Türkiye'de Desantralizasyon Çabaları Çerçevesinde Yerel Yönetimlerin Kamu Altyapı Yatırımlarının Finansmanında Sermaye Piyasasından Yararlanma İmkanları

Abstract

The effects of globalization are perceived in the area of public administration as well as in many other areas and shows up as delegation of duties and authorities from central to local governments. This phenomenon is called decentralization that in a way requires local governments to have fiscal autonomy. Hereby, it is common for local governments to use their autonomy in infrastructure finance in many countries. It would also be possible for our country s local governments to have fiscal autonomy if capital markets, providing long-term finance, are utilized. In this study, we discuss several models, which local governments may utilize capital markets, and try to evaluate how to improve these models. We conclude that, investment trusts specialized in infrastructure finance would play a role of a central hub, where lots of capital market models may be implemented all together.