natgillin/translations-raw huggingface dataset:
For this reason the CNB too has stopped issuing central bank bills (or CNB bills) with a maturity date similar to that of the treasury bills of the Finance Ministry.
Zbog toga je i HNB prestao izdavati blagajničke zapise dospijeća sličnog dospijeću trezorskih zapisa Ministarstva financija.
15 This is a period that is long enough for the achievement of the aims of monetary policy - liquidity management.
15 To je razdoblje dovoljno za ostvarenje cilja vođenja monetarne politike - upravljanja likvidnošću.
the CNB may issue central bank bills with short maturity terms (35 days) and the Finance Ministry treasury bills with longer maturities (91, 182 and 364 days).
Sada HNB može izdavati blagajničke zapise s kratkim dospijećem (35 dana), a Ministarstvo financija trezorske zapise s dužim rokom dospijeća (91, 182 i 364 dana).
It is very hard to avoid conflicts between these two policies completely, for sometimes there real objectives are opposed (particularly to do with the level of interest rates) but with better coordination of their activities and the determination of joint aims these conflicts could be made much less frequent.
Sukobe između te dvije politike vrlo je teško potpuno izbjeći zato što su im neki ciljevi katkad u suprotnosti (posebno razina kamatne stope) ali bi, boljom koordinacijom njihovih aktivnosti i utvrđivanjem zajedničkih ciljeva, ti sukobi mogli biti mnogo rjeđi.
The development of the government securities market has a positive effect on the achievement of the objectives of monetary policy and the public debt management policy for it ensures greater transparency and predictability of the public debt management policy, which then makes it easier to conduct monetary policy.
Razvoj tržišta državnih vrijednosnica pozitivno utječe na ostvarenje ciljeva monetarne politike i politike upravljanja dugom jer osigurava veću transparentnost i predvidivost politike upravljanja javnim dugom, čime se onda olakšava i provođenje monetarne politike.
There are several ways in which the government securities market and the accomplishment of public debt management and monetary policy are connected, as can be seen below.
Veza između tržišta državnih vrijednosnica i ostvarenja ciljeva politike upravljanja dugom i monetarne politike višestruka je, što je vidljivo iz sljedećega.
• As agents for the collection of financials resources for government purposes, persons who manage the debt are interested in the proper functioning of the government securities market and its efficiency, all with the objective of minimising the debt servicing costs.
• Kao agenti za prikupljanje financijskih sredstava za potrebe države, osobe koje upravljaju dugom zainteresirane su za dobro funkcioniranje tržišta državnih vrijednosnica i za njegovu efikasnost, a sve to s ciljem minimiziranja troškova servisiranja duga.
• As institution competent for the implementation of monetary policy, the central bank endeavours to promote effective establishment of interest rates as important element of the transmission mechanism for monetary policy.
• Kao institucija nadležna za provođenje monetarne politike, središnja banka nastoji promovirati efikasno utvrđivanje kamatnih stopa kao važnog elementa transmisijskog mehanizma monetarne politike.
Since the central bank will often intervene via the government securities market, the proper functioning of this market is important for the accomplishment of the aims of monetary policy.
Budući da središnja banka često intervenira putem tržišta državnih vrijednosnica, dobro funkcioniranje tog tržišta vrlo je važno za ostvarivanje ciljeva monetarne politike.
• Monetary, fiscal and other regulatory authorities have a joint interest in the development of an effective government securities market, for the sake of achieving macroeconomic stability (Dattels, 1995).
• Monetarne, fiskalne i ostale regulatorne vlasti imaju zajednički interes razvoja efikasnog tržišta državnih vrijednosnica, a sve radi postizanja makroekonomske stabilnosti (Dattels, 1995).
The development of an effective government securities market is in the interests of both the public and the private sector and we can consider it a public good that is useful to all who pay taxes because it ensures lower debt servicing costs, and it is useful to the whole financial sector, for it promotes safe and effective forms of saving and investment.
Razvoj efikasnog tržišta državnih vrijednosnica u interesu je i privatnoga i javnog sektora i možemo ga smatrati javnim dobrom što koristi svima koji plaćaju porez jer osigurava niže troškove servisiranja duga, a koristi i cjelokupnom financijskom sektoru jer promovira sigurne i djelotvorne oblike štednje i investiranja.
It is very important, for good functioning of the market, to choose a market structure that best corresponds to the needs and capacities of the individual country.
Za dobro funkcioniranje tržišta vrlo je važno odabrati i tržišnu strukturu koja najbolje odgovara potrebama i mogućnostima svake zemlje.
