Banaszewska, Monika
February 2015
Research Papers of the Wroclaw University of Economics / Prace N;2015, Issue 381, p26
Academic Journal
In the article the involvement of non-residents in the domestic market for Polish Treasury bonds in the years 2007-2013 was examined. The structure of this involvement was analysed from the sectorial and instrumental points of view. The causes of changes in this involvement and the risk associated with the possible withdrawal of capital by foreign investors were also discussed. The author used descriptive analysis and descriptive statistics methods. The study shows that in the years 2009-2013 there was - as a result of both internal and external factors - a significant increase in the involvement of non-residents in the domestic government bond market. The largest share in the group of foreign investors had non-bank financial institutions (sectorial approach), while capital was primarily invested in fixed rate bonds (instrumental approach). The risk of sudden outflow of non-residents was mitigated by cash reserves kept by the Ministry of Finance and the structural liquidity surplus of the Polish banking sector.


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