Are treasury debt instruments still attractive to foreign investors? Poland – a case study based on ATM and ATR indicators

Tomasz Uryszek; Agnieszka Kłysik-Uryszek

doi:10.18778/2082-4440.30.02

Autor

Tomasz Uryszek University of Łódź, Faculty of Economics and Sociology, Department of Banking
Agnieszka Kłysik-Uryszek University of Łódź, Faculty of Economics and Sociology, Department of International Trade

DOI:

https://doi.org/10.18778/2082-4440.30.02

Słowa kluczowe:

dług publiczny, inwestorzy zagraniczni, polskie skarbowe papiery wartościowe, zarządzanie długiem publicznym

Abstrakt

Głównym celem artykułu jest ocena aktywności inwestorów zagranicznych na polskim, pierwotnym rynku instrumentów dłużnych w świetle strategii zarządzania długiem publicznym. Sprawdzono skalę reakcji inwestorów na politykę władz w obszarze długu państwowego. Artykuł składa się z pięciu części: wprowadzenia, przeglądu literatury, opisu metody badawczej i danych, oraz dyskusji wyników. Najważniejsze ustalenia, uwagi końcowe i implikacje polityczne zostały przedstawione w ostatniej części opracowania. Wyniki badania wskazały, że pomimo pogorszenia się ogólnej charakterystyki instrumentów dłużnych Skarbu Państwa skierowanych do inwestorów zagranicznych, pozostały one atrakcyjne dla nierezydentów. Wynikało to głównie z wciąż stosunkowo niskiego ryzyka refinansowania i stopy procentowej dla długu denominowanego w walutach obcych.

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