PUBLIC DEBT MANAGEMENT ON CASE OF SLOVENIA AND ITALY

Magistrsko delo zajema tematiko javnega dolga in ukrepe za njegovo zmanjšanje. Globalno gospodarstvo danes že okreva po svetovni finančni krizi, medtem ko si Slovenija in Italija še nista opomogli od nje. Čeprav so se države ob vstopu v EU zavezale k izpolnjevanju Maastrichtskih kriterijev, so le-ti danes v večini držav še nad dovoljeno zgornjo mejo. Posebej problematična sta javnofinančni primanjkljaj in javni dolg. Osnovni namen magistrske naloge je analizirati gospodarski položaj Slovenije in nastanek javnega dolga. Ker nas zanima zadolževanje po nastanku finančne krize, smo analizirali makroekonomske razmere v Sloveniji v obdobju 2010-2012. V nadaljevanju smo preučili obveznice, kot dolgoročni instrument zadolževanja. Kljub vsakoletnemu zmanjšanju primanjkljaja bilance prihodkov in odhodkov se je Slovenija vsako leto še dodatno zadolžila na kapitalskih trgih. Ker je zadolževanje na tujih trgih pogojeno z bonitetno oceno države, smo v četrtem poglavju pod drobnogled vzeli delovanje treh najpomembnejših bonitetnih agencij. S pomočjo makroekonomskih podatkov smo preverili korektnost izdanih ocen za Slovenijo v obdobju 2010-2012. Delo smo zaključili z analizo javnega dolga Italije. Preučili smo zgodovino in nastanek javnega dolga ter kakšni so pogoji za izdajo obveznic na italijanskem trgu. Poiskali smo podobnosti in razlike javnega dolga Italije in Slovenije. Prišli smo do zaključka, da kljub varčevalnim ukrepom, Slovenija napram Italiji ni tako uspešna pri sanaciji javnega dolga in finančnega primanjkljaja. Cilj izhodne strategije je bil odprava presežnega primanjkljaja pod mejne 3% BDP do leta 2013. Tega cilja Slovenija ni dosegla, zato ji je Evropska komisija morala podaljšati rok do leta 2015.Master\u27s thesis covers the topic of public debt and measures to reduce it. The global economy today is out of global financial crisis, while Slovenia and Italy had not yet recovered from it. Even though countries, entering European union, committed to meet the Maastricht criteria, these criteria are today in most contries over the allowed limit. Especially problematic are the general government deficit and public debt. The primary purpose of the master\u27s thesis is to analyze the economic situation in Slovenia and the formation of public debt. Since we are interested in borrowing after the financial crisis happened, we analyzed the macroeconomic situation of Slovenia in 2010-2012. In the third chapter we considered bonds as long-term debt instruments. We took under the microscope the period 2010-2012 and the issuance of bonds during this period. Despite each year\u27s reduction of deficit of revenue and expenditure, Slovenia every year borrows more on capital market. Since borrowing in foreign markets is a subject of country\u27s credit rating, we took in fourth chapter under the microscope functioning of the three major credit rating agencies. As more and more is said about the adequacy of ratings, we used macroeconomic data to verify the correctness of ratings issued for Slovenia in period 2010-2012. We completed the work with the analysis of public debt of Italy. We have studied the history and formation of public debt and what are the conditions for issuing bonds on Italian market. We have identified similarities and differences of debt in Slovenia and Italy. We came to the conclusion that despite the savings measures, Slovenia vs. Italy is not so successful in the rehabilitation of public debt and deficit. The aim of the exit strategy was the elimination of the deficit below the 3% GDP by 2013. Slovenia did not achieved this objective, so the European Commission extended the deadline until 2015