National Repository of Grey Literature 6 records found  Search took 0.00 seconds. 
Assessing the Fiscal Sustainability of the Czech Republic
Ambriško, Róbert ; Dingová, Vilma ; Dvořák, Michal ; Hájková, Dana ; Hromádková, Eva ; Kulhavá, Kamila ; Štiková, Radka
We present a model of public finance for the Czech Republic that addresses the main sources of risks to long-term fiscal sustainability: ageing-related expenditures and revenues, and the corresponding evolution of government debt. The baseline model is based on recent demographic projections issued by the Czech Statistical Office that forecast a shrinking share of the working-age population. Along with regulations and microeconomic incentives embedded in the tax and expenditure systems, demographic developments will affect economic growth and government expenditure and revenues in the long run. Population ageing is found to have a significant impact on future government expenditure via spending on old-age pensions and health care, where the cost profiles are modelled to reflect technological progress in the treatment of ageing-related illnesses. The analysis shows that under the current policy settings, a compound demographic effect will cause the primary government balance to turn negative at the beginning of the 2030s. The growing primary deficits, along with interest payments, which react to debt dynamics, will lead to a rapid escalation of government debt. While the outcome of the model is dependent on the specific settings of macroeconomic trends and policy variables, our wide range of sensitivity analyses show that without a policy response, even the most optimistic population scenario delivers an unsustainable path for public finances.
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Sovereign entities - financing, credit risk and rating
Navrátil, Jan ; Blahová, Naděžda (advisor) ; Gevorgyan, Kristine (referee)
The echoes of Eurozone debt crisis brought into question the sovereign risk of advanced economies. Understanding factors that influence this risk is key to avoid similar crisis of public debt financing in the future. The main aim of this thesis is to identify which factors influence sovereign entity financing and how the problems of public debt financing arise. This is reached through analysis of debt crisis development and its causes in the GIPS economies.
Basic Characteristics of the Current Pension Reform in the Czech Republic
Coufal, Vojtěch ; Poláková, Olga (advisor) ; Vebrová, Ludmila (referee)
The Czech Republic as well as the whole of Europe is struggling with a significant aging of the population. As a result of this unfavorable demographic development, the state pension system is becoming financially unsustainable. In this context, there have been discussions about the need for a pension reform at both professional and political level for more than 15 years now. This bachelor thesis provides a comprehensive view of this issue. The essential theoretical framework consists of the classification of pension systems and the characteristics of the Czech pension security. As an analysis of the demographic development, this work shows a need for a comprehensive systemic change. The thesis outlines reform options based largely on the conclusions of the two of Bezděk commissions. The paper analyzes changes in the Czech pension system, focusing on both small and large pension reform. Subsequently, the suitability of the changes and their fiscal and social impact, are evaluated.
Selected aspects of pension reform in the context of economic and political situation in the Czech Republic
Řežábková, Martina ; Szabová, Lucia (advisor) ; Štěpánek, Pavel (referee)
Bachelor thesis is focused on topic of pension reform in the Czech Republic. The substantial change in demographic structure and fiscal unsustainability of current (pay as you go) system emphasise unavoidability of pension reform. Experiences from reformes of pension systems in several countries give many comparisons and lessons learned for designing of czech pension reform. Study classifies options in pension reforms financing, describes status of current pension system including its historical developement and presents key elements of proposed reform. Study continues to present risks and benefits of implementation of second pillar (fully funded) and what requirements it means for fiscal sustainability of current (PAYG) system. Study shows that diversification of financing sources is a necessary step in order to maintain long term sustainability of pension system. Experience with implementation of reformed pension schemes in other countries and studies and recommendations local expert teams enable to asses governmental reform plan by comparing with their conclusions and recommendations. Study deals with selected aspects of pension reforms, especially related to the implementation of second pillar, its costs and benefits, institutional base as well as ways of financing of gap in first pillar (PAYG) caused by outflow to the second one. Study finishes by formulating fundamental barriers of the succesfull implementation of proposed pension reform.

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