Assessment of Public Debt Sustainability by International Institutions and Debt Management Strategy of Polish Public Finance Sector

Monika Banaszewska

Abstract


The article aims to determine whether the external assessments of debt sustainability by the International Monetary Fund and the European Commission are reflected in the Polish public debt management strategy. First, it explains the concept of public debt sustainability. Then it discusses the research results obtained by mentioned institutions on the sustainability of Polish public debt. Finally, the external assessments of Polish public debt sustainability are confronted with the assumptions of the public finance sector debt management strategy.


Keywords


fiscal imbalance; European Commission; International Monetary Fund; debt management strategy

Full Text:

PDF (Język Polski)

References


Alter A., Beyer A., The Dynamics of Spillover Effects during the European Sovereign Debt Turmoil, “Journal of Banking & Finance” 2014, Vol. 42, DOI: http://dx.doi.org/10.1016/j.jbankfin.2014.01.030.

Amador J., Braz C., Campos M.M., Sazedj S., Wemans L., Public debt sustainability: Methodologies and debates in European institutions, “Occasional Papers Banco de Portugal” 2016, No. 1.

Berti K., Stochastic Public Debt Projections Using the Historical Variance-Covariance Matrix Approach for EU Countries, “European Economy Economic Papers” 2013, No. 480.

De Santis R.A., The Euro Area Sovereign Debt Crisis: Identifying Flight-to-Liquidity and the Spillover Mechanisms, “Journal of Empirical Finance” 2014, Vol. 26, DOI: http://dx.doi.org/10.1016/j.jempfin.2013.12.003.

European Central Bank, Analysing Government Debt Sustainability in the Euro Area, “Monthly Bulletin” 2012, April.

European Commission, Assessing Public Debt Sustainability in EU Member States: A Guide, “European Economy Occasional Papers” 2014, No. 200.

European Commission, Fiscal Sustainability Report 2015, “European Economy Institutional Paper” 2016, No. 018.

Guzman M., Heymann D., The IMF Debt Sustainability Analysis: Issues and Problems, “Journal of Globalization and Development” 2015, Vol. 6(2).

IMF, Republic of Poland Review under the Flexible Credit Line Arrangement – Press Release, Staff Report; and Statement by the Alternate Executive Director for the Republic of Poland, “IMF Country Report” 2016, No. 16/12.

IMF, Staff Guidance Note for Public Debt Sustainability Analysis in Market-Access Countries, Washington 2013.

Kasperowicz-Stępień A., Dług publiczny a stabilność fiskalna państwa, „Zeszyty Naukowe. Polskie Towarzystwo Ekonomiczne” 2013, nr 14.

Mackiewicz M., Metody weryfikacji stabilności fiskalnej – porównanie własności, „Bank i Kredyt” 2010, nr 41(2).

Mielcarek J., Stabilność polskiego długu publicznego, „Studia Ekonomiczne” 2012, nr 108.

Ministerstwo Finansów, Strategia zarządzania długiem sektora finansów publicznych w latach 2017–2020, Warszawa 2016.

Stracca L., The Global Effects of the Euro Debt Crisis, “ECB Working Paper Series” 2013, No. 1573.

Włodarczyk P., Stabilność fiskalna – koncepcja teoretyczna i jej znaczenie praktyczne. Analiza na przykładzie państw Grupy Wyszehradzkiej w latach 1995–2009, „Materiały i Studia NBP” 2011, nr 256.

Wyplosz C., Debt Sustainability Assessment: Mission Impossible, “Review of Economics and Insitutions” 2011, Vol. 2, No. 3, DOI: http://dx.doi.org/10.5202/rei.v2i3.42.




DOI: http://dx.doi.org/10.17951/h.2017.51.4.9
Date of publication: 2017-12-08 15:26:26
Date of submission: 2017-04-24 00:18:55


Statistics


Total abstract view - 824
Downloads (from 2020-06-17) - PDF (Język Polski) - 0

Indicators



Refbacks

  • There are currently no refbacks.


Copyright (c) 2017 Monika Banaszewska

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.