Market structures are increasingly tending to change and from auction-agency markets are in practice increasingly operating as dealer markets.
Tržišne se strukture sve više mijenjaju i od aukcijsko-agencijskih tržišta u praksi sve češće djeluju dilerska.
In many countries this trend is encouraged by the government, in whose interest it is that there should be specialised primary dealers of government securities, who make it easier to carry out monetary operations and debt management operations.
U brojnim zemljama takav trend potiče i država, u čijem je interesu postojanje specijaliziranih primarnih dilera državnih vrijednosnica, koji olakšavaju provođenje monetarnih operacija i operacija upravljanja dugom.
Countries in which government securities are largely held and traded by the house
Zemlje u kojima državne vrijednosnice pretežno drži i njima trguje sektor kućansta
hold sector should have an auction-agency market, which is transparent and enables low transactional costs, while in countries in which government securities are mostly held by specialised institutions with large portfolios, who want transactions to be carried out at once, the best solution is a dealer market (Dattels, 1995).
va, trebali bi imati aukcijsko-agencijsko tržište, koje je transparentno i omogućuje niske transakcijske troškove dok je u zemljama u kojima državne vrijednosnice većinom drže specijalizirane institucije s velikim portfeljom vrijednosnica i koji traže hitno obavljanje transakcija, najbolje rješenje dilersko tržište (Dattels, 1995).
In eurozone countries securities are often sold via a syndicate of financial institutions,
U zemljama eurozone državne se vrijednosnice često prodaju putem sindikata financij
which is a good alternative to auctions for countries with insufficiently developed financial markets as well.
skih institucija, koji su dobra alternativa aukcijama i u zemljama s nedovoljno razvijenim financijskim tržištem.
Thus during 2007 the Finance Ministry is planning to introduce a system of primary dealers, for it thinks it will thereby achieve greater market liquidity, which helps in the establishment of reference yield curves, ultimately resulting in an optimisation of the costs of government borrowing (Ministarstvo financija, 2007).
Tako i Ministarstvo financija planira tijekom 2007. početi uvoditi sustav primarnih dilera jer smatra da će se time postići veća likvidnost tržišta, čime se pridonosi utvrđivanju referentne krivulje prinosa, što u konačnici rezultira optimizacijom troškova zaduživanja države (Ministarstvo financija, 2007).
This Finance Ministry intention can be considered a step forward in coordination with monetary policy, for better market liquidity and fewer interest rate oscillations are in the interest of the CNB.
Ta namjera Ministarstva financija može se ocijeniti korakom naprijed u koordinaciji s monetarnom politikom jer je bolja likvidnost tržišta i manje oscilacije kamatnih stopa i u interesu HNB-a.
Not only have interest rates fallen, but the yield curve has become less steep, in fact almost horizontal, which means that the maturity premium has also reduced (Dolenc, 2003).
Osim pada kamatnih stopa, i krivulja prinosa postala je manje strma, tj. gotovo vodoravna, što znači da se znatno smanjila ročna premija (Dolenc, 2003).
The introduction of primary dealers brings a number of advantages, but certain risks as well.
Uvođenje primarnih dilera donosi niz prednosti, ali i određene rizike.
There is no doubt that through this system of sale of government securities, a broad investor base is secured, and the liquidity of the market is improved.
Nedvojbeno je da se takvim sustavom prodaje državnih vrijednosnica osigurava široka baza investitora i poboljšava likvidnost tržišta.
But if such a system is chosen, there must be objective criteria for the selection of primary dealers, and their rights and obligations must be clearly determined so as to prevent any possible abuse (Glaessner and Ladekarl, 2001).
Ali ako se odabere takav sustav, moraju postojati objektivni kriterij za odabir primarnih dilera te moraju biti jasno utvrđena njihova prava i obveze kako ne bi bilo zloupotreba (Glaessner i Ladekarl, 2001).
4 Coordination in Croatia to date: planned activity or an uncontrolled process?
4. Dosadašnja koordinacija u Hrvatskoj: planirana aktivnost ili stihijski proces?
Coordination of goals, instruments and institutional solutions in the management of
Koordinacija ciljeva, instrumenata i institucionalnih rješenja u upravljanju javnim
the public debt and in monetary management is particularly important in transition countries like Croatia.
dugom i u monetarnom upravljanju posebno je važna u zemljama u tranziciji, kao što je i Hrvatska.
