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Góral Rafał (Wydział Finansów)
Zarys strategii zarządzania długiem państwowym w Szwecji
An Outline of Sweden's Strategy of National Debt Management
Zeszyty Naukowe / Akademia Ekonomiczna w Krakowie, 2005, nr 665, s. 19-32, bibliogr.17 poz.
Finanse publiczne, Gospodarka, Analiza finansowa, Dług publiczny
Public finance, Economy, Financial analysis, Public debt
W opracowaniu podjęto próbę systematyzacji problemu zarządzania długiem centralnym Szwecji. Jako praktyczne uzupełnienie zagadnienia, przedstawiono analizę danych empirycznych dotyczących wielkości zadłużenia budżetu Szwecji w latach 1995-2002. Podstawą artykułu były informacje uzyskane w Departamencie Długu Publicznego Szwecji (stan prawny na czerwiec 2002).

The management of central government debt consists of a set of rules and procedures, according to which institutions affect the structure of debt, thus attempting to satisfy the state's borrowing needs and to minimise the costs of servicing this debt in the long-term. In the light of James Tobin's theory, this process is viewed as a sensitive element of a state's policy mix, in other words, its attempt to find the proper correlation between fiscal priorities and monetary doctrine. Tobin's ideas have served as the theoretical basis for constructing Sweden's central government debt management strategy. In 1998, the Swedish parliament decided to change the procedures used in formulating the objectives of central government debt management. The new procedures limit the freedom to formulate strategies and make the latter dependant on the Central Bank's priorities expressed through its monetary policy. The article attempts to summarize debt management issues in Sweden. It considers the issue of legal and organisational frameworks as well as that element of financial policy that has a decisive influence on the size and structure of public debt. The theoretical part of the article is supplemented by empirical data on the size of Sweden's public debt between 1995 and 2002. Based on the conducted research, and in view of current strategic goals, the author describes trends in the basic parameters of debt management policy for 2003-2005. (original abstract)
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