Český finanční a účetní časopis 2014(3):75-90 | DOI: 10.18267/j.cfuc.410

Financial Derivatives Notation According to Maastricht Criteria after the ESA 2010 Implementation

Petr Pavelek1, Miroslav Titze2
1 Ing. Petr Pavelek, Ph.D. - odborný asistent; Katedra hospodářské a sociální politiky, Národohospodářská fakulta, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67, Praha 3, <pavelek@vse.cz>
2 Ing. et Ing. Miroslav Titze - doktorand; Katedra hospodářské a sociální politiky, Národohospodářská fakulta, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67, Praha 3, <xtitm02@vse.cz>

Shifting to the ESA2010 is going to introduce new statistical treatment with interest under swaps and forward rates agreements (FRA) which will be further not part of the Excessive deficit procedure. The objective of the article is discuss financial derivatives notations from statistical and debt management point of view after the ESA2010 implementation. The paper also discusses potential impact on the recorded fiscal deficit and debt management strategy after implementation. The structure of the article is following: the first part reveals needs for the different treatment of financial derivatives in national accounts and Excessive deficit procedure, the second part describes exclusion of the manipulative uses of financial derivatives and the last part analyzes potential changes due to exclusion of interest under swaps and FRA from deficit in EU28. Simplification in the national accounts has to be compensated by needs for another notation to monitor real fiscal position. Modification of the deficit notation will be asymmetric between EU28 countries and creates conflicts among the strategic goals attained by financial derivatives and Excessive deficit procedure.

Keywords: ESA 2010; Financial derivatives; Excessive deficit procedure.
JEL classification: H62

Published: October 1, 2014  Show citation

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Pavelek, P., & Titze, M. (2014). Financial Derivatives Notation According to Maastricht Criteria after the ESA 2010 Implementation. Czech Financial and Accounting Journal, 2014(3), 75-90. doi: 10.18267/j.cfuc.410
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