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]

This thesis consists of three self-contained papers covering different aspects of public debt management. From a methodological point of view they all have in common that results and models from the theory of finance are used to analyze the effects of public debt management. The first paper, Neutrality of Public Debt Management, studies the case when public debt management does not matter, i.e. when it is neutral. Although strong assumptions are needed to ensure neutrality of public debt management it is nevertheless of interest to study it, since an analysis illuminates the mechanisms through which public debt management affects the economy. The paper starts with a discussion of the assumptions that are needed to ensure neutrality in the models used in the literature. The remainder of the paper tries to relax some of these assumptions. The model employed is an intertemporal general equilibrium model. It is shown that if the agents are identical, public debt is neutral provided the agents pierce the veil of government, and all taxes associated with public debt are lump-sum. It is also shown that if the agents are different but have sufficiently similar utility functions that exhibit hyperbolic absolute risk aversion (i.e., the agents have linear risk tolerance), public debt management is neutral in aggregates, provided the agents pierce the veil of government and all taxes associated with the debt service are lump-sum. This means that public debt management neither affects prices nor aggregate consumption; it might, however affect the individual agent’s consumption-savings decision. Since the class of utility functions that exhibit hyperbolic absolute risk aversion is widely used in economic analysis, this result has several theoretical and empirical implications. The result also has implications for the choice of model in the third paper of the thesis. The second paper, Objectives of Public Debt Management, discusses the objectives of public debt management in an atemporal mean-variance framework. The model employed in this paper differs in one important aspect from the ones previously used in the literature; it takes the firms’ investment decisions into account and hence endogenizes the supply of assets to some extent. It is shown that if the firms’ behavior is introduced, objectives that in the literature have been assumed to stimulate the economic activity do not necessarily have the desired effect. The paper also discusses different objectives aiming at welfare-improvements and economic stimulation. Since the analysis is performed in a unified framework, it is possible to compare the objectives and to discuss their welfare implications. Of particular interest is the welfare aspects of minimization of the costs of public debt. Finally, the paper also discusses the effectiveness of the objectives and it is shown that with one exception, cost minimization, effectiveness declines when the government-issued debt instruments’ share of the asset market falls. The last paper, Public Debt Management and the Term Structure of Interest Rates, develops and uses a stochastic overlapping generations model to analyze the impact of public debt management on the term structure of interest rate. In most of the literature public debt management is thought of as changes in the maturity structure of the outstanding public debt. A change in the maturity structure implies that public debt management affects, e.g., future tax liabilities and hedging opportunities. To capture these effects it is necessary to use an intertemporal framework. In contrast to most models in the literature on public debt management, the model in this paper is intertemporal and takes the general equilibrium effects of public debt management into account, by integrating the financial and real sectors of the economy. This means that current and future asset prices, as well as investments are affected by public debt management. The analysis suggests that it is not the quantities of the long-term and short-term bonds, per se, that determine the effects on the term structure of interest rates. What determines these effects is how public debt management affects the hedging opportunities through changes in asset supply, taxes and prices. / Diss. Stockholm : Handelshögskolan

Le développement des principes d’équilibre budgétaire et des règles de discipline budgétaire qui en découlent sont liés à l’avènement de périodes de troubles budgétaires et de crises économiques. De manière générale, à ces occasions de nouvelles règles sont adoptées et mises en oeuvre. Elles visent toutes à assainir les finances publiques par le biais de l’observation stricte d’une règle d’équilibre budgétaire. Toutefois, les résultats obtenus par la mise en oeuvre de ces règles ne sont pas toujours satisfaisants ce qui conduit aujourd’hui à s’interroger non plus sur la pertinence et l’efficacité desrègles mais sur les environnements institutionnels, économiques et monétaires dans lesquels elles sont mises en œuvre. Le Canada semble, de cette manière, se présenter comme un terrain favorable à l’observation d’une discipline budgétaire de l’équilibre alors qu’en la matière l’Union européenne souffre encore de son statut « hybride ». / The development of the principles of balance in the budget and the rules of budgetary discipline which ensue from it is connected to the succession of periods of budgetary disorder and economic crises. In a general way, in these occasions of new rules are adopted and implemented. They aim all to clean up the public finances by means of the strict observation of a rule of balance in the budget. However, the results obtained by the implementation of these rules are not always satisfactory what leads today to wonder either about the relevance and the efficiency of rules but on the institutional, economic and monetary environments in which they are operated. Canada seems, in this way, to appear as a ground favorable to the observation of a budgetarydiscipline of the balance while on the subject the European Union still suffers from its "hybrid" status.

Diploma thesis called "Czech national debt -- cause, impacts, solutions" deals with deficient budgeting of the Czech republic which presents a current problem afterwards projecting itself into the creation of an actual debt. This thesis aims to anter the question concerning an achievement of balanced budgets and therefore generating no indebtness. Afterwards it deals with its cause and considers possible solutions seeking to reduce the amount of national debt. Therefore this diploma thesis is divided into four chapters. The first one defines the basic terms, which constitute theoretical way-outs of this thesis. The second chapter deals with the debt analysis in years of 1993 to 2013, its absolute and relative numeral expression, its structure and interest costs, which are directly related to this phenomenon. The third chapter subsequently describes the debt problem regarding the european setting and at the same time it shows the czech national debt in the european context. At the end of this diploma thesis, the possible scenarios are described as a solving of this unfavourable situation.

