The evolution of the Polish government bond market

Authors

DOI:

https://doi.org/10.3326/pse.45.1.5

Keywords:

fixed income, bond market, market structure, foreign investors

Abstract

Poland’s marketable government debt has grown from essentially zero in the early 1990s to USD 180 bn by 2019, with a wide range of maturities and security types. The aim of the article is to describe the long-term trends in the Polish sovereign local currency debt. Changes in its composition, maturity profile and ownership  structure are analysed. The Ministry of Finance’s databases on bond transactions and secondary market activity are used. Since early 2000s the market has become less fragmented and the ownership structure has shifted considerably in reaction to global and national factors. Debt management strategy has stabilized the market and reduced frictions. Countries developing their local currency bond markets should be encouraged to avoid market fragmentation and concentrate on selected benchmark issues. Creating a functioning local currency bond market is essential in avoiding the so called “original sin”, but must be part of a broader institutional push.

Additional Files

Published

2021-03-10

How to Cite

Bartkiewicz, P. (2021). The evolution of the Polish government bond market. Public Sector Economics - Submission Site, 45(1), 149–169. https://doi.org/10.3326/pse.45.1.5

Issue

Vol. 45 No. 1 (2021)

Section

Articles

License

Copyright (c) 2021 Piotr Bartkiewicz

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

If accepted for publication, the authors will be asked to sign a Licence to Publish. Authors retain the copyright on the papers published in PSE  but grant the right of publication to the journal.
 
Authors must obtain the right to use copyright material (e.g. maps, drawings, literary quotes, lyrics) from its owner before publishing the paper in PSE.
 
PSE  is an Open Access Journal licensed under the Creative Commons Attribution-Non/Commercial 4.0 International License, which permits non-commercial use and redistribution, as long as the licensed work is passed along unchanged and in whole, with credit to PSE  as its original publisher.
 
The authors can make the results of their accepted papers available before they are published in PSE on preprint platforms, blogs, and other informal communication channels by providing a link to the PSE  website and noting that the manuscript will be published in PSE.
 
For complete information on copyright, please see Ethical guidelines for publication in PSE