Verslo nuosavybės ekonomikos magistro baigiamojo darbo tema yra aktuali tuo, kad valstybės skola šiandieninėje švietėjiškoje ir politinėje visuomenėje yra vienas aktualiausių klausimų, kadangi tai liečia netik pačią valstybę, valstybės vyriausybę, bet ir visus valstybės gyventojus, jų socialinę aplinką, ateities kartas. Valstybės skola ir jos atsiradimo priežastys svarbios ekonomikos mokslo dalykui, nes tai valstybės ekonomikos vystymuisi reikšmingas veiksnys. Atliekamo aprašomojo tyrimo metu bus siekiama, išanalizavus Lietuvos valstybes skolos struktūrą, jos pokyčius bei įtaką Lietuvos ekonomikai per keletą pastarųjų dešimtmečių, nustatyti išskirtų laikotarpių skolinimosi ypatumus, atskleisti Lietuvos skolos valdymo aspektus bei efektyvumą. Tyrimo metu bus tikrinama ši hipotezė (H1): Lietuvos valstybės skolinimosi rizika ir skolos didėjimo problema valdoma netinkamai. Tyrimo objektas - Lietuvos valstybės skola. Pagrindinis šio darbo tikslas - išnagrinėti valstybės skolos teorinius aspektus, Lietuvos valstybės skolos raidą, analizuojant statistinius ir analitinius duomenis bei ištirti jos poveikio ekonomikai vertinimo ir valdymo problemas. Darbo metu analizuojami statistiniai ir analitiniai duomenys apie Lietuvos valstybės skolą ir šalies ekonomiką. Taipogi interpretuojami įvairūs moksliniai straipsniai, kuriuose vienu ar kitu aspektu analizuojama Lietuvos valstybės skola, jos valdymo ir įtakos ekonomikai problemos. Atliktas tyrimas ir analizė iš dalies patvirtina... [toliau žr. visą tekstą] / State debt: structure, process and influence to Lithuanian economy/ Master’s Work in Business Equity Economics. Supervisor assoc. doc. dr. L. Šadžius. – Vilnius: Faculty of Economics and Finance Management, Mykolas Romeris University, 2009. – 89 p. The relevance of Master’s work in Business Equity Economics is disclosed by the fact that state debt is one of the most talking points in modern day society, because it involves not only the state, the state government, but also the whole population, their social environment and future generations. The state debt and its coming reasons are important to science of economy, because it is an important factor to the growth of state economy. Performing the descriptive analysis it is pursued to identify the borrowing peculiarities of separated periods, to reveal the aspects and effectiveness of Lithuanian state debt management by analyzing the structure, changes of Lithuanian state debt and its influence to Lithuanian economy. During the analysis the hypothesis (H1) would be tested: The borrowing risk and the problem of state debt growth are managed wrongly. The object of the analysis is Lithuanian state debt. The main purpose of this master thesis is to analyze the theoretical aspects of state debt, the process of Lithuanian state debt by analyzing statistical and analytical data and to analyze the estimation and management problems of Lithuanian state debt influence to Lithuanian economy. While writing the master thesis, the... [to full text]

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Valstybės skolos valdymas daro įtaką valstybės ekonomikai. Valstybės skolos valdymo santykiai yra plačiai reglamentuojami tiek Europos Sąjungos tiek ir Lietuvos valstybės institucijų priimtais teisės aktais. Juose nustatoma institucinė sistema, nurodomos subjektų teisės ir pareigos. Teisės aktuose taip pat formuojama skolos valdymo politika, detaliai išdėstomos skolinimosi procedūros. / State debt management has direct impact on state’s economical situation. State debt management is widely regulated by European Union’s and Lithuania’s laws. In that laws there are established institutional system, subject’s rights and duties, policy of state debt management and borrowing procedures.

