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- Gwenda Anderson
- 8 years ago
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1 C o a t i a n P u b l i c D e b tm a n a g e m e n t a n d C h a l l e n g e s o f M a k e t D e v e l o p m e n t Z a g e bo 8 t h A p i l h t t pdd w w wp i j fp h D p u b l i c2 d e b td S t a t e g i e s a n d g o o d p a c t i c e i n p u b l i c d e b t m a n a g e m e n t B R I A N O L D E N o In t e n a t i o n a l M o n e t a y Fu n do C e n t e o f E x c e l l e n c e L j u b l j a n a e2 m a i l b o l d e nb i m fp o g T h e g l o b a l f i n a n c i a l c i s i s h a s s i g n i f i c a n t l y i n c e a s e d t h e i m p o t a n c e o f e n s u i n g a p o a p p o a c h t o p u b l i c b dt e m a n a g e m e n t f o l l o w i n g t h e a p p e a a n c e o f h i g h f i s c a l d e f i c i t so h u g e p u b b o o w i n g n e e d s a n d o n g o i n g s o v e e i g n d e b t v o l a t i l i t y i n m a n y o f t h e w o l dt s l a g e s t a n d a d v a n c e d c o u n t i e sp W h i l e t h e c i s e s h a s n o t i m p a c t e d o n t h e d e b t p o t f o ld ivoa s n c eo d f l e s s a c o u n t i e s t o q u i t e t h e s a m e d e g e eo t h e f a l l o u t f o m t h e c i s i s w i l l i n e v i t a b l y h oa v e e p e c t h e s e e c o n o m i e s a s w e l lp T h i s p a p e a i m s t o a s s e s s t h e m a i n d e v e l o p m e n t a n d i n n o v a t i o n s t h a t b e e n w i t n e s s e d i n d e b t m a n a g e m e n t o v e t h e s e c o uo f t h e l a s t t w e n t y y e a s a n d w h e t h e t h e s e c h a n g e s a e s u f f i c i e n t t o a l l o w p u b l i c d e b t m a n a g e s t o m e e t t h e s i g n i f i c a n t c h a l l ea ndo g e s t h a t l b o t h i n f u n d i n g t h e i e s p e c t i v e g o v e n m e n tt s e q u i e m e n t s a n d m a n a g i n g t h e i e v e e x p a n d i n g p o t f o lo isp I n p a t i c u l a o t h e p a p e a s s e s s e s i n n o v a t i o n s i n i n s t i t u t i o n a l a n d s t a t e g i c s u o u n d i n g d e b t m a n a g e m e n t i n a d v a n c e d a n d l e s s a d v a n c e d c o u n t i e s a n d t h e i m p a c t t h a t t h e s i n n o v a t i o n s h a v e h a d i n i m p o v i n g m a n a g e m e n t o f g o v e n m e n t f i n a n ce sp p a pt eh a l s o i d e n t i f i e s s o m e o f t h e d e v e l o p m e n t s i n i s k m a n a g e m e n t t h a t h a v e b e e n a p p l i e d i n a n i n c e a s i n g l y p o f e s s a p p o a c h t o f i n a n c i a l a s s e t a n d l i a b i l i t y m a n a g e m e n t i n t h e g o v e n m e n t s e c t o a n d t h e i m p o t o f a n i n t e g a t e d a p p o a c h t o c a sd h daenb t m a n a g e m e n t i n s e e k i n g t o m a x i m i z e t h e e f f i c i e n c y o f f i n a n c i a l e s o u c e m a n a g e m ep n t K e y w o d s d e b t m a n a g e m e n to m e d i u m; t e m d e b t s t a t e gyo i s k m a n a g e m e n to c a s h m a n a g e m e n to f i n a n c i a al s s e t a n d l i a b i l i t y m a n a g e m e n t
2 C o a t i a n P u b l i c D e b tm a n a g e m e n t a n d C h a l l e n g e s o f M a k e t D e v e l o p m e n t Z a g e bo 8 t h A p i l h t t pdd w w wp i j fp h D p u b l i c2 d e b td P u b l i c d e b t m a n a g e m e n t b e f o eo d u i n g a n d a f t e t h e c i s i s S A N D R A Š V A L J E K o T h e I n s t i t u t e o f E c o n o m i c so Z a g e b e2 m a i l s s v a l j e kb e i z gp h A N A A N D A B A K A B A D U R I N Ao F a c u l t y o f E c o n o m i c s a n d B u s i n e s so Z a g e b e2 m a i l a a n d a b a k ab e f z gp h I n m o s t E U c o u n t i e so a n d e s p e c i a l l y w i t h i n t h e e u o z o n eo p u b l i c d e b t m a n a g e m e n t d e v e l o a p i d l y d u i n g t h e l a s t d e c a d ep C o u n t i e s t h a t h a v e a d o p t e d t h e e u oo i n t h e a b s e n ct e o f e x c h a i s ko