Market of Communal Bonds in Poland – Determinants of Its Recent Shape and Prospects of Development

Polish regulations for communal bonds were established in 1995 (and then amended in 2000) mostly following the US model (thanks to American advisors from the USAiD and the World Bank). Unfortunately, after 10 years, the Polish municipal bonds depart far from their American pattern. In the article, some elements of the communal capital market in Poland are analyzed by comparison with the American market. Thanks to this comparison, the factors are identified that have exerted the greatest influence on the current functioning of the Polish communal bonds. Also, forecasts of further development of thismarket are presented.