Made available in DSpace on 2016-12-23T14:00:36Z (GMT). No. of bitstreams: 1 Marco Antonio Rocha Lima Guilherme.pdf: 1488336 bytes, checksum: 3e52fb50554cf67376995256b7edbc1c (MD5) Previous issue date: 2013-06-11 / A presente dissertação apresenta o conceito, as metas e os resultados efetivos do Programa de Reestruturação e Ajuste Fiscal dos Estados Brasileiros (PAF), assinado em 1998 após a instituição da Lei 9.496/97 e com previsão de duração até o ano de 2028, para os entes subnacionais e, em particular, para o Estado do Espírito Santo. Na primeira parte deste trabalho, relata-se breve histórico sobre a política fiscal no Brasil, evidenciando as causas que explicam a situação de endividamento dos entes subnacionais até a instituição da Lei 9.496/97, que promoveu a renegociação mais recente das dívidas estaduais. Na segunda parte, são efetivamente demonstradas às metas e os resultados obtidos pelos Estados brasileiros após o PAF entrar em vigor, no período de 1998 até 2011, objetivando avaliar quão eficaz é o PAF, sob o ponto de vista de promover o equilíbrio econômico-financeiro para os Estados e, principalmente, para o Espírito Santo, mais de treze anos após sua implementação. Finalmente, busca-se apontar importantes aspectos que necessitam de aperfeiçoamento e/ou modificação para que o Programa não se torne obsoleto e tenha resultados ainda mais eficientes / This paper presents the concept, the goals and the actual results of the Program for Restructuring and Fiscal Adjustment of Brazilian States (PAF), signed in 1998 after the enactment of Law 9.496/97 and expected to last until the year 2028, to the subnational units and, in particular, for the State of Espírito Santo. In the first part of this paper, it is reported brief history of fiscal policy in Brazil, highlighting the causes that explain the situation of indebtedness of subnational units to the institution of Law 9.496/97, which promoted the most recent renegotiation of state debts. In the second part, show up effectively the goals and the results obtained by the Brazilian states after PAF enters into force from 1998 to 2011, to evaluate how effective the PAF, from the point of view of promoting the economic-funding for states and especially to the Espírito Santo, more than thirteen years after its implementation. Finally, we try to point out important aspects that need improvement and/or modification to the program does not become obsolete and get results more efficient

The major purpose of this dissertation is to explore the determinants of interest cost for state bonds. Various kinds of variables pertaining to issue characteristics, market characteristics, economic conditions, and political variables were statistically tested to assess their impact on the interest cost of state bonds. This research examines the variables found to be significant for local bonds, as well as some factors unique to state bonds, e.g., the types state agencies issuing debt and the effect of different state income tax policies.

Made available in DSpace on 2016-12-23T14:00:36Z (GMT). No. of bitstreams: 1 Marco Antonio Rocha Lima Guilherme.pdf: 1488336 bytes, checksum: 3e52fb50554cf67376995256b7edbc1c (MD5) Previous issue date: 2013-06-11 / A presente dissertação apresenta o conceito, as metas e os resultados efetivos do Programa de Reestruturação e Ajuste Fiscal dos Estados Brasileiros (PAF), assinado em 1998 após a instituição da Lei 9.496/97 e com previsão de duração até o ano de 2028, para os entes subnacionais e, em particular, para o Estado do Espírito Santo. Na primeira parte deste trabalho, relata-se breve histórico sobre a política fiscal no Brasil, evidenciando as causas que explicam a situação de endividamento dos entes subnacionais até a instituição da Lei 9.496/97, que promoveu a renegociação mais recente das dívidas estaduais. Na segunda parte, são efetivamente demonstradas às metas e os resultados obtidos pelos Estados brasileiros após o PAF entrar em vigor, no período de 1998 até 2011, objetivando avaliar quão eficaz é o PAF, sob o ponto de vista de promover o equilíbrio econômico-financeiro para os Estados e, principalmente, para o Espírito Santo, mais de treze anos após sua implementação. Finalmente, busca-se apontar importantes aspectos que necessitam de aperfeiçoamento e/ou modificação para que o Programa não se torne obsoleto e tenha resultados ainda mais eficientes / This paper presents the concept, the goals and the actual results of the Program for Restructuring and Fiscal Adjustment of Brazilian States (PAF), signed in 1998 after the enactment of Law 9.496/97 and expected to last until the year 2028, to the subnational units and, in particular, for the State of Espírito Santo. In the first part of this paper, it is reported brief history of fiscal policy in Brazil, highlighting the causes that explain the situation of indebtedness of subnational units to the institution of Law 9.496/97, which promoted the most recent renegotiation of state debts. In the second part, show up effectively the goals and the results obtained by the Brazilian states after PAF enters into force from 1998 to 2011, to evaluate how effective the PAF, from the point of view of promoting the economic-funding for states and especially to the Espírito Santo, more than thirteen years after its implementation. Finally, we try to point out important aspects that need improvement and/or modification to the program does not become obsolete and get results more efficient

This thesis deals with debt management carried out in the Czech Republic. Financial instruments (treasury bills, treasury bonds) which are used to manage state debt are described. Analysis for the Czech Republic encompasses period between years 1993 and 2008. It also contains comparison of debt management with selected OECD countries.