b e c a m e d i e c t c o m p e t i t o s o n t h e p u b l i c d e b t m a d ek ce tp e a st e h e o f g o v e n m e n t d e f i c i t a n d d e b t a t i o s m a d e t h e c o m p e t i t i o n e v e n m o e s e v e ep A t t h e s a m e t i m eo t e c h n o l o g i c a l p o g e s c o n t i b u t e d t o m a k i n g t a d i n g i n p u b l i c d e b t i n s t u m e n t s a p i d a n d u n c o m p l i c a t e dp A l l t h e s e f b o u g h t a b o u t s i g n i f i c acn ht a n g e s i n p u b l i c d e b t c o m p o s i t i o no i s s u i n g a n d t a d i n g p a c t i c e o g a n i z a t i o n o f p u b l i c d e b t m a n a g e m e n t a s w e l l a s i t s o b j e c t i v e sp I n t h e c o u s e o f i ta hl e g l o b a l a n d e c o n o m i c c i s i s t h e p u b l i c d e b t a t i o s o f E U c o u n t i e s i n c e a s e d c no d n s ip du eb l ai bc l yo d e b at m a n a g e m e n t h a d t o b e c a i e d o u t i n u n p e c e d e n t e d c i c u m s t a n c e sp T h e a u t h o s o f t h i s p a i n v e s t i g a t e t h e c h a n g e s i n p u b l i c d e b t m a n a g e m e n t d u i n g a n d a f t e t h e c i s i so a n d t y t o f w h e t h e i t s p; ce i s i s e v o l u t i o n h a d a n i n f l un e n tc he e o p o s s i b i l i t y a n d t e m s o f d e f i c i t f i n a n c i n gp a d d i t i o no t h e y t y t o i d e n t i f y c o u n t i e s w h o s e p u b l i c d e b t m a n a g e m e n t h a s a d j u s t e d bs e s t t o t h a n d d i s c o v e t h e e l e v a n t c o n t i b u t o y f a c t o sp A t t h e e n do t h e a u t h o s g i v e a s h oe t o v e v i p u b l i c d e b t m a n a g e m e n t i n C o a t i a b e f o e a n d a f t e t h e c i s i so c o m p a i n g i t w i t h t h e E u o p e a p a c t i c e sp K e y w o d s p u b l i c d e b t m a n a g e m e n to e c o n o m i c a n d f i n a n c i a l c i s i so E u o p e a n U n i o no C o a t i a
3 C o a t i a n P u b l i c D e b tm a n a g e m e n t a n d C h a l l e n g e s o f M a k e t D e v e l o p m e n t Z a g e bo 8 t h A p i l h t t pdd w w wp i j fp h D p u b l i c2 d e b td P o j e c t i o n o f t h e p i m a y b u d g e t d e f i c i t a n d p u b l i c d e b t s u s t a i n a b i l i t y P E T A R S O P E K o P i v e d n a b a n k a Z a g e b e2 m a i l p s o p e kb p b zp h A l m o s t a l l m a c o e c o n o m i c i n d i c a t o s e v e a l s h o c k s b o u g h t a b o u t b y t h e o n g o i n g g l o b a l f i n a n c i s i s t h a t h a s s p i l l e d o v e o t t h e c tp ou o b l i sc e s i o u s l y t h e a t e n i n g f i s c a l s u s t a i n a b i l i t yp T h e a i m t h e a t i c l e i s t o e s t i m a t e t e n d s i n t h e p i m a y b u d g e t d e f i c i t a n d p u b l i c d e b t se u s t a i n a b i c i s i s a n d p o s t c i s i s p e i o d f o m t o p F o t h e e s t i m a t i o n o f t h me a t y e bn ud d gi en t t h e p i d e f i c i to p e v i o u s e x p e i e n c e f o m E U m e m b e s t a t e s w i l l b e u s e do w h i l e f o m o v e m e n t s i n t h e d e b to t h e d e c o m p o s i t i o n o f b a s i c f l o w s t h a t l e a d t o c h a n g e s i n i t w i l l b e c o n s i d e e dp h y p o t h e s i s t e s t e d i s t h a t t h e a t i o o f td he e b t p ui bn l it c h e G D P u p t o w i l l n o t e x c e e d t h e m a g i n o f s u s t a i n a b i l i t y p e s c i b e d i n t h e M a a s t i c h t c i t ep i o n o f 6 0e K e y w o d s p u b l i c d e b to f i s c a l s u s t a i n a b i l i t yo p i m a y b u d g e t d e f i c i to c o a t i a n e c o n o m y