In countries where there is a strict institutional division of goals and responsibilities for the management of the debt and for monetary management and that have a well developed financial market, this coordination is accomplished by the work
U zemljama u kojima postoji stroga institucionalna podjela ciljeva i odgovornosti za upravljanje dugom i monetarno upravljanje i koje imaju dobro razvijeno financijsko tržište, ta se koordinacija ostvaruje djelovanjem tržišnih mehanizama, pa se važnost formalne koordinacije bitno smanjuje.
This kind of separation between debt management and monetary policies is totally acceptable and even desirable on condition that good coordination between the two policies is effectuated.
ke upravljanja dugom i monetarne politike potpuno je prihvatljivo, pa čak i poželjno, ali uz uvjet da se ostvari dobra koordinacija politike upravljanja dugom i monetarne politike.
Nevertheless, it has to be admitted that in the last few years a major move in the direc
Ipak treba reći da je posljednjih nekoliko godina učinjen znatniji pomak u toj koordi
tion of coordination has been achieved, both formally and practically.
naciji, kako u formalnome, tako i u praktičnom smislu.
It can also be concluded that a step forward from the point of view of coordination was embodied in the decision of the CNB to abolish the regular issue of central bank bills with the same maturity as that of the treasury bills of the Finance Ministry19.
Također se može zaključiti da je korak naprijed u koordinaciji bila i odluka HNB-a o ukidanju redovitog izdavanja blagajničkih zapisa19 istog dospijeća kakvo je bilo i dospijeće trezorskog zapisa Ministarstva financija.
It can also be said that this measure was probably motivated by the joint wish of the CNB and the Finance Ministry to that these securities should not compete with each other, that the demand for treasury bills should be increased, and that public debt management should be oriented more to the domestic market.
Moglo bi se također reći da je ta mjera vjerojatno bila motivirana i zajedničkom željom HNB-a i Ministarstva financija da ti papiri ne konkuriraju jedan drugome, da se poveća potražnja trezorskih zapisa, te da se upravljanje javnim dugom više usmjeri na domaće tržište.
In the relations between the Finance Ministry and the CNB today, the greatest prob
U današnjim odnosima Ministarstva financija i HNB-a najveći je problem nedovolj
lem is lack of adequate communication as well as the distrust that occasionally appears between the two institutions.
na komunikacija, ali i nepovjerenje koje se povremeno pojavljuje između te dvije institucije.
Although in joint communiqués during formal meetings the good collaboration is stressed, in practice things are often quite different.
Iako se u zajedničkim izjavama tijekom formalnih susreta naglašava dobra suradnja, u praksi je to često sasvim drugačije.
In May 2005 the Finance Ministry reacted extremely intemperately to the decision of the CNB Council to increasing the marginal foreign currency reserves for foreign debts from 30 to 40%.
Tako je u svibnju 2005. godine Ministarstvo financija vrlo burno reagiralo na Odluku Savjeta HNB-a o povećanju granične devizne pričuve na inozemno zaduženje s 30 na 40%.
The CNB often drew attention to the rise in foreign debt (Rohatinski, 2004; 2005), which could well endanger the country's financial stability, and since these warnings were not heeded, the CNB took appropriate measures.
Naime, iz HNB-a se često upozoravalo na rast inozemnog duga (Rohatinski, 2004; 2005), koji bi mogao ugroziti financijsku stabilnost zemlje, a budući da ta upozorenja nisu urodila plodom, HNB je poduzeo odgovarajuće mjere.
By contrast, the CNB viewpoint is that the stated restrictive measures of monetary policy were taken to meet the basic elements of the policy defined in the existing stand-by arrangement with the IMF.
U interesu je cjelokupnoga domaćega gospodarstva da se Vlada, a posebno Ministarstvo financija, aktivnije uključi i u rješavanje problema visoke inozemne zaduženosti.
In spite of the existence of the collaboration committee between the Finance Minis
Unatoč postojanju Odbora za suradnju Ministarstva financija i HNB-a, te odredba
try and the CNB, and the Croatian National Bank Law that binds the Finance Ministry to make regular reports to the bank concerning all transactions of the central government budget and all operations related to the public debt20, collaboration has never been good enough and definitely needs improving.
ma Zakona o HNB-u koji obvezuje Ministarstvo financija da redovito izvještava HNB o svim transakcijama državnog proračuna i svim operacijama vezanim za javni dug20, suradnja nije dovoljno dobra i treba je unaprijediti.
For example when the monetary projections of the CNB are being constructed, it is very important to have timely delivery of the relevant data on all current and planned transactions of the budget.
