STRATEGY FOR PUBLIC DEBT MANAGEMENT : Graduate paper

Upravljanje javnim dugom predstavlja kompleksan proces koji se sastoji od mnoštva manjih faza koje u konačnici za osnovni cilj imaju pribavljanje financijskih sredstava u svrhu financiranja proračunskog deficita. Strategije upravljanja javim dugom su smjernice u kojima se definiraju ciljevi u samom procesu upravljanja dugom, a kojima se nastoji državni proračun u dugoročnom razdoblju dovesti do ravnoteže. Iste imaju tendenciju smanjivanja izloženosti rizicima i osiguranju dugoročne održivosti javnog duga. Strategije upravljanja dugom se razlikuju od države do države što uvelike ovisi o mogućnostima iste, te sposobnosti da javni dug drži pod kontrolom. Ciljevi pojedinih strategija ovise o visini i strukturi duga, kreditnom rejtingu, karakteristikama tržišta kapitala, uspješnosti fiskalne i monetarne politike i dr. Cilj ovog rada je, osim analize strategija upravljanja javnim dugom i reagiranja duga na sami proces provođenja strategije, analizirati kretanje javnog duga u Republici Hrvatskoj i prikazati njegovu strukturu kroz vrijeme. Također, u radu je prikazana i usporedba udjela javnog duga u BDP-u RH u odnosu na druge zemlje Europske unije, kao i usporedba kreditnih rejtinga kako bi se mogao donijeti zaključak o uspješnosti provođenih strategija u pojedinih zemljama.Public debt management is a complex process consisting of a multitude of smaller phases that ultimately have as their primary goal the acquisition of financial resources for the purpose of financing the budget deficit. Public debt management strategies are guidelines that define the goals in the debt management process itself, and which seek to bring the state budget into balance in the long term. They tend to reduce risk exposure and ensure the long-term sustainability of public debt. Debt management strategies vary from state to state, which largely depends on its capabilities, and its ability to keep public debt under control. The goals of individual strategies depend on the amount and structure of debt, credit rating, characteristics of the capital market, the success of fiscal and monetary policy, etc. The aim of this paper is, in addition to the analysis of public debt management strategies and debt response to the process of implementing the strategy, to analyze the movement of public debt in the Republic of Croatia and show its structure over time. Also, the paper presents a comparison of the share of public debt in the GDP of the Republic of Croatia in relation to other European Union countries, as well as a comparison of credit ratings in order to draw a conclusion about the success of implemented strategies in individual countries