4 C o a t i a n P u b l i c D e b tm a n a g e m e n t a n d C h a l l e n g e s o f M a k e t D e v e l o p m e n t Z a g e bo 8 t h A p i l h t t pdd w w wp i j fp h D p u b l i c2 d e b td T h e e f f e c t s o f f i s c a l d e f i c i t a n d p u b l i c d e b t o n g o v e n m e n t b o o w i n g A L A N B O B E T K O o C o a t i a n N a t i o n a l B a n k e2 m a i l a b o b e t k ob h n bp h M I R N A D U M I Č I Ć o C o a t i a n N a t i o n a l B a n k e2 m a i l m d u m i c i cb h n bp h J O S I P F U N D A o C o a t i a n N a t i o n a l B a n k e2 m a i l j f u n d ab h n bp h T h e s u s t a i n a b i l i t y o f p u b l i c f i n a n c e s i s c l o sd e l ty o te hl e a t ea n a l y s i s o f t h e f i n a n c i a l a n d m a c o e c o n o m i c c o n s e q u e n c e s o f p u b l i c d e b t a n d d e f i c i tp C u e n t l i t e a t u e s u g g e s t s a p o s i t i v e o f a n i n c e a s e i n f i s c a l d e f i c i t a n d p u b l i c d e b t o n s h o t a n d l o n g t e m i n t e e s t s e ea mt s e sp H o w e v e t h a t t h e s e e s u l t s a e q u i t e s e n s i t i v e t o e c o n o m e t i c em fo id ne il tso i o nds o f g o v e n m e n t d e b t a n d i n t e e s t a t e s a s w e l l a s d a t a s o u c e sp I n t h i s p a p e w e w i l l a n a l y z e t h e e f f e c t o f f i s c s o v e e i g n b o n d s p e a d s f o C o a t i a a n d p e e c o u n t i e s i n C e n t a l a n d E a s t e n E u o p e t a k i n g a c c o u n t m a c o e c o n o m i c d if fe e n c e s a m o n g c o u n t i e sp T h e m a i n o b j e c t i v e o f t h e p a p e i s t o d e t e m w h e t h e w o s e n i n g o f f i s c a l i n d i c a t o s I f i s c a l b a l a n c e a n d p u b l i c d e b tk l e a d s t o i n c g o v e n m e n t b o o w i n g c o s t sp K e y w o d s p u b l i c d e b to f i s c a l d e f i c i to s o v e e i g n b o n d s p e a d so C o a t i ao C e n t a l a n d E a s t e n E u o p e a n c o u n t i e s
5 C o a t i a n P u b l i c D e b tm a n a g e m e n t a n d C h a l l e n g e s o f M a k e t D e v e l o p m e n t Z a g e bo 8 t h A p i l h t t pdd w w wp i j fp h D p u b l i c2 d e b td H A N F Al s v i e w o n t h e d e v e l o p m e n t p u b l i c d e b t m a k e t i n C o a t i a o f t h e A N T E S A M O D O L o C o a t i a n f i n a n c i a l s e v i c e s s u p e v i s o y a g e n c y e2 m a i l a n t ep s a m o d o lb h a n f ap h T h e m a i n o b j e c t i v e o f t h i s p a p e i s t o a n a l y z e t h e d e v e l o p m e n t o f t h e p u b l i c d e b t m a k e t w i f a m e w o k o f t h e n; o bn a n k f i n a n c i a l s e c t o p A n a n a l y s i s i s c o n d u c t e d o f t h e p u b l i c d e b t s t u a n d t h e e l a t i o n s h i p b e t w e e n t e n d s i n d o m e s t i c d e b t o f t h e R e p u b l i c o f C o a t i a a n d i n v e s t m e p e n s i o n f u n d a s s e t sp T h e a u t h o e m p h a s i z e s t h e d e s i a bc lo e n d fi it si co an ls w i t h e s p e c t t o t h e p o l i c y o f t a x a t i o n a n d m a n a g i n g t h e p u b l i c d e b t i n e l a t i o n t o t h e p o s s i b i l i t y o f e f i n a n c i n g p u w i t h i n t h e n ; o nb a n k s e c t o p T h e p u b l i c d e b t m a k e t w i t h i n t h e m o n e y a n d c a p i t a l m a k e t i s e x p l o a n d a n a l y z e dp T h e ami n h y p o t h e s i s e f e s t o t h e t e s t i n g o f t h e e l a t i o n s h i p b e t w e e n t e n d s d o m e s t i c d e b t o f t h e R e p u b l i c o f C o a t i a a n d a s s e; tb s a nok f fni on na n c i a l i n s t i t u t i o n sp K e y w o d s p u b l i c d e b to f i s c a l c o n d i t in; o nbso a n k n os e c t o o a s s e t m a n a g e m e n t
