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2013 | 3/2 | 303-316

Article title

Inwestorzy zagraniczni na rynku polskich skarbowych instrumentów dłużnych



Title variants

Foreign investors on Polish State Treasury debt market

Languages of publication



The purpose of this article is to examine the activity of foreign investors on the State Treasury debt market in Poland. This purpose is accompanied by three research hypotheses presented in the Introduction. The article is divided into three main parts. The fi rst discusses theoretical issues, in the second one the volume of Polish State Treasury on foreign markets is presented. The third section discusses the activities of non-residents on Polish Treasury Securities market, with particular emphasis on the domestic market. The study is based on data from the Ministry of Finance of Poland, Eurostat and the major rating agencies. The analyzes allowed for positive verifi cation of the hypotheses.






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  • Dębski W., Akcje, obligacje i ich wycena, Absolwent, Łódź 1997 Dias J.D., External debt statistics of the euro area, IFC Conference on Initiatives to address data gaps revealed by the fi nancial crisis, Bank for International Settlements, Basel, Switzerland, 25–26 August 2010 Drine I., Nabi S.M., Public external debt, informality and production effi ciency in developing countries, “Economic Modelling”, March 2010 Guidelines for public debt management, Prepared by the Staffs of the International Monetary Fund and the World Bank, IMF 2001 Kohlscheen E., Domestic vs. external sovereign debt servicing: an empirical analysis, “International Journal of Finance and Economics”, January 2010 Konstytucja Rzeczypospolitej Polskiej z dnia 2 kwietnia 1997 r., DzU 1997, nr 78, poz. 483 Krzemińska A., Zmiany w poziomie i strukturze państwowego długu publicznego w Polsce w latach 2000–2010, „Studia Ekonomiczne”, Zeszyty Naukowe Wydziałowe Uniwersytetu Ekonomicznego w Katowicach nr 108, Katowice 2012 Lojsch D.H., Rodríguez-Vives M., Slavík M., The size and composition of government debt in the euro area, European Central Bank Occasional Paper Series 2011, no. 132 www.fi tchratings.com (dostęp: 24.04.2013) www.mf.gov.pl (dostęp: 24.04.2013) www.fi nanse.mf.gov.pl (dostęp: 24.04.2013) Panizza U., Domestic and external public debt in developing countries, UNCTAD Discussion Papers 2008, no. 188 Uryszek T., Dług Skarbu Państwa jako źródło fi nansowania defi cytu budżetowego, Difin, Warszawa 2010 Uryszek T., Financial management of local governments in Poland – selected problems, “Journal of Economics, Business and Management” 2013, vol. 1, no. 3 Ustawa z dnia 26 listopada 1998 r. o fi nansach publicznych, DzU 1998, nr 155, poz. 1014 z późn. zm Ustawa z dnia 30 czerwca 2005 r. o fi nansach publicznych, DzU 2005, nr 249, poz. 2104 z późn. zm Ustawa z dnia 27 sierpnia 2009 r. o fi nansach publicznych, DzU 2009, nr 157, poz. 1240 z późn. zm Zadłużenie Skarbu Państwa. Biuletyn miesięczny (01/2004–02/2013), Ministerstwo Finansów, Warszawa

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Publication order reference


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