Polish Version
Tomasz Jastrzębski
Summary
Polish accession to the European Union allowed Polish municipalities to use co-financing of development projects of local infrastructure, environmental protection and improvement of competitiveness of municipalities. The process of transition is sometimes referred to as bridging the development gaps between countries of “old fifteen” and the new member countries. The desire of municipalities to maximize the use of EU funds led to a rapid increase in the debt level of municipalities and changes in levels of risk of long-term liabilities of municipalities. The aim of this article is to empirically confirm thesis that the change in the long-term financial liabilities associated with the prospect of the European Union budget for 2007-2013 is causing a variation of the operating risks of these liabilities. A tool used to verify this hypothesis is the risk model, which is a random vector with components identified with control variables of management process in the handling of long-term financial liabilities. The design of the components of this vector is based on the basic characteristics of the probability distribution of the vector as the expected value and the variance and their ideal and anti-ideal levels.
Article
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