6 C o a t i a n P u b l i c D e b tm a n a g e m e n t a n d C h a l l e n g e s o f M a k e t D e v e l o p m e n t Z a g e bo 8 t h A p i l h t t pdd w w wp i j fp h D p u b l i c2 d e b td G o v e n m e n t d e b t m a k e t i n C o a t i a = t h e i n s t i t u t i o n a l i n v e st o v i e w D U B R A V K O Š T I M A C o P B Z C O O M F e2 m a i l d u b a v k op s t i m a cb p b zp c op h T h e a i m o f t h i s p a p e i s t o d e t e m i n e t h e e x t e n t t o w h i c h m a n d a t o y p e n s i o n f u n d s m a y s u p p o t f u t h e d e v e l o p m e n t o f t h e a Ct i oa n p u b l i c d e b t m a k e tp T h e m a i n h y p o t h e s i s i s t h a t p e n s i o n f u n d h a v e b e c o m e a m a j o p a t i c i p a n t i n a n d d i v e o f t h e p u b l i c d e b t m a k e tp P e n s i o n f u n d s h a v l a g e s t p a t o f t h e i a s s e t s i n v e s t e d i n p u b l i c d e b t i n s t u m e n t so w h e e a s f u t ha ec t i vs e u p p o t f p a t i c i p a t i o n w i l l d e p e n d l a g e l y o n t h e i n c e a s e o f s o c i a l c o n t i b u t i o n s I s e c o n d npeiw l l a Ko s u i n s t u m e n t s a n d p u b l i c d e b t m a k e t i n s t i t u t i o n a l i z a t i o no w i t h c l e a l y d e f i n e d e s p oe n s i b i l i t i p o c e s s o f i s s u i n g a n d s e c o n d a y m at k ae dt i n gp T h e a n a l y s i s l e a d s t o t h e i d e n t i f i c a t i o n o f p o s s t e n d s a n d d i l e m m a s i n p e n s i o n f u n d p a t i c i p a t i o n i n t h e p u b l i c d e b t m a k e tp K e y w o d s p e n s i o n f u n d so i n v e s t m e n to i n s t u m e n t so m a k e to p u b l i c d e b t
7 C o a t i a n P u b l i c D e b tm a n a g e m e n t a n d C h a l l e n g e s o f M a k e t D e v e l o p m e n t Z a g e bo 8 t h A p i l h t t pdd w w wp i j fp h D p u b l i c2 d e b td F i s c a l p o l i c y i n f l u e n c e o n g o v e n m e n t b o n d s p e a d s i n e m e g i n g m a k e t s A N T E Ž I G M A N o C o a t i a n N a t i o n a l B a n k e2 m a i l a n t ep z i g m a nb z gp t2 c o mp h B O R I S C O T A o F a c u l t y o f E c o n o m i c s a n d B u s i n e s s e2 m a i l b c o t ab e f z gp h T h e p e s e n t p a p e i s a n a t t eamt p t i d e n t i f y i n g t h e e f f e c t s o f f i s c a ; l f ia sn cd a l n ofn a c t o s o n t h e f l u c t u a t i o n o f b o n d s p e a d s i n t h e e m e g i n g m a k e t so w i t h a s p e c i a l e m p h a s i s o n C o a t i ap p o s s i b i l i t y o f i s o l a t i n g f i s c a l ; ffi osm c anl o ne f f e c t s o n s p e a d so a n d t h e i d e n t i f i e c a ct hi ao n a co tf e t h o f f i s c a l f a c t o s m a y b e o f g e a t i m p o t a n c e f o t h e m a n a g e m e n t o f f i s c a l p o l i c yp T ht e s o b t a i n e m a y b e u s e d t o o p t i m i z e f i s c a l p o l i c y a n d h e n c e a v o i d n e g a t i v e e f f e c t s o n s p e a d so in n o t h e w t h e i s i n g d e b tp T h i s p a p e t h e e f o e e x t e n d s t h e e s e a c h a n d t i e s t o i d e n t i f y w h e t h e t h e o f d e f i c i t f i n a n c i n g I d o m e s t i c v sp f o e i g nk h a s a n y e f f e c t o n b o n d s p e a d s i n t h e e m e g i n g a n d t h e w a y i n w h i c h t h i s i n f l u e n c e i s e f l e cet e d f iisn c aol t hp o l i c y d e t e m i n a n t sp K e y w o d s f i s c a l p o l i c yo s p e a do p u b l i c d e b t
8 C o a t i a n P u b l i c D e b tm a n a g e m e n t a n d C h a l l e n g e s o f M a k e t D e v e l o p m e n t Z a g e bo 8 t h A p i l h t t pdd w w wp i j fp h D p u b l i c2 d e b td D o e s t h e C o a t i a n g o v e n m e n t d e b t m a k e t n e e d p i m a y d e a l e st T O N Č I K O R U N I Ć o I n t e c a p i t a l e2 m a i l t o n c ip k o u n i cb i n t e c a p i t a lp h D A R I O B J E L K A N O V I Ć o I n t e c a p i t a l e2 m a i l d a i op b j e l k a n o v i cb i n t e c a p i t a lp h T h e a i m o f t h i s p a p e i s t o p o v i d e a n o v e v i e w o f t h e d e v e l o p m e n t o f a p u b l i c d e b t ao m a k e t i n t o d e s c i b e t h e c u e n t s i t u a t i o no t h e p a t i c i p a n t so t h e p a c t i c e o f i s s u i n g g o v e n m e n t b d e t e m i n e t h e c a p a b i l i t i e s a n d l i m i t a t i o n s o f c i ni g n t a o dsuy s t e m o f p i m a y d e a l e s I a s f o m a l m a k e t m a k e skp T h e m a i n f i