Municipal finance answers the question why “getting municipal finance right” is key to achieving a nation’s broader goals of economic growth, macroeconomic stabilisation, and, for some countries, national cohesion among diverse populations. The economic content of the "municipal finances" concept is determined by the economic nature of local public goods for their production and delivery to citizens, at whom the activities of local self-government bodies are aimed.
Course summarizes the key considerations of alternative governance structures, as well as fundamental questions related to what role municipalities should play in a country’s revenue and expenditure systems.
The purpose of this
course is to provide students with a heightened appreciation of the role of a
financial manager within a firm and to understand the tools and the nature of
the decisions that financial managers must make. Paramount
to the topic is an understanding of what constitutes a "good” manager. A traditional finance characterization of a good
manager is one who adopts the most firm-value-maximizing projects in the
interests of maximizing current shareholders' wealth (e.g. Brealey, Myers, and
Allen, pp 20-28). This model is
sometimes called the shareholder primacy model. An alternative model, frequently termed the stakeholder model, argues that a good
manager is one who effectively maximizes the joint utility of all
firm-stakeholders.
- Teacher: Дмитрий Сокол