scholarly journals Are treasury debt instruments still attractive to foreign investors? Poland – a case study based on ATM and ATR indicators

2020 ◽  
pp. 94-106
Author(s):  
Tomasz Uryszek ◽  
Agnieszka Kłysik-Uryszek
Keyword(s):  
Public Debt ◽  
Sovereign Debt ◽  
Research Method ◽  
Management Strategy ◽  
Debt Management ◽  
Policy Implications ◽  
Foreign Investors ◽  
The Public ◽  
Public Debt Management

The article’s primary goal is to investigate foreign investors’ activity on the Polish primary debt instruments market in light of the public debt management strategy. We wanted to check the scale of investors’ response to the authorities’ policy in the sovereign debt area. The article consists of five parts. We started with the introduction, followed by a literature review. We then described the research method and data, as well as the empirical discussion.We based our study mostly on the average time to maturity (ATM) and average time to refixing (ATR) indexes. The most important findings, concluding remarks, and policy implications are presented in the last part of the paper. The study’s general outcomes show that despite the deterioration of the State Treasury debt instruments’ overall characteristics targeted to foreign investors, Polish sovereign debt papers remained attractive to buy. It was mostly due to the still relatively low refinancing and interest rate risks for debt denominated in foreign currencies.

scholarly journals The Public Debt of Ukraine and the Budget Expenditure for Its Service

2018 ◽  
Vol 80 (1) ◽  
pp. 30-39 ◽  
Author(s):  
T. H. Bondaruk ◽  
O. S. Bondaruk ◽  
N. Yu. Melnychuk
Keyword(s):  
Public Debt ◽  
Debt Management ◽  
Public Budget ◽  
Sharp Drop ◽  
The Public ◽  
Debt Burden ◽  
Debt Dynamics ◽  
External Sources ◽  
Public Debt Management ◽  
Made In

the public debt is deepened, the visions of the public debt as a phenomenon burdening the national economy, found in various schools of economics, are reviewed. It is demonstrated that the high internal and external dept in parallel with the respectively growing expenditure for its service is a pressing problem for Ukraine, calling for an urgent solution. This raises the need for seeking ways to improve the public debt management mechanisms. The article’s objective is to deepen the theoretical and methodological framework for assessment of the public debt in Ukraine and the budget expenditures for its service. It is demonstrated that the public debt in Ukraine results from the public budget deficit, high sovereign borrowing from internal and external sources. The econometric assessment of the time series on budget expenditures for debt service and repayment in Ukraine is given. The analysis of the public debt dynamics in Ukraine shows that not only the increasing volume of public debt and State-guarantee debt, but also the increasing budget expenditures on its service and repayment are dangerous. The high deficit of public budget is persisting, which growth is caused, inter alia, by the payment commitments. The expenditures on service and repayment of public debt constitute a large share in the public budget expenditures. Forecasting calculations made in the article demonstrate the upward tendency in the public budget expenditures on repayment and service of the public debt of Ukraine, thus signaling the growing threats to the budget security of Ukraine. The main factors for the rapidly increased debt burden in Ukraine over the latest years are identified: the considerable devaluation of domestic currency (Hryvnya), sharp drop in GDP, the shrinking internal consumer demand, etc.    It is demonstrated that the risk of the increasing payments for service of public debt is an essential and chronic factor generating problems in public finances and affecting the budget security of Ukraine.  

scholarly journals FACTORS OF GROWTH OF THE EFFICIENCY OF PUBLIC DEBT MANAGEMENT

2021 ◽  
pp. 5-11
Author(s):  
M. E. Kosov
Keyword(s):  
Public Debt ◽  
Financial Management ◽  
The State ◽  
Debt Management ◽  
Macroeconomic Factors ◽  
The Public ◽  
Correlation And Regression Analysis ◽  
Public Financial Management ◽  
Public Debt Management ◽  
Debt Policy

Public debt is an integral part of public finances of various countries, the process of its management, including formation, maintenance and repayment has a powerful impact on the macroeconomic system of the state. The subject of the study is the public debt of the Russian Federation. The article performs a correlation and regression analysis of factors that have a direct impact on the state of the Russia’s public debt under the conditions of the restrictions caused by the Covid-19 coronavirus infection, as well as the consequences of these restrictions. The paper proposes an econometric model that describes a system of indirect macroeconomic factors that are not directly related to the state’s debt policy, but show the strongest influence on the formation of public debt in modern realities and increase the efficiency of its management, as well as reflect the quality of public financial management in general. The author concludes that the demographic burden and the indicator reflecting the ratio of the budget deficit to the total budget revenue have the greatest impact on the effectiveness of public debt management.