n d i n g s o f t h e p a pbe a s ead e o n g o o d p a c t i c e s a n d t h e o l e o f p i m a y d e a l e s o n t h e s e c o n d a y m a k e t f o g o v e n m e n t s e c u i t i e s i n t h e E u o p e a n U n i o ns t h e a n a l y s c u e n t s t a t e a n d y i e l d s o n g o v e n m e n t s e c u i t i e s I b o n d s a n d t e a s u y b i l l sk o n t h e d o m e s t i c m a k e ts a nd o n p e s o n a l p o f e s s i o n a l e x p e i e n c e g a i n e d t h o u g h m a n y y e a s o f a c t i v e p a t i c i p a i n c a p i t a l m a k e t sp K e y w o d s g o v e n m e n t b o n d m a k e to b o n d so t e a s u y b i l l so p i m a y d e a l e so m a k e t m a k e s l i q u i d i t yo y i e l d s
9 C o a t i a n P u b l i c D e b tm a n a g e m e n t a n d C h a l l e n g e s o f M a k e t D e v e l o p m e n t Z a g e bo 8 t h A p i l h t t pdd w w wp i j fp h D p u b l i c2 d e b td M o n e y M a k e t ; p l a c e f o o g a n i z e d t a d i n g w i t h l i q u i d i t y R A D M I L A N I Ž E T I Ć o M o n e y M a k e t Z a g e b e2 m a i l a d m i l ap n i z e t i cb t z i s t e n o v c ap h T h e a i m o f t h i s p a p e i s t o s h o w t h e s t a t e o f t h e C o a t i a n m o n e y m a k e t a n d t h e o l e o f t h e M o n e y M a k e t i n p o m o t i n g o g a n i z e d a n d p u b l i c t a d i n g w i t h l i q u i d i t yp T h e p a p e e x p l a i n s c h a n g e s i n t h e s t u c t u e o f t a d i n g i n s t u m e n t so w a y s o f l i q u i d i t y m a n a g e m e n to i s s u e s o f a e i n t e e s t a t e a n d t h e p o s i t i o n o f t h e p a t i c i p a n t sp A d d i t i o n a l l yo n a l yt zh e s pta hp e i ma p a c t o f g o v e n m e n t o n t h e s u p p l y o f a n d d e m a n d f o m o n e y a n d i n t e e s t a t e f l u c t u a t i o n so d i s t i b u t i l i q u i d i t y i n t h e fc i na al n s y s t e mo i n d i c a t e s t e n d s i n t h e f u t u e f u n c t i o n i n g o f t h e m o n e y m a k e to s o l u t i o n s a n d t h e f a t e o f t a n s p a e n t t a d i n g c o n d i t i o n s i n t h e n e w w o l d e c o n o m i c o d e i n t e n s i f i e d s u p e v i s i o n o f b a n k i n g a n d t h e o v e a l l f i n a n c i a l s y s t e mp K e y w o d s m o n e y m a k e to p a t i c i p a n t so i n s t u m e n t so i n t e e s t a t e so o g a n i z e d a n d d i e c t t a l i q u i d i t y m a n a g e m e n t
10 C o a t i a n P u b l i c D e b tm a n a g e m e n t a n d C h a l l e n g e s o f M a k e t D e v e l o p m e n t Z a g e bo 8 t h A p i l h t t pdd w w wp i j fp h D p u b l i c2 d e b td C o o d i n a t i o n o f m o n e t a y a n d p u b l i c d e b t m a n a g e m e n t p o l i c i e s Z O R I C A R A S P U D I Ć G O L O M E J I Ć o C o a t i a n N a t i o n a l b a n k e2 m a i l z o i c ap a s p u d i cb h n bp h T h e C o a t i a n N a t i o n a l B a n kl s m e a s u e s a n d i n s t u m e n t s o f m o n e t a y p o l i c y h a v e c o n s i s t e n t s u p p o t e d t h e i m p o v e m e n t o fc o o d i n a t i o n w i t h t h e M i n i s t y o f F i n a n c e i n p u b l i c d e b t m a n a g e m e n tp I t e m a i n s a t a s k f o t h e g o v e n m e n t a n d t h e M i n i s t y o f F i n a n c e t o c e a t e s i g n i f f i s c a l a d j u s t m e n t w i t h t h e i p o l i c i e s a n d i n s t u m e n t s a n d t h e n t o g e t h e w i t h t h e C o a t i a n N a B a n k d e f i n e t h e f u t u e o p t i m a l c o m b i n a t i o n o f f i s c a l a n d m o n e t a y p o l i c i e s t h a t w i l l e n s u e e c o n o m i c g o w t hp T h e a i m o f t h i s p a p e i s t o c l a i f y t h e m a i n c h a a c t e i s t i c s a n d e q u i e m e n t s o f c o o d i n m e a s u e s a n d i n s t u m e n t s a v a i l a b l e t o maony e t p o l i c y a n d d e b t m a n a g e m e n t i n C o a t i a a n d t o e v a l u a t e t h e c u