The thesis aims to analyze the development of relevant debt indicators, i.e. state budget deficit, public debt, government deficit and debt, but also debt and the deficit of the public health insurance. The management of public health insurance in the Czech Republic is analyzed as well. Last but not least, the goal is to find also the most important factors affecting the growth of debt indicators of public health insurance and determine the possible consequences of the deficit of the public health insurance. The theoretical part consists of three chapters. The first chapter concerns the general public finances and financial imbalances. Here is particularly important the subchapter about the budget system. The second chapter deals with the debt indicators, namely public debt and its affiliates, as well as budget deficits and specific deficits. All of these debt ratios are then analyzed in the analytical part of this thesis. The last chapter relates to public health insurance. Analytical part is divided into two major chapters. The first chapter analyzes the development of the state budget, public debt, government deficit and government debt in the Czech Republic. The entire analysis is divided into two periods, namely 1993 to 2003 and 2004 to 2014. This section contains the definition of the most important causes of development. The second part is devoted to the analysis of public health insurance, namely its evolution, current state, but also the development of debt indicators of public health insurance, which are analyzed again within the Czech Republic in two seasons. At the conclusion of this chapter are defined the most important factors influencing the evolution of debt indicators of public health insurance and the impact of a possible deficit of the public health insurance.

The aim of the thesis called: Long-term sustainability of state debt financing and the impact on development activities of the Czech government, is to evaluate the long-term sustainability. To achieve this aim the analysis of the development of the Czech state debt and identification of factors working for the deepening of fiscal imbalance was conducted. The work also explores the relationship between state debt and state budget expenditures on development activities of the government. Spending on research, development and innovation were chosen to identify that relationship. On the basis of the analysis there are suggested possible changes in fiscal policy which could contribute to improving the current situation and rebalance.

Lietuvoje, kaip ir daugelyje kitų Europos šalių, kuriose vyksta dinamiški ekonomikos pertvarkymo procesai, nuolat susiduriama su lėšų šiems procesams finansuoti trūkumu. Dėl objektyvių priežasčių, kai yra riboti finansavimo šaltinių ištekliai šių valstybių viduje, labai svarbią įtaką, stiprinant jų finansines sistemas, aprūpinant jas būtinomis lėšomis, turi valstybės skolinimasis užsienyje. Valstybės skolos valdymo politika neatskiriama šalies ekonomikos dalis. Kalbant apie valstybės skolą, automatiškai susiduriama su biudžeto deficitu. Susidariusį biudžeto deficitą valstybė būna priversta finansuoti skolintomis lėšomis. Visoms pereinamosios ekonomikos šalims modernizuojant ūkį, reikia didelių investicijų. Nacionalinių santaupų santykis su BVP tokiu laikotarpiu yra nedidelis, taigi valstybė neturi pakankamai savų lėšų investicijoms. Todėl tokios valstybės, tarp jų ir Lietuva, turi skolintis, ir tai yra normalus reiškinys. Valstybė kreditiniuose santykiuose dalyvauja kaip jų subjektas. Paprastai valstybė skolinasi ir garantuoja didesnėmis sumomis, negu skolina. Svarbiausia tokios padėties priežastis – per valstybinį kreditą pritrauktos lėšos pakeičia mokesčius ir kitais būdais surinktas lėšas. Tai ir yra pagrindinė susidariusios valstybės skolos priežastis. Vietiniai finansavimo šaltiniai yra tinkamiausi valstybės finansavimo šaltiniai, ypač jeigu tie šaltiniai denominuoti nacionaline valiuta. Valstybės vidaus skola yra labai svarbus rodiklis, rodantis valstybės ekonominį... [toliau žr. visą tekstą] / In Lithuania, like in other European countries where dynamic processes of economy reorganization are proceeding, there is a constant impact with lack of funds to finance these processes. Objectively, when limited resources of finance funds are in countries, lending abroad has a huge influence on strengthening their financial systems and providing them with necessary funds. Policy of national debt management is inseparable part from national economy. Taking about national debt, one constantly confronts to budget deficit. The country is forced to finance formed budget deficit with loans. All countries of transitional economy need huge investments to modernize economy. The proportion of national stockpiling and gross domestic product (GDP) at that time is not high; therefore, the country does not have enough own resources for investments. Therefore, such countries, including Lithuania, have to borrow, and that is very normal. The country in credit relations participates like their subject. Usually the country takes a loan and guarantees for bigger sums than lends. The most important reason of this condition is that though national credit raised funds change taxes and funds collected in other ways. That is the main reason of formed national debt. Local finance resources are the most suitable country’s finance resources, especially if there resources are denominated by national currency. Inland debt is a very important factor that presents the level of country’s economical... [to full text]