|
|
Numerical fiscal rules and fiscal institutions in an economy with a dynamic common pool problem
Janásek, Lukáš ; Gregor, Martin (advisor) ; Hejlová, Hana (referee)
1 Abstract The focus of this bachelor's thesis is fiscal policy of a fragmented government that represents symmetric socio-economic groups. For the analysis of fiscal policy, I develop the model of a dynamic common pool. In the model, the fiscal choices of interest are 1) a level of tax revenue, 2) a level of public productive spending and 3) an intertemporal choice of a level of group's consumption spending. For each of the fiscal decisions, I describe a distortion associated with the fiscal choice stemming from the decentralized decision making. Next, I examine the impact of a deficit ceiling and fiscal institutions that centralize separate fiscal choices of groups on the three distortions. Due to the symmetry of groups, the analysis abstracts from the efficiency-equity trade-off. Among the key results is that three fiscal frameworks can attain the socially desirable fiscal policy: 1) centralization of the productive spending and the tax revenue combined with a deficit ceiling, 2) centralization of the consumption spending, 3) centralization of a budget size and the productive spending.
|
|
|
The ECB, Austerity and the Fiscal Multiplier: A meta-regression analysis of Fiscal Multiplier Estimates in ECB Policy Recommendations
Brüsewitz, Caspar Gerbrandt ; Baxa, Jaromír (advisor) ; Havránek, Tomáš (referee)
The primary aim of this thesis is to examine whether the policy recommendations made by the European Central Bank in response to the financial crisis of 2008 were biased towards fiscal consolidation. It posits that such policies, commonly known as austerity, were underpinned by estimates of the fiscal multiplier that were lower than those of international and independent researchers. To analyse this, it provides a systematic overview of the ECB's fiscal multiplier estimates by performing a meta-regression analysis on all ECB working papers making multiplier estimates published between 1992 and 2012, and comparing the results against those of a larger dataset containing multiplier estimates made. It finds that the multiplier estimates of the ECB are significantly lower than the norm, which is potentially suggestive of bias. This thesis contributes to the literature on ideational bias in economic policy-making by providing a systematic literature review that helps inform the discussion on austerity in the EU. It also servers as a replication and expansion of previous meta-regression studies on the fiscal multiplier, by being the first study that specifically examines the estimates of a specific institution.
|
|
|
The concept of "Schuldenbremse" as an instrument against indebtedness in the Federal Republic of Germany
Říhová, Dominika ; Mlsna, Petr (advisor) ; Kunštát, Miroslav (referee)
As a result of the rapidly rising debt in recent years, the Federal Republic of Germany has decided to stop this unfavourable trend. The approval and acceptance of the so-called debt brake (Schuldenbremse) into the Basic Law in 2009 was also supported by the fact that the amount of public debt significantly exceeded the defined limit by the convergence criteria. With the financial crisis and the associated debt crisis within the eurozone, it turned out that the rules set out in the Stability and Growth Pact are being handled by a few states, and therefore some states have, due to their irresponsible fiscal policy, faced serious problems which are characterized by the inability to repay their obligations. Consequently, austerity measures had to be taken and at the same time, other EU countries have been invited to adjust their public finances to contribute to the consolidation of Economic and Monetary Union. As a result, debt brakes or other measures were then embedded in national legislation to prevent further crises. The German debt brake is a set of seven constitutional laws, where the main assumption is the annual setting of balanced budgets, or balanced income and expenditure, both at federal and state level, in order to prevent new further indebtedness. It was stipulated that the state budget...
|
|
| |
|
|
Analysis of the Economic Crisis in Russian Federation during years 2014-2016
Šmilňák, Richard ; Vostrovská, Zdenka (advisor) ; Vebrová, Ludmila (referee)
The following thesis deals with the analysis of the crisis of Russian economy in 2014-2016. Depicting evolution of economic situation proceding this state of economy serves as a complementary aim to the main goal which is the analysis of state economic policy implementation in contrast with the countrys commodity dependence with the background of ongoing crisis. The focus of the thesis lays upon deconstructing chosen steps of monetary policy as well as modifications of the federal budget while importance of mining and export of oil and natural gas is being discussed. The outcome is a complex observation of the coexistence of monetary and fiscal policy during the process of reversing the path leading to a fiscal collapse.