e n t p a c t i c e o f c o o d i n a t i o no e s p e c i a l l y i n t h e l a s t t w oo e c e s s i o n a yo p a p e p o v i d e s a n o v e v i e w o f t h e m a i n m e a s u e s o f t h e C o a t i a n N a t i o n a l B a n k u n d e t a k e n o d e t o i m p oe v a n d f a c i l i t a t e p u b l i c d e b t m a n a g e m e n t a n d c o o d i n a t i o n w i t h t h e M i n i s t y F i n a n c ep T h e p a p e p a t i c u l a l y a n a l y s e s o p e n m a k e t o p e a t i o n s a n d i n d i c a t e s t h e n e e d f o f d e v e l o p m e n t o f t h ge o v e n m e n t s e c u i t i e s m a k e t a n d t h e i n t o d u c t i o n o f p i m a y d e a l e s i g o v e n m e n t s e c u i t i e so w h i c h b o u g h t s i g n i f i c a n t i m p o v e m e n t s a n d s a v i n g s i n p u b l i c d m a n a g e m e n t i n n u m e o u s c o u n t i ep s K e y w o d s m o n e t a y p o l i c yo d e b t m a n a g e m e n to o p e n m a k e t o p e a t i o n so g o v e n m e n t s e c u i t i e s m a k e t
11 C o a t i a n P u b l i c D e b tm a n a g e m e n t a n d C h a l l e n g e s o f M a k e t D e v e l o p m e n t Z a g e bo 8 t h A p i l h t t pdd w w wp i j fp h D p u b l i c2 d e b td G o v e n m e n t g u a a n t e e s a n d p u b l i c d e b t A N T O B A J O o I n s t i t u t e o f P u b l i c F i n a n c eo Z a g e b e2 m a i l b a j ob i j fp h G o v e n m e n t f i n a n c i a l a n d p e f o m a n c e g u a a n t e e s h a v e b e e n i s s u e d i n C o a t i a s i n c e t o s u p p f u n d i n g a n d e n s u e f a v o a b l e b o o w i n g c o n d i t i o n s i n t h e l f imna nkc ei t a f o c o m p a n i e s i n m a j o i t y s t a t e o w n e s h i pp H o w e v e o s t a t e g u a a n t e e s a e a e l y a n i n t e g a l p a t o f i d e n s t a t e g i e s o t h e t a g e t f o p u b l i c d e b t a n d i s k m a n a g e m e n tp D e s p i t e s t e a d y g o w t ho f t h e s t u a c t i v e g u a a n t e e s a n d t h e i i m op n a c tc o a t i a n p u b l i c d e b t a e s t i l l u n k n o w np T h e m a i n o b j e c t i v e o t h e p a p e i s t o d e t e m i n e t h e i m p a c t o f g o v e n m e n t g u a a n t e e s o n p u b l i c d e b t g o w t hp T h e p p a t i c u l a l y a n a l y z e s t h e a m o u n t a n d t h e s t u c t u e o f s t a t e g u a a n t e e so m a t u i t yo a u t h o i t a c c o u n t a b i l i t y f o t h e i m a n a g e m e n ts i t a l s o c o m p a e s t h e s e c t o a l s t u c t u e o f g u a a n t e e l i a b i l i t i e sp K e y w o d s g o v e n m e n t g u a a n t e e so m a t u i t yo m a n a g e m e n to p u b l i c d e b t
12 C o a t i a n P u b l i c D e b tm a n a g e m e n t a n d C h a l l e n g e s o f M a k e t D e v e l o p m e n t Z a g e bo 8 t h A p i l h t t pdd w w wp i j fp h D p u b l i c2 d e b td C e d i t w o t h i n e s s o f s t a t e ; o w n e d e n t e p i s e s M A J A Č U L O o P i v e d n a b a n k a Z a g e b e2 m a i l m a j ap c u l ob p b zp h O b j e c t i v e o f t h e t h e s i s i s t o a n a l y z e t h e c e d i t w o t h i n e s s o f c o m p a n i e s o f s p e c i a hl e s t a t e i n p a p e t e s t e d t h e h y p o t h e s i s t h a t ; osw tn ae td e e n t e p i s e s a e o; viend e b t e d a n d n o t c e d i t w o t h yp T h e e i s n o s i n g l e d e f i n i t i o n ; o f o w nsetd a t e n t e p i s e so b u t i n p a c t i c e s u c h c o m p a n i e s a e c o n s i d e e d t h o s e i n w h i c h t h e s t a t e i s a m a j o i t y o w n e o w h i c h i t h a s c o n t o l o v e o w h i a c t i v i t y i s t h e d e l i v e y o f s ep u vb il ci ec sp I n t h e i o p e a t i o n s t h e y s h o u l d a d h e e t o t h e p i n c i p l e m a g i n a l c o s t s s h o u l d e q u a l t h e m a g i n a l b e n e f i t s o f d e l i v e e d g o o d s a n d s e v i c e sp A s s e s s m c e d i t w o t h i n e s s h a s b e e