scholarly journals Public debt of Ukraine and its influence on main socio-economic indicators

2020 ◽  
pp. 5-10
Author(s):  
Sergii Stepanenko
Keyword(s):  
Economic Development ◽  
Public Debt ◽  
The State ◽  
Debt Management ◽  
Economic Indicators ◽  
The Public ◽  
Goods And Services ◽  
Socio Economic Development ◽  
Debt Dynamics ◽  
Public Debt Management

Introduction. Solving the problem of public debt management is one of the key factors of economic stability in the country. The budget capacity of the state and the stability of its national currency largely depend on the nature of the debt problem settlement. The need to address these issues requires finding ways to improve the mechanism of public debt management and servicing in Ukraine. The purpose of the article is to study the public debt dynamics of Ukraine and model the nature of its impact on key socio-economic indicators in modern conditions. Results. The dynamics and structure of the state and state-guaranteed debt of Ukraine for the period 2013-2019 are analyzed. The negative dynamics of the growth of the total amount of debt during 2014-2018 is determined. In 2019, the total amount of debt in hryvnia decreased due to the reduction of external and guaranteed debt, but in dollar terms increased, which threatens the financial stability of the country. Using the software product EViews 10 based on the Granger causality test, the system of causal relationships between the dynamics of public debt (index) and indicators of socio-economic development: GDP growth rate, industrial production index, real income index, employment index, the index of exports of goods and services, the index of imports of goods and services has been researched. On the basis of the established causal relations the autoregressive influence models of the public debt dynamics on indicators of social and economic development are constructed, on which the error does not exceed 5%. Conclusions. According to the results of the constructed models, the negative impact of public debt on the main socio-economic indicators is determined, which is confirmed by the negative values of the elasticity indexes of socio-economic indicators. The built models serve as a preventive tool of public debt management, with the help of which it is possible to promptly respond to threats to socio-economic development by monitoring the level of public debt dynamics. Key words: public debt, public debt management, socio-economic development, financial security of the state.

scholarly journals Vietnam’s future public debt: Prospects and implicantions

2020 ◽  
Vol 4 (3) ◽  
pp. 963-972
Author(s):  
Vi Hoang Dinh
Keyword(s):  
Public Debt ◽  
Budget Deficit ◽  
Dynamic Models ◽  
Current Trend ◽  
Debt Management ◽  
Policy Implications ◽  
Basic Scenario ◽  
Sustainability Of Public Debt ◽  
Public Debt Management ◽  
The Government

By the end of 2017, VietNam's public debt had reached 3.1 million billion VND; 2.2 times higher than the end of 2011 (1,393 million VND). The ratio of public debt/GDP of Vietnam has increased rapidly in recent year, since 2011. Specifically, within only 5 years from 2011 to 2015, the ratio of public debt / GDP of Vietnam increased by 12.2 percentage points, from 50% to 62.2%. Although, the Government of Vietnam has made strong commitments to control public debt. But the actual results are not as expected and tend to get worse. With the current trend of increasing the size and risk of public debt, it is necessary to forecast the public debt and make policy implications on public debt management. Therefore, the author analyzed the state of Vietnam's budget deficit and public debt. Since the author used dynamic models Cechetti, Mohanty and Zampolli (2010) to forecast Vietnam's public debt trends to 2030, with three scenarios: The basic scenario is that there is no improvement in the balance of budget the Basic scenario is no improvement in the basic budget balance, the Bad scenario is the high budget deficit. From there, implications on public debt management that aim to increase the sustainability of public debt in VietNam.

scholarly journals Public Debt under Financial Crisis in the New EU Member States

2014 ◽  
Vol 15 (1) ◽  
pp. 153-162
Author(s):  
Tomasz Uryszek
Keyword(s):  
Public Debt ◽  
Debt Management ◽  
Negative Effects ◽  
Debt Structure ◽  
Member States ◽  
The Public ◽  
Eu Member States ◽  
Public Debt Management ◽  
Management Institutions ◽  
The Eu

Abstract With the growing imbalance of public sectors in the EU Member States, the public debt in the countries increased too. Public debt management institutions face the task of choosing the optimal debt structure in order to minimize the negative effects for the economy. This article sets out to determine changes in the public debt structure in the EU Member States during economic crisis. It consists of four sections. Section one deals with public debt management under crisis conditions. In the next sections, the term, currency and lender structure of public debt in the new Member States are analysed and discussed. The last section presents major conclusions from the research.

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