|
|
|
The Impact of the Global Crisis 2008-2009 on the US Economic Policy Development
Mintál, Jakub ; Neumann, Pavel (advisor) ; Jedlinský, Jakub (referee)
The aim of the thesis is to characterize the development of economic policy from the beginning of the financial crisis to the current policy in the United States and to determine the impact of this policy on the economy of the United States. The first chapter of this thesis deals generally with the global crisis and solves the cause of the crisis. The second chapter deals with economic policy and describes anti-crisis measures of fiscal and monetary policy. The last chapter deals with the development of key macroeconomic indicators, the development of government debt and Fed's criticism, and evaluates the effectiveness of economic policy.
|
|
|
Economic policy of Brazil
Janišová, Michaela ; Procházková Ilinitchi, Cristina (advisor) ; Hasík, Gabriel (referee)
The thesis deals with an economic policy of Brazil. The aim of this thesis is to find out the main tools which are used to reach the main targets of economic policy and to evaluate their efficiency. Thesis is divided into three main chapters. In the first one, which is theoretical, is generally defined an economic policy, its functioning and terms which are connected to it. The second chapter focuses on the four main tools of economic policy and its measures to prevent the unfavourable economical and political situation in the country. Eventually, the third chapter, analyses and evaluates the efficiency of economic policy tools in Brazil during the last decade using the four main economical targets.
|
|
|
Problems and the long-term sustainability of public finance in Japan: Will Japan face sovereign default?
Jägerová, Lenka ; Stuchlíková, Zuzana (advisor) ; Neumann, Pavel (referee)
The aim of this diploma thesis is to evaluate the current situation of public finance in Japan and its long-term fiscal sustainability. The partial objective is to define the fiscal and debt sustainability of the Japan's economy and to evaluate the objectives of government reforms undertook in this area. Further, the thesis examines the link between the fiscal situation and the other problems that Japan is facing, particularly Japan's ageing population, weak domestic consumption and slow economic growth. The diploma thesis is divided into three chapters. The first chapter recalls the basic knowledge of the theory of public finance and fiscal policy. The other two chapters are empirical. It is analysed economic development of Japan after the entry into the new millennium and the fiscal reforms approved by Prime Minister Koizumi and current Prime Minister Abe. At the end of the thesis the fiscal situation and long-term sustainability is evaluated.
|
|
|
National debt of Czech Republic
Chung, Su Won ; Izák, Vratislav (advisor) ; Klazar, Stanislav (referee)
The dissertation analyzes national debt of Czech Republic between the years 1996 to 2015 as well as comparing it to other member states of European Union with a brief suggestion of how to lower the debt. Results are based on documents from Ministry of Finance of Czech Republic.
|
|
|
The impact of the financial and economic crisis on Germany
Kremerová, Kristýna ; Jiránková, Martina (advisor) ; Straková, Eliška (referee)
This thesis focuses on interpreting the impacts of the financial and economic crisis (2008/2009) on the Federal Republic of Germany. With the help of selected macroeconomic indicators, it compares the situation in the country before the crisis, its course and the state in which Germany emerged from the crisis. Additionally, this development is compared with the selected world economies. It also focuses on content analysis of anti-crisis measures of the state, especially the so-called "Konjunkturpakete", and necessary interventions in the banking sector. It then evaluates the amount and evolution of public gross debt. In conclusion, the thesis focuses on the analysis of the country according to the "Macroeconomic Imbalance Procedure" method. Conclusions in our work suggest that the Federal Republic of Germany managed to recover relatively quickly from the crisis, but still suffers from macroeconomic imbalances.
|
guest ::