n m a d e b y h o i z o n t a l a n d v e t i c a l a n a l y s i s o f f i n a an nc d i a al n a le yp so i s t s o n t h e b a s i s o f f i n a n c i a l a t i o sp T h e f i n a n c i a l e p o t s u s e d a e p u b l i s h e d o n t h e h e I n t e n e t F i n a n c i a l A g e n c y I F I N AK a n d t h e Z a g e b S t o c k E x c h a n g ep A l l a n a l y z e d c o m p a n i e s a e i n c o p o a t a s j o i n t s t o c k c o m p a n i e s o l i m i t e d y l ic ao bm ip la in ti e sp A m o n g b a s i c l i m i t a t i o n s o f t h e a n a l y s i s a e t h e l a c k o f c e t a i n q u a l i t a t i v e d a t a a n d i n c o n s i s t e n c i e s i n f i n a n c i a l e p o t i n gp T hse i s c o n d u c t e h a s d i s p o v e d t h e t e s t e d h y p o t h e s i sp K e y w o d s c e d i t w o t h i n e s so s t a t e; o w n e d e n t e p i s e so c e d i t a n a l y s i so i s k a s s e s s m e n to fi n a n c i a l e p o t s
13 C o a t i a n P u b l i c D e b tm a n a g e m e n t a n d C h a l l e n g e s o f M a k e t D e v e l o p m e n t Z a g e bo 8 t h A p i l h t t pdd w w wp i j fp h D p u b l i c2 d e b td L o c a l g o v e n m e n t a n d u t i l i t y f i m sl d e b t M A R K O P R I M O R A C o F a c u l t y o f E c o n o m i c s a n d B u s i n e s so Z a g e b e2 m a i l m p i m o a cb e f z gp h T h e g l o b a l f i n a n c i a l c i s i s h a s a f f e c t e d t h e C o a t i a n l o c a l p u b l i c s e c t o p I n s u c ch a l c i c u m s t a g o v e n m e n t u n i t st d e b t a n d b o og w i sn h o u l d b e a p p o a c h e d w i t h c a u t i o np I n t e w o v e n f i n a n c i a l o p e a t i o n s o f l o c a l g o v e n m e n t u n i t s a n d t h e i u t i l i t i e s i n d i c a t e t h e n e e d f o a n atle yd s i s o f c o f i n a n c i a l s t a t e m e n t s o f l o c a l g o v e n m e n t s a n d u t i l i t y c o m p a n i e so i n o d e t o g na ti o n ta hn e i n s i g h t e a l f i n a n c i a l m h e a l t hm o f l o c a l u n i t sp A c c o d i n g l yo t h e m a i n a i m o f t h i s p a p e zie s atn o d a n a l y z e t h e s t u c t u e o f c o n s o l i d a t e d I l o c a l g o v e n m e n t a n d u t i l i t y c o m p a n i e sk l o c a l p u b l i c d e b t i n H e n c eo t h e p a p e p e s e n t s t h e f i n apnoc siia tl i o n o f l o c a l g o v e n m e n t u n i t s c o m p l e m e n t e d b y i n f o m a t i o n o n t h e f i n a n c i a l o p e a t i o n s o f u t i l i t y c o m p a n i e so w i t h p a t i c u l a e m p h a s i s o n t a n d s t u c t u e o f t h e i l i a b i l i t i e s a n d g o s s a n d n e t d e b tp A l t h o u g h t h e c u e n t B u d g e t L a w e q u i e t h e f o m a l p e p a a t i o n o f c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s o f l o c a l g o v e n m e n t s a n d u t i l i t y c o m p a n i e so c o n s o l i d a t i o n i s s t i p u l a t e d b y I n t e n a t i o n a l P u b l i c S e c t o A c c o u n t i n g S t I I P S A SKp T h e a p p l i c a t i o n o f I P S A S e g u l a t i o n s w o u l d b e o h et lh pe f upl u fp o s e o f g a i n i n g a n i n s i g h t i n t o t h e o v e a l l d i e c t a n d i n d i e c t e x p o s u e o f l o c a l g o v e n m e n t u n i t s a i s i n g f o m t h e o p e a t i o n s o f t h e i u t i l i t y c o m p a n i e sp K e y w o d s l o c a l g o v e n m e n t u n i t st d e b to u t i l i t y c o m p a n i e st d e b to t h e c o n s o l i d a t i o n o f f i n a n c i a l s t a t e m e n t s o f l o c a l u n i t s a n d u t i l i t y c o m p a n i e s
