THE STRUCTURE OF THE PUBLIC DEBT IN POLAND

Voznyuk O. О., Dzyad E. V., Lobanova V. V.

Oles Honchar Dnipropetrovsk National University

THE STRUCTURE OF THE PUBLIC DEBT IN POLAND

In today's global economy public debt emerges as an important factor of influence on the national economy. The acceleration of globalization and integration of world financial markets has led to increase access to credit resources and scale of international lending. Therefore, the studying of the structure of public debt has great relevance. Public debt determines the economic relations of the state as the borrower with its creditors (residents and nonresidents) concerning the redistribution of part of the GDP’s value in terms of urgency, serviceability and return.

Domestic public debt is the set of the state’s liabilities before residents (state debt to all citizens who hold domestic government bonds). It is formed as a result of release of government securities, receipt of the credits and emergence of other debt liabilities. Foreign public debt is the set of the state’s debt liabilities arising as a result of borrowing in the foreign markets.

According to the Statistical Yearbook 2012, in 2011 the foreign debt of Poland was 87163,39 mln USD [1] and it was 32% of the total public debt [2, p.632]. The acceptable amount of the public debt is 60% of GDP. It is limited by the Constitution of Poland [3, p. 355]. According to the conducted research this parameter matched the required standard. In the period 2007-2011 it fluctuated at level 44,8–53,5% of GDP.

To combat the financial crisis in May 2009, certain rules of the plan of the Polish government to ensure the stability and development of the Polish economy entered into force. According to this plan one of the main reason for positive development of the Polish economy is the use of EU financial resources on the amount of 95 bln USD, which should be used until 2015 [4].

It should be noted that Polish legislation uses such terms as «public finances» and «state treasure debt». So, according to article 5 of the Polish law «About Public Finances», public finances cover the processes connected with the accumulation and redistribution of funds, and public finances sector consists of three parts: the government sub-sector (according to data for 2011 its debt was 92% of total public debt), the local government sub-sector (7,5%), the social security sub-sector (0,5%) [2, p. 632; 3, p. 354].

In conclusion, management and servicing of public debt is one of the priority tasks of the financial policy in Poland, it is an important condition for the stability of its financial system. Effective debt management will avoid crisis situations and large state spending for servicing of public debt; will promote stabilization of the socio-economic situation and development of economy of Poland.

So, the basic directions in the area of debt management in Poland include the following: adaptation in debt policy objectives (macroeconomic adaptation); adaptation in the operational management of public debt; change of the organizational form of Treasury debt management, including the creation of agency debt management; changes in debt management, legal and organizational tools.

The list of references:

1. Narodowy Bank Polski – Internetowy Serwis Informacyjny [Web resource]. – Access mode: http://www.nbp.pl/statystyka/dwn/zadl99_12kw.xls.

2. Statistical Yearbook of the Republic of Poland 2012. – Warsaw, 2012 [Web resource]. – Access mode: http://www.stat.gov.pl/cps/rde/xbcr/gus/ SY_statistical_yearbook_of_Poland_2012.pdf.

3. Чуба Н. Польський досвід управління державним боргом / Н. Чуба // Вісник Львівського університету. – 2008. – Вип. 40. – С. 354-359.

4. Міністерство економічного розвитку і торгівлі України. Соціально-економічне становище в Республіці Польща в контексті фінансової кризи [Web resource]. – Access mode:http://ukrexport.gov.ua/ukr/oglad_economiki/pol/4710.html.