ES šalių finansinio konkurencingumo vertinimas : valstybės skolos valdymo aspektas

Abstract

Šiame straipsnyje įvertinamas ES šalių finansinis konkurencingumas, jį siejant su šalies gebėjimu efektyviai valdyti finansinius išteklius; savo ruožtu šiame straipsnyje šalies finansinės veiklos efektyvumas vertinamas valstybės mokumo kontekste. Ypatingas vaidmuo valstybės skolos išmokėjime skiriamas skolos padengimo laikotarpiui. Čia laikoma, kad valstybės skolos padengimo laikotarpis, kuris pasitarnauja kriterijumi vertinant šalies finansinį konkurencingumą, sietinas su žmogaus gyvenimo trukme. Vertinant skolą autorius panaudojo paties pasiūlytą skolos tarpgeneracinio moralumo indeksą, rodantį skolos grąžinimo galimybes ateities kartų atžvilgiu. Atliktas tyrimas parodė, jog Lietuva (greta Estijos, Suomijos, Švedijos, Latvijos, Liuksemburgo ir Slovėnijos) valstybė vykdo konkurencingą skolos valdymo prasme ekonominę politiką. Skolos padengimo Straipsnio pabaigoje pateikiamos rekomendacijos ES biudžetinės politikos ir valstybės skolos problemoms spręsti; esminė jų – siūlymas ES lygmenyje sukurti tikslinį įsiskolinusių valstybių skolos mažinimo pagalbos fondą

The ability of States to manage the financial flows is one of the nations’ competitiveness factors in modern global economy. This factor is especially significant because of growing competition for the world-wide financial resources and investments. The results of State’s ability in this field of competence manifest through the debt ratio and solvency of nation, i.e. capacity to redeem nation’s debt using their entire economic mechanism. Growing national debts gives the interest rates a boost and this amplifies the risks of possible future tax level growth and finally frightens investors to invest in the indebted country. So, the goals of this paper are to evaluate the EU States’ public debt situation, as nations’ competitiveness factor, and to make proposals for the EU debt problem solving. Here the competitiveness of States is related to its ability to repay debts and all assessments and proposals are made on the ground of debt evaluation method. In this paper for the public debt (and financial competitiveness) evaluation an alternative Inter-generational Debt Morality index is proposed. According to the author, the financial responsibility of current generation must be pertained to the human beings life expectancy, since only in such case minimum moral controlling pressure to the government making economic policy decisions may be ensured. Inter-generational Debt Morality index is estimated as the actual debt redemption period (in years) divided by the quantitative denomination of one generation (here defined as 25 years). There are five evaluation levels of public debt (economic and financial policy) morality, which relate economic policy efficiency of current generation to its ability to redeem public debt. The most fair inter-generationaly responsible economic policy (and most competitive) is then the public debt morality index does not exceed 1 (1 generation - 1G), i.e., public debt should be redeemed within 25 years.[...]