摘要：Treasury bills as an instrument of fi scal policy are increasingly used to cover the budget defi cit,as well as to maintain the current ratio.Th ey can have a positive eff ect on the fi nancial market,and therefore the economy if the public debt is effi ciently managed.Republic of Srpska has started issuing treasury bills in mid-2011.Since then it has continuously increased the frequency and amount of the issue.Th e main question is how justifi ed are these kind of borrowing,and the benefi ts of its cost.Th is paper wants to explore the trends of treasury bills in Republic of Srpska,limits of emissions,emission rates,as well as the interest rate on issued bills,all for the purpose of searching for cheap sources of budget fi nancing.Th e basic hypothesis is: Th e shorter deadline emissions can signifi cantly reduce the interest rate on treasury bills issued.Th e results obtained confi rm the hypothesis,which suggests that Republika Srpska could achieve signifi cant savings in budget expenditures if it lowers current maturities of 12,9,6 and 3 months to the monthly level.For the purposes of determining the conditions,dynamics and conditions of issuing treasury bills in the Republic of Srpska was used analysis method,and for the purposes of drawing the conclusions method of deduction will be used.
其他摘要：Trezorski zapisi kao instrument fi skalne politike se sve više koriste u pokrivanju budžetskog defi cita,kao i za održavanje tekuće likvidnosti.Oni mogu imati povoljan uticaj na razvoj fi nansijskog tržišta,a time i privrede ukoliko se efi kasno upravlja javnim dugom.RS je počela sa emisijom trezorskih zapisa sredinom 2011.godine,od kada se kontinuirano povećava učestalost i iznosi emisije.Često se postavlja pitanje opravdano sti takve vrste zaduživanja,a i povoljnosti cijene.Ovim radom se žele istražiti trendovi emisije trezorskih zapisa u RS,rokovi emisije,iznosi emisije,kao i visina kamatne stope na emitovane zapise,a sve u svrhu traganja za jeftinijim izvorima fi nansiranja budžeta.Osnovna hipoteza rada glasi: Kraći rokovi emisije mogu znatno smanjiti visinu kamatne stope na emitovane trezorske zapise.Rezultati istraživanja su potvrdili postavljenu hipotezu,što upućuje da bi RS mogla postići znatne uštede u budžetskim rashodima ukoliko skrati sadašnje rokove od 9,6 i 3 mjeseca na mjesečni nivo.Za potrebe utvrđivanja stanja,dinamike i uslova izdavanja trezorskih zapisa u Republici Srpskoj korištena je metoda analize,a za potrebe izvođenja zaključaka o analiziranim pojavama metoda dedukcije.
