The article by Anna Munko states that the competitive advantages of territorial communities lie in the effective use of all their unique tangible and intangible resources and depend on the management ability of the relevant local governments to transparently and effectively combine all the above resources to improve their competitive position and make a breakthrough in development.
In this sense, it is appropriate and very important to use various financial instruments to be effective in implementing current local community development projects. On the other hand, it is financial and economic activity that is the most necessary component in the mechanism for managing the gradual development of communities, which is able to provide a whole range of areas for the formation of both centralized and special funds for their further support of relevant sectors or priorities.
Non-budgetary financial instruments are well combined with each other and with other options for supporting regional development: loan guarantees or venture capital, various programs of material and technical re-equipment, issuance of local bonds, etc. They allow both to attract funding and reduce the relevant project risks. It is found that the issuance of municipal bonds is becoming increasingly popular as an alternative to financing local debt. It is substantiated that the competitive advantage of each community is primarily found in the use of a set of unique tangible and intangible resources and is determined by the public administration ability of local governments to effectively combine them to maintain a competitive position and improve it.
Article: https://journals.academ.vinnica.ua/index.php/eco-pa/article/view/53/50