14 C o a t i a n P u b l i c D e b tm a n a g e m e n t a n d C h a l l e n g e s o f M a k e t D e v e l o p m e n t Z a g e bo 8 t h A p i l h t t pdd w w wp i j fp h D p u b l i c2 d e b td C l e a i n g a n d s e t t l e m e n t a n d i s k m a n a g e m e n t a s i n s t i t u t i o na l s u p p o t f o c a p i t a l m a k e t d e v e l o p m e n t V E S N A Ž I V K O V I Ć o C e n t a l D e p o s i t o y a n d C l e a i n g C o m p a n y I n cp e2 m a i l v e s n ap z i v k o v i cb s k d dp h T h e C e n t a l D e p o s i t o y a n d C l e a i n g C o m p a n y h a so w i t h t h e d e v e l o p m e n t o f c l e a i n g a n d s e t t l e m e a n d i s k m a n a ge m e n to b e c o m e a s i g n i f i c a n t p a t o f t h e c a p i t a l m a k e t i n f a s t u c t u e p o v i s t a b l e d e v e l o p m e n to i n t e g i t y a n d s e c u i t yp S i n c e o t a n s p a e n t t a d i n g i n t h e c s a p i t a l m a l a g e l y b e e n a e s u l t o f t h e i m p o v e m e n t o f t h e c o m p a n yt s b a s i c T fh ue n cptaipoen sp e x p l a i n s s e v i c e s p o v i d e d b y t h e c o m p a n y a n d t h e i i m p a c t o n c a p i t a l m a k e t d e v e l o p m e n to e s p e c i o p e a t i o n s e l a t e d t o i s k m a n a g e m e n tp K e y w o d s d e p o s i t o yod e m a t e i a l i z e d s e c u i t i e so c l e a i n g a n d s e t t l e m e n to c o p o a t e a c t i o n so m a n a g e m e n t s y s t e m
15 C o a t i a n P u b l i c D e b tm a n a g e m e n t a n d C h a l l e n g e s o f M a k e t D e v e l o p m e n t Z a g e bo 8 t h A p i l h t t pdd w w wp i j fp h D p u b l i c2 d e b td C l e a i n g a n d s e t t l e m e n t a n d i s k m a n a g e m e n t a s i n s t i t u t i o na l s u p p o t f o c a p i t a l m a k e t d e v e l o p m e n t G O R A N A R O J E o T h e In s t i t u t e o f E c o n o m i c s Z a g e b e2 m a i l g o j eb e i z gp h D a w i n g o n d e v e l o p e d c o u n t i e st g o o d g o v e n a n c e k n o w l e d g e a n d e x p e i e n c e so t h i s p a p e e x a m i n p o s s i b i l i t i e s a n d c o n s t a i n t s o f f i n a n c i a; l f ia n ad n cnioanl s t a t e a s s e t m a n a g e m e n t i n C o a t i ap T h e m a i n a i m o f t h e s t u d y i s t o d e t e m i n e a n d a n a l y s e c u c i a l p e c o n d i t i o n s f o e f f i c i e n t s t a m a n a g e m e n to c u e n t s t a t e a n d d i l e m m a s e g a d i n g a s s e tu st e e vs at li m a t eo a s w e l l a s t o p o i n t o u t t h e p o s s i b i l i t i e s a n d c o n s t a i n t s t h a t e l a t e t o a s s e t st m a k e t a b i l i t y a n d u s e f o b l it hc e p u p o s s e v i c e s f i n a n c i n g a n d p u b l i c d e b t e p a y m e n tp I n t h e l a s t 1 5 y e a so i n s u f f i c i e n t a t t e n t i o n g i v e n t o i ni st tu t i o n a l s e t u p a n d a c c o u n t i n g e c o g n i t i o n a n d v a l u a t i o n e s t i m a t e s o f t h e f i n a n c i a n o n; f i n a n c i a l s t a t e a s s e t s i n C o a t i ap T h e n e e d f o d e v e l o p i n g a c c o u n t a b l e a n d e s p o n s i b l e s t a m a n a g e m e n t h a s o f t e n e m a i n e d i n t h e s h a d o w s o f p i v a t i z a t ic oe n s s ep s o a n d o w n e s h i p i g h t s e n h a n c e m e n tp T h e s e t u p o f t h e a d m i n i s t a t i v e o f f i c e a n d t h e A g e n c y f o s t a t e a s s e t m a n a g e t h e e a f t e h a s g e n e a t e d k e y i n s t i t u t i o n a l p e c o n d i t i o n s f o q u a l i t y m a n a g e m e n tp T h i so h o w p o s t s n e w a d d i t i o n a l d i l e m m a s c o n c ne g n it h e f o l l o w i n g a s s e t m a n a g e m e n t o g a n i s a t i o n a l s e t u po a s s e t st a c c o u n t i n g e c o g n i t i o n a n d v a l u a t i o n e n h a n c e m e n t p o c e s s e so m a k i n g d e c i s i o n s e g a d a s s e t u s a g eo a n d a n a l y z i n g t h e p o s s i b i l i t i e s o f a s s e t st p o t e n t i a l m a k e t a b i l i t yo ob no g t h i n s h o t e mp K e y w o d s s t a t e a s s e to a c c o u n t i n g v a l u a t i o no m a n a g e m e n to f i n a n c i a l i m p a c t
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