The market of debt securities issued by non-financial enterprises in Poland against the backgrounds of selected EU markets
DOI:
https://doi.org/10.26485/SPE/2022/123/6Keywords:
debt securities, non-financial corporations, debt issue, Poland, European UnionAbstract
Background: The research subject is the market of debt securities issued by non-financial enterprises in Poland, France, Italy, the Czech Republic, Slovakia and Hungary.
Research purpose: The main aim of the paper is to evaluate the development of the debt securities market issued by non-financial enterprises in Poland in comparison to the markets in selected EU countries. The basic thesis of the paper is that this market is underdeveloped in Poland.
Methods: The work is based on an analysis of statistical data illustrating the development of this market in Poland and selected EU countries. The main source of data was statistics on debt instruments presented by the Bank for International Settlements. The analysis focused on the size and dynamics of changes in the scope of debt arising from debt securities issued by non financial enterprises in the period 2010–2019 and the dynamics of changes in the volume of foreign issues. Additionally, to conduct a comparative analysis of the development of this market in selected UE countries, the amount of debt due to debt securities issued by non-financial enterprises was compared to GDP in individual countries by calculating the debt-to-GDP ratio.
Conclusions: The analysis of this market in Poland against the markets in Spain, France, Italy, Slovakia, the Czech Republic and Hungary allows us to conclude that the development of this market in Poland differs from that of the French, Spanish, Italian and Czech markets, although it is similar to the Slovak market. The analysis additionally allows us to state that non financial enterprises in Poland are not interested in issuing debt securities on foreign markets
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