Vliv exogenních příjmových šoků na lokální veřejné finance: Analýza obcí ČR

Hrtková, Andrea

This thesis is devoted to an analysis of the impact of exogenous revenue shocks, both positive and negative, on spending in the Czech municipalities. A closer look is also taken into the different reactions of different political affiliations of the mayors to changes in tax revenues. Although there have been written several studies which have focused on reactions of shocks to revenues on local public spending, our research should serve as a starting point in completing existing gaps in this field of study in the Czech Republic. Empirical methods involving the use of dynamic panel data were applied to test the hypotheses. This research shows that changes in tax revenues have a significant impact on the expenditures of the Czech municipalities. However, the results indicate that the extent and direction of this impact differ across different types of expenditures. Keywords Municipalities, exogenous revenue shocks, fiscal stress, tax revenues, current expenditures, capital expenditures, political affiliation

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