Rizici ulaganja u državne obveznice u Republici Hrvatskoj i COVID-19 kriza

master's thesis

• Title (english): Risks of investing in government bonds in the Republic of Croatia and COVID-19 crisis
• Author: Natalija Erdec
• Mentor: Jakša Krišto (mentor)
• Committee member: Branka Tuškan Sjauš (predsjednik povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2021-07-05, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Na tržištu kapitala susrećemo se s obveznicama kao standardnim dugoročnim vrijednosnim papirima koje imaju razvijeno sekundarno tržište. Države su emitenti državnih obveznica i to je jedan od načina na koji se država zadužuje. Ponekad je prezaduženost glavni okidač kriza za neke države pa treba voditi računa o stupnju zaduženosti. Jedan od primjera krize izazvane prezaduženošću države je Grčka čiji se uzroci i mjere za rješavanje problema visoke zaduženosti analiziraju u ovom radu.
U normalnim okolnostima, državne obveznice su visokog stupnja likvidnosti, no COVID-19 u 2020. godini i neizvjesnost o njegovim posljedicama utjecali su na rast prinosa, odnosno pad cijena državnih obveznica pa i njihovu likvidnost. Efekt se osjetio i na visoko razvijenim financijskim tržištima, a još više na tržištima zemalja u razvoju. Europske i međunarodne institucije izašle su s nizom stabilizacijskih mjera. Središnje banke pojedinih država, pa i Hrvatska narodna banka, kako bi ublažile deflatorne pritiske i kako bi se očuvala stabilnost na tržištu državnih obveznica otkupljivale su državne obveznice. Kroz rad se analiziraju mjere koje su poduzimale europske institucije za rješavanje problema izazvanih epidemijom kao i one koje su provođene u Republici Hrvatskoj. U kratkom roku mjere su ostvarile očekivane rezultate, no COVID-19 još uvijek nije u potpunosti pod kontrolom pa i dalje postoji neka razina neizvjesnosti.

Abstract (english)

In the capital market, we encounter bonds as standard long-term securities that have a developed secondary market. States are issuers of government bonds and this is one of the ways in which the government gets into debt. Sometimes over-indebtedness is the main trigger of the crisis for some countries, so the level of indebtedness should be taken into account. One example of a crisis caused by government over-indebtedness is Greece, whose causes and problem solving measures are analyzed in this paper.
Under normal circumstances, government bonds are highly liquid, but COVID-19 in 2020 and uncertainty about its consequences affected the growth of bond yields, apropos the fall in government bond prices and even their liquidity. The effect was also felt in highly developed financial markets, and even more so in the markets of developing countries. European and international institutions have come up with a series of stabilization measures. Central banks of certain countries, including the Croatian National Bank, bought out government bonds in order to alleviate deflationary pressures and maintain stability in the government bond market. The
paper analyzes the measures taken by the European institutions to solve the problems caused by the epidemic, as well as those implemented in the Republic of Croatia. In the short term, the measures have achieved the expected results, but COVID-19 is still not fully under control and there is still some level of uncertainty.

• Keywords: COVID-19 kriza; državne obveznice; zaduženost; HNB
• Keywords (english): COVID-19 crisis; government bonds; indebtedness; CNB
• Language: croatian
• URN:NBN: urn:nbn:hr:148:762873
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2021-07-06 11:52:57