Concept and management of market risk from the perspective of the state in selected OECD countries since 2010

The thesis deals with the analysis of the concept and management of market risk from the perspective of the sovereign state in selected OECD countries in the post-2010 period. The thesis focuses on the identification of key market risks, namely interest rate and currency risks, and the approaches of six selected countries to their management in the context of sovereign debt management. The paper provides a comparative analysis of the approaches applied in the Czech Republic, Denmark, Finland, the Netherlands, Italy and Slovakia, considering not only the level of debt and the instruments used, but also the institutional framework and strategic objectives of each financial policy. The author also focuses on the practical use of financial derivatives, in particular interest rate and currency swaps, in risk management, including an assessment of their benefits and risks in a government context. The paper adds value in the form of a synthesis of recommendations for Czech economic policy based on international experience and best practices. The main recommendations are: diversification of maturities to mitigate refinancing and interest rate risk, continuing a prudent approach to the creation of unhedged foreign currency debt and taking advantage of available opportunities to expand the use of currency derivatives to hedge specific government contracts, increasing communication and openness to investors, and resuming the issuance of inflation-indexed bonds. The results highlight the importance of a well-defined risk management strategy and the need for increased transparency and institutional capacity in their implementation. The thesis thus extends the existing knowledge in the area of fiscal and sovereign debt management policy and contributes to the debate on the sustainability of public finances in an environment of increased market volatility.