VÝVOJ STRUKTURY STÁTNÍHO DLUHU ČESKÉ REPUBLIKY ROKU 1993 DO ROKU 2025

This master’s thesis analyses the development of the state debt of the Czech Republic between 1993 and 2025, focusing on its structure and the primary determinants of its development. The aim of the thesis is to evaluate the dynamics of the state debt, identify changes in the structure of its holders, and analyse the significance of individual financing instruments. The work is based on theoretical knowledge of public finance and macroeconomics, which is subsequently applied in the analytical part of the text. The analysis is based on data from the Ministry of Finance of the Czech Republic, the Czech National Bank, and other relevant institutions. Special attention is paid to the position of domestic financial institutions and non-residents as the main holders of state debt. The results of the thesis show that the state debt of the Czech Republic exhibits a growing trend during the analysed period, with significant changes occurring in its structure. The analysis reveals a significant acceleration in the growth of state debt following periods of economic crisis, particularly after 2008 and subsequently after 2020. Regarding the structure of holders, the domestic financial sector dominates, while the share of non-residents shows a fluctuating trend over time. The analysis also highlights gradual changes in the structure of state debt financing, shifting from treasury bills toward medium-term and long-term government bonds issued on the domestic market. The thesis contributes to a better understanding of the factors influencing the development of state debt and provides a basis for discussion on the sustainability of public finances in the long term.