Article author:
Bogdana Vujnović-Gligorić, Marica Banović, Aleksandra Figurek
Full article:
Year the article was released:
2016
Edition in this Year:
2
Article abstract:
POSSIBLE EFFECT OF LOWERING MATURITIES OF TREASURY BILLS IN THE REPUBLIKA SRPSKA
Abstract:Treasury bills as an instrument of fiscal policy are increasingly used to cover the budget deficit, as well as to maintain the current ratio. They can have a positive effect on the financial market, and therefore the economy if the public debt is efficiently managed. Republic of Srpska has started issuing treasury bills in mid-2011. Since then it has continuously increased the frequency and amount of the issue. The main question is how justified are these kind of borrowing, and the benefits of its cost. This paper wants to explore the trends of treasury bills in Republic of Srpska, limits of emissions, emission rates, as well as the interest rate on issued bills, all for the purpose of searching for cheap sources of budget financing. The basic hypothesis is: The shorter deadline emissions can significantly reduce the interest rate on treasury bills issued.
The results obtained confirm the hypothesis, which suggests that Republika Srpska could achieve significant savings in budget expenditures if it lowers current maturities of 12, 9, 6 and 3 months to the monthly level.
For the purposes of determining the conditions, dynamics and conditions of issuing treasury bills in the Republic of Srpska was used analysis method, and for the purposes of drawing the conclusions method of deduction will be used.
Keywords: treasury bills, interest rate, maturity,
Keywords: treasury bills, interest rate, maturity,
Rezime: Trezorski zapisi kao instrument fiskalne politike se sve više koriste u pokrivanju budžetskog deficita, kao i za održavanje tekuće likvidnosti. Oni mogu imati povoljan uticaj na razvoj finansijskog tržišta, a time i privrede ukoliko se efikasno upravlja javnim dugom. RS je počela sa emisijom trezorskih zapisa sredinom 2011.godine, od kada se kontinuirano povećava učestalost i iznosi emisije. Često se postavlja pitanje opravdanosti takve vrste zaduživanja, a i povoljnosti cijene. Ovim radom se žele istražiti trendovi emisije trezorskih zapisa u RS, rokovi emisije, iznosi emisije, kao i visina kamatne stope na emitovane zapise, a sve u svrhu traganja za jeftinijim izvorima finansiranja budžeta. Osnovna hipoteza rada glasi: Kraći rokovi emisije mogu znatno smanjiti visinu kamatne stope na emitovane trezorske zapise.
Rezultati istraživanja su potvrdili postavljenu hipotezu, što upućuje da bi RS mogla postići znatne uštede u budžetskim rashodima ukoliko skrati sadašnje rokove od 9, 6 i 3 mjeseca na mjesečni nivo.
Za potrebe utvrđivanja stanja, dinamike i uslova izdavanja trezorskih zapisa u Republici Srpskoj korištena je metoda analize, a za potrebe izvođenja zaključaka o analiziranim pojavama metoda dedukcije.
Ključne riječi: trezorski zapisi, kamatna stopa, rok dospijeća.