Válság utáni kihívások az államadósság-finanszírozásban Közép-Európa országaiban

Tóth, Balázs: Válság utáni kihívások az államadósság-finanszírozásban Közép-Európa országaiban. Móra Akadémia, (5). pp. 376-388. (2018)

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Abstract

In my study I examined which factors affected the government debt management strategies of Hungary, the Czech Republic, Poland, Slovakia and Slovenia during the 2008–2016 period. The subprime crisis and the European Sovereign debt crisis had huge impact on the international bond markets. The government debt management agencies had to adapt to the dynamically changing environment, while they had to create strategies which help them solve their unique problems as well. Because of the differences between the strategies, I chose several strategy-neutral indicators which could enable me to compare the results of the actions of the national government debt managers. These indicators measure the cost of debt portfolios (average nominal yields on the government bonds, and debt servicing cost) and the risks (interest rate-, refinancing-, currency risk and external vulnerability) of the mentioned debt portfolios, while I try to find correlation between different factors. According to the results we can see that Hungary lowered their currency risk, and external vulnerability, while Slovenia was able to refinance their rapidly growing government debt without increasing the risks of the debt portfolio. After the examination of the different factors, the CDS prices appear to be correct indices to measure the global risk level of the government bonds.

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