Na primjer, prilikom izrade svih monetarnih projekcija HNB-a vrlo je važno pravodobno dobivanje relevantnih podataka o svim tekućim i planiranim transakcijama državnog proračuna.
And yet it has happened that the CNB has not received such information on time, which cast doubt on the reliability of its monetary projections.
Unatoč tome, događalo se da HNB ne dobije na vrijeme takve informacije, što je dovodilo u pitanje pouzdanost njezinih monetarnih projekcija.
In recent times positive signals have been observed in the coordination between the
U posljednje se vrijeme uočavaju pozitivni signali u koordinaciji HNB-a i Ministar
CNB and the Finance Ministry, particularly to do with certain arrangements connected with the money market.
stva financija, posebno kad je riječ o određenim aranžmanima vezanim za novčano tržište.
Because of the increasingly significant money surpluses that appear from time to time in the accounts of the state, the Finance Ministry plans to locate these surpluses on the money market, and thus consults with the CNB.
Naime, zbog sve značajnijih novčanih viškova koji se povremeno pojavljuju na računima države, Ministarstvo financija planira te viškove plasirati na tržište novca i o tome se konzultira s HNB-om.
The CNB has nothing against this, for it thinks that lending the surpluses on the money market rather than spending them can have the result of additionally reducing the interest rates and in addition is an indication of more rational behaviour on the part of the government and better cash management.
HNB se tome ne protivi jer smatra da bi plasiranje novčanih viškova na novčano tržište, a ne u potrošnju, moglo utjecati na dodatno smanjenje kamatnih stopa te da to upućuje na racionalnije ponašanje države i bolje upravljanje likvidnošću.
Better management of government cash also reduces the potential danger of monetary expansion and the need for CNB interventions, the liquidity of the corporate sector is improved and the chances of it being squeezed out of the financial market are reduced.
Ukupna vrijednost i vrijeme izdavanja državnih vrijednosnica neće se uvijek podudarati s potrebama HNB-ove monetarne politike, pa se tako može dogoditi da država izda određeni vrijednosni papir čak i kada na tržištu postoji manjak likvidnosti.
The issue of harmonising public debt management policy and the running of mon
HNB tada mora donijeti mjeru kojom će osigurati dodatnu likvidnost u bankarskom sustavu.
etary policy has a powerful reflection on the state of liquidity in the banking system and affects the development of the primary and secondary market for bonds.
Zbog toga je iznimno važno da tijela nadležna za upravljanje dugom te za fiskalnu i monetarnu politiku redovito razmjenjuju podatke o trenutačnim i budućim potrebama države za financijskim sredstvima.
The total value and time of the issue of government securities will not always coincide with the needs of the CNB's monetary policy, and it can happen that the government will issue certain securities even when there is a market shortage of liquidity.
Takvo je usklađivanje u vođenju monetarne politike i politike upravljanja dugom trenutačno ograničeno, a razmjena podataka najvećim se dijelom obavlja između guvernera i ministra, dok je razmje
Interest rates on the money market are constantly going down, and this is reflected in the capital market.
Treba još reći da je sadašnja koordinacija bolja u sferi novčanog tržišta, čemu je najviše pridonijelo uvođenje operacija na otvorenom tržištu.
Instead of a conclusion to this part of the paper it can be said that in spite of certain
Umjesto zaključka ovog dijela rada može se reći da je, unatoč određenim poboljša
improvements in the last few years, coordination to date between public debt management and monetary policy has been more of an ad hoc and unsystematic nature than a planned activity.
njima posljednjih godina, dosadašnja koordinacija politike upravljanja javnim dugom i monetarne politike bila više stihijski proces nego planirana aktivnost.
The CNB has a statutory foundation for its independent conduct of monetary policy.
HNB ima jasnu zakonsku podlogu za neovisno provođenje monetarne politike.
Of course, independence ought not to imply isolation and self-sufficiency in the CNB, for it can accomplish its aims only in collaboration with other institutions.
Naravno, neovisnost ne bi trebala značiti i osamljenost i samodovoljnost HNB-a jer on sve svoje ciljeve može ostvariti samo u suradnji s drugima.
Thus in the Croatian National Bank Law there are clear provisions about borrowing at home and abroad, but nothing about the financing of this borrowing, and the occasional pressures along these lines are without basis.
Tako i u Zakonu o HNB-u postoje jasne odredbe o zaduživanju u zemlji i inozemstvu, ali ne i o financiranju tog zaduživanja, pa povremeni pritisci koji idu u tom smjeru nemaju nikakve osnove.
