Communication Ecosystem Construction: Comparative Analysis of Communication Strategies of Municipal Securities Issuers

This article tries to attempt a comparative analysis of the communication strategies of municipal issuers in Russia, the USA, Great Britain and Germany. Primary attention is paid to the issue of developing recommendations for improving the communication ecosystem of the process of issuing municipal securities in Russia. The attention of the authors is focused on the interpretation of the concept of “municipal securities” and the features of their issue in the mentioned countries. At the macro-theoretical level, the article is based on the theory of communicative action by J. Habermas and the concept of problem management by K. Tucker and G. Broom. The article also provides an overview of Russian and foreign researches on the issues of the study. The most promising methods for improving the communication ecosystem of the process of issuing municipal securities in Russia were identified: explanatory work with the leadership of municipalities, the creation of the Agency for Municipal Finance of Local Authorities following the example of Great Britain or Sweden, and the creation of a new type of the Individual Investment Account (along with the already existing), aimed at stimulating the acquisition of municipal securities.