
 publisher={Systems Research Institute. Polish Academy of Sciences},
 language={eng},
 abstract={This paper develops a dynamic model for determination of a maximum capacty to borrow and a safe level of debt for a municipality, when budget liquidity safety measures and legal regulatons are observed. At each time period, over a given optimization horizon, the model solution determines maximum feasible level of total debt and relative safety measures – ratios of total debt to revenue, cost of debt service to revenue, and cost of debt service to surplus current reveues. The solution ensures liquidity of municipality’s budget, satisfactory level of operating expenditure and a given level of investment. Real life examples of the model implementation in two Polish cities demonnstrate ways of accessing a maximum capacity of a municipality to borrow.},
 title={A model for safe borrowing to finance local government's infrastructure},
 type={Text},
 URL={http://www.rcin.org.pl/Content/99799/PDF/RB-2002-85.pdf},
 keywords={Budżet gminy, Financial modelling, Modelowanie finansowe, Financial flows, Przepływy finansowe},
}