The thesis titled "Analysis of mandatory spending - debt service of the state" is essentially one of a series dealing with mandatory spending of the state, and that the cost of government debt. Individual chapters of the thesis deal in turn with the characteristics of the obligatory expenditures and factors that affect it. The penultimate chapter focuses on the specific quantification of these expenses in the period. The final chapter shows the evaluation of the state debt of the Czech Republic and the expenditure for the management of state debt. Level of expenditure on debt servicing in terms of gross domestic product, compared with western countries are significantly lower and not yet for the treasury risk factor. However, the absolute amount of the national debt over the last 6 years has doubled and the growth rate can be considered very disturbing.

This diploma thesis is supposed to bring an overall summary of knowledge regarding State treasury in the Czech Republic. It is meant to be a tool which will help both academics and specialists get sufficient information on this project whose purpose is to raise efficiency of public funds in the Czech Republic. Besides bringing the topic of State treasury in the Czech Republic into context with the situation in surrounding countries in the European Union brings this diploma thesis also the economic and investment point of view. It offers some arguments of the critics, too, because author of this diploma thesis is convinced that projects of such a huge range and influence have to be widely discussed amongst both political parties and academics or skilled experts from the public.

This dissertation is devoted to the study of who used the formal channels of interaction in the early modern era and why. It examines the full range of the political conversation in early modern Sweden, as seen in the supplications to the Diet in the Age of Liberty (1719–1772), and more specifically the supplications submitted to the parliamentary committee tasked with handling them, the Screening Deputation. The literature yields few systematic studies of this official channel, and supplications have long been terra incognita in the early modern political landscape. Their exact importance is uncertain, to say the least. Using a database built on three samples from the beginning, middle, and end of the Age of Liberty, the Diet's supplication channel is shown to have been used by two groups: supplicants from state-affiliated households primarily tried to use it to pursue their claims on the state, to settle various issues related to employment, or to receive some sort of support through hard times; and, increasingly, commoners, especially delegates in the Estate of the Burghers, used the channel for their gravamina concerning commerce, taxation, and the like, and state support for public amenities, a group for whom the Screening Deputation offered an alternative route to getting their grievances heard by the Diet. Both groups increasingly used the Diet's supplication channel was appeal the verdicts of the King in Council (Kungl. Maj:t). Although most were not appeals against the Judicial Audit, the results reveal an active use of appeals, and thus a de facto erosion of Kungl. Maj:t's supremacy. The results also show that as many as three-fifths of all supplicants had their supplications accepted by the Screening Deputation for further examination by the Diet. Although the acceptance rate was definitely lower in the 1730s and 1740s, the committee seems to have been fairly benevolent in its interpretation of the rules on petitioning. The results, lastly, show that although the Diet's supplication channel allowed excluded groups direct access to the Diet - including women of all classes, commoners of rank, and unrepresented groups - it mainly catered to men with the social status or wealth that put them in the middle and upper strata of society. Although this supplication channel stood open to anyone, its egalitarian potential was seemingly never realized. The use of March and Olsen's institutional theory about the logic of appropriateness, has revealed that certain institutional templates and norms that would have enabled these groups more access to the channel succumbed and made room for other institutional foundations. Supplications were part of the medieval and early modern centralization of legal and political power, the formation of the state, the protection of the privileges of Swedish subjects, and, during the Age of Liberty, the power struggle between the Diet and the kings. Each supplication viewed by itself might seem trivial, but nonetheless played a part in each and every one of these major processes. An ordinary Swede could have an impact on early modern politics when acting in concert with other supplicants, like rain eating away at rock.

In diesem Beitrag frage ich [...], ob die Bürger Deutschlands den Einstieg der EU in die transnationale finanzielle Hilfe unterstützen, d.h. ob sie sich transnational fiskalpolitisch solidarisch zeigen. Unter transnationaler fiskalpolitischer Solidarität verstehe ich eine Zahlungsbereitschaft, die überschuldeten EU-Ländern, die sich in einer akuten wirtschaftlichen Notlage befinden, zugutekommen soll. In diesem Beitrag konzentriere ich mich auf Deutschland, unter anderem deshalb, weil es bisher den größten Anteil zur Stabilisierung der überschuldeten Länder in der Eurozone geleistet und damit einen erheblichen Einfluss auf die Entwicklung einer möglichen EU-Transfernunion hat.

In diesem Beitrag frage ich [...], ob die Bürger Deutschlands den Einstieg der EU in die transnationale finanzielle Hilfe unterstützen, d.h. ob sie sich transnational fiskalpolitisch solidarisch zeigen. Unter transnationaler fiskalpolitischer Solidarität verstehe ich eine Zahlungsbereitschaft, die überschuldeten EU-Ländern, die sich in einer akuten wirtschaftlichen Notlage befinden, zugutekommen soll. In diesem Beitrag konzentriere ich mich auf Deutschland, unter anderem deshalb, weil es bisher den größten Anteil zur Stabilisierung der überschuldeten Länder in der Eurozone geleistet und damit einen erheblichen Einfluss auf die Entwicklung einer möglichen EU-Transfernunion hat.