Collaboration and coordination of monetary and fiscal policy, and so public debt management policy, are very important for the conduct of a consistent economic policy.
Suradnja i koordinacija monetarne i fiskalne politike, a time i politike upravljanja dugom, vrlo je važan element za provođenje konzistentne ekonomske politike.
The existing obstacles in the way of better coordination are as follows:
Postojeće su prepreke boljoj koordinaciji sljedeće.
• The occasional lack of promptness in delivering data to the CNB about revenue and expenditure of the government and about planned borrowing; these are exceptionally important for forecasting the liquidity of the financial system.
• Povremeno nepravodobno dostavljanje informacija HNB-u o prihodima i rashodima države te o planovima zaduživanja, što je iznimno bitno za prognoziranje likvidnosti financijskog sustava.
For precise forecasts, two elements are crucial: the trends in cash outside the banks and the trends of government kuna denominated deposits.
Naime, za precizne prognoze ključna su dva čimbenika: kretanje gotova novca izvan banaka i kretanje kunskih depozita države.
• Although communication between the CNB and the Finance Ministry does exist, it is still not good enough, and there are occasional mutual recriminations via the media, which are sometimes unworthy of such institutions.
• Iako komunikacija između HNB-a i Ministarstva financija postoji, ona još uvijek nije dovoljno dobra i povremeno dolazi do međusobnog optuživanja putem medija, koja su katkad ispod razine tako važnih institucija.
It should be said however that thanks to the introduction of open market operations the market for government securities has become much more vigorous in the last few years.
Za poticanje daljnjeg razvoja tržišta HNB i Ministarstvo financija mogli bi zajednički potaknuti uvođenje primarnih dilera državnih vrijednosnica, što se u Sloveniji pokazalo izuzetno dobrim.
• Fiscal policy is still insufficiently transparent, although improvement is to be expected in the coming years.
• Još uvijek nedovoljna transparentnost fiskalne politike, iako se idućih godina može očekivati njezino poboljšanje.
Ireland could serve as a model for us; its strategy includes high quality risk management, and the Irish debt management agency monitors the trends in interest rates on the financial market and borrows only when it assesses the interest rate as being favourable, and will often refinance debt issued at a higher rate of interest with a debt at a lower rate.
Uzor bi nam mogla biti Irska, čija strategija obuhvaća i kvalitetno upravljanje rizicima, pa tako irska agencija za upravljanje dugom prati kretanje kamatnih stopa na financijskim tržištima i zadužuje se samo onda kada procijeni da je kamatna stopa povoljna te često refinancira dug emitiran uz višu kamatnu stopu dugom uz nižu stopu.
In the last few years the CNB has taken a number of measures to facilitate public debt
HNB je tijekom posljednjih nekoliko godina poduzeo niz mjera koje su olakšale upra
management without having its basic objective, preservation of price stability, jeopardised.
vljanje javnim dugom, a da pritom nije ugrožen osnovni cilj - očuvanje stabilnosti cijena.
Thus through a decision of the CNB Council in October 2004 the rate of the mandatory reserve was reduced from 19 to 18%, which made it easier to accomplish the issue of government bonds with which the Finance Ministry is endeavouring to replace some of the excessive foreign debt with domestic borrowing.
Tako je odlukom Savjeta HNB-a u listopadu 2004. stopa obvezne pričuve smanjena s 19 na 18%, čime je olakšana realizacija emisije državnih obveznica pomoću kojih Ministarstvo financija nastoji zamijeniti dio prevelikoga inozemnog duga domaćim zaduženjem.
With kuna collected from the CNB, the government bought the foreign currency necessary for the repayment of the Samurai- bonds that had fallen due in mid-December 2004, and with this purchase it also neutralised the effect of the issue of bonds on domestic monetary trends.
Država je prikupljenim kunama od HNB-a otkupila devize potrebne za otplatu samurajskih obveznica koje su dospjele sredinom prosinca 2004. godine, a tim otkupom ujedno je neutraliziran učinak emisije obveznica na domaća novčana kretanja.
Such measures are fully in harmony with the practice of developed countries, and are also in line with the long-term policy of the CNB, which is aimed at the gradual reduction of the rate of the mandatory reserve.
Takve su mjere potpuno u skladu s praksom razvijenih zemalja, a ujedno su u skladu s dugoročnom politikom HNB-a, usmjerenom na postupno smanjivanje stope obvezne pričuve.
In its measures the CNB always endeavours to support the government in its attempts
HNB svojim mjerama trajno nastoji poduprijeti Vladu u nastojanjima da proračunski