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By borrowing on the financial market, local self-government units in the Republic of Serbia can finance their own needs. It is up to the local self-governments to decide whether to opt for financing through credit borrowing or through the issue of municipal bonds. The subject of this paper is the analysis of the conditions and purpose for which cities, municipalities and local governments in Serbia and in the countries of the region issued municipal bonds. In this regard, the basic characteristics of the analyzed emissions are emphasized, relying on the normative framework of each country individually. The paper points out the basic specifics of municipal bonds.. The aim of this paper is to analyze the advantages and disadvantages of the issue of these bonds in relation to credit borrowing as a possible type of financing.

The challenges of sustainable development and corporate social responsibility are critically discussed through the current concept of unsustainable development of the economy and society, numerous manifestations of such development, as well as the causes and consequences of this phenomenon. Indicators of unsustainable development were analyzed, in particular: problems of global poverty, problems of ecology, climate change, energy, disease and lack of education. Changes in the direction of a new trajectory of development are necessary, i.e. action directed towards a new development paradigm. This requires a greater role of science, especially economic science. The new concept of the economy implies new patterns of behavior in terms of ecological business and green economy. A new paradigm of development, a new strategy for the development of the economy and society is necessary because the current concept of growth and development has led to a series of negative effects on the natural environment, society and people. There are many forms of manifestation of unsustainable development: the problem of global poverty and hunger, problems of ecology, climate change and energy. The basic message is that humanity faces great challenges and that it is necessary to move from unsustainable development to sustainable development of the economy and society, where corporate social responsibility plays a key role. Sustainable development is a way of thinking, i.e. observation of the world, which we must change for the sake of the present and the future. In order to achieve this, synchronized actions are needed at the local (national) and global (world) level in order to find solutions, where large multinational economic systems must play a special role.