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The Fiscal Debt of the Czech Republic: Growth, Sustainability, Redeemability
Jaroš, Pavel ; Potužák, Pavel (advisor) ; Janíčko, Martin (referee)
The aim of this paper is to clarify the state and development of public debt in the Czech Republic. The paper is organized as follows: In the first (theoretical) part (Chapters 1 -- 4.2) a definition of debt issues, differences between public debt and government debt from the sight of various accounting methods, methods of calculating the debt and a definition of sustainability are discussed. In the second part (Chapters 4.3 -- 9), the paper focuses on the application of a real data, evolution, real state and sustainability of debt and deficits from several points of view, and possibilities of redeeming the debt. The paper also discusses in part the issue of optimal indebtedness, redeeming and consequences of the existence of an outstanding debt. An application of the most contemporary data is emphasized.
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Optimality of Maastricht fiscal criteria in the light of the economic theory
Firkaľová, Alexandra ; Šaroch, Stanislav (advisor) ; Jelínek, Tomáš (referee)
The thesis focuses on the subject Optimality of Maastricht fiscal criteria in the light of the economic theory. The first chapter presents the functions of public finances and the discrepancies in their understanding. It is aiming at some types of public deficits and their consequences. It introduces the topics concerning possiblities of public debt solving, Maastricht criteria and Stability and Growth Pact observance. The second chapter brings the opinions about unappropriate current fiscal criteria and offers many alternative possibilities to calculate them. The third chapter presents the European Commission prediction of public finances sustainability in Europe compared to the predictions in stability and convergence programmes of European countries. The second part of the last chapter focuses on the empirical analysis of different scenarios of public finances and other indicators development. The scenarios include fiscal arithmetic used for the Maastricht fiscal convergence criteria determination.
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Public Insolvency Impacts of Czech Economics
Balla, Luděk ; Votava, Libor (advisor)
This work first defines and describes the term "public debt" itself. Further the work focuses on the reasons of its emergence, the sources of financing the state budget deficit and theoretical possibilities of its elimination. The practical part of the work discusses the development of the public debt of the Czech Republic and the different views of the right and left wing political parties on it. The next part of the work explores the problems connected with the contemporary restrictive policy and the attitudes of the public to the policy which is trying to stop further raising of the public debt.
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Results of public budgets in the Czech republic between 1993 - 2009
Brejcha, Ludvík ; Ševčík, Miroslav (advisor) ; Řežábek, Pavel (referee)
This thesis examines the results of public budgets in the CR in the period 1993 to 2009. This is a hot topic, with the growth of public debt is becoming increasingly important. The aim of this work is a comprehensive analysis of public finances, specifically addressing issues of access to public deficit and reform public finances. The theoretical part is focused on defining the area being examined and the theory describing this area have their roots back more than sixty years ago in the USA. Although the idea is relatively old data, their content is still current. This is particularly important now that the growing indebtedness of many countries of the European Union, including the Czech Republic. The paper reviewed the current action by governments in the management of public finances. In the analytical part, I analyze using appropriate statistical data trends, correlations and patterns of past and current periods. Based on the trends observed and outline possible scenarios for future development. Reported research findings are interpreted in the form of text, supplemented by a series of graphic illustrations. Not forgetting the situation in the Czech Republic comparison with other developing countries of the European Union. The conclusion summarizes the findings and recommendations and outline likely future developments.
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Public debts in the world - analysis of public finances focusing on G-20 countries
Matějka, Jan ; Jílek, Josef (advisor) ; Běláčková, Vendula (referee)
This thesis deals with the problem of public debt within the G-20 countries and the Czech Republic. The current state of public finances in these countries was analyzed through the so called Public Finance Checklist, which has been specifically developed for this thesis. The Checklist includes some public sector liabilities that are not a part of the conventional analysis of public sector debt. The results of analysis show that hidden liabilities constitute a significant part of the total amount of public debt in the analyzed countries. This fact presents a threat to stability of public finances. While the total public debt is increasing, governments aim to optically decrease the level of debt. The author assumes that the reason for such behavior is the arrangement of political system with missing corrective mechanisms of the principal-agent problem and moral hazard put into effect by political representatives. At the end of the thesis the author suggests some methods to fix the problems and restrict the growth of public debt.
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Financial crisis and its impact on public finances
Tomášková, Martina ; Bič, Josef (advisor) ; Zapletal, Petr (referee)
The aim of my bachelor thesis is to analyze impact of financial crisis on public sector, especially on public expenses and government budget. First part describes mortgage crisis and its causes. Further there is an analysis of its impact on financial sector and origin of financial crisis, which after all led in economic recession. The second part is devoted to government rescue plans to boost the economy and financial system and evaluation of their efficiency. The last part is focused on debt crisis of developed countries and its possible solutions.
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Public debt and capital market in Czech Republic
Lošková, Žaneta ; Vítek, Leoš (advisor) ; Pavel, Jan (referee)
The Bachelor thesis deals with the public debt. It describes the basic features of government bonds and treasury bills and their primary issue. It investigates the basic principles of sovereign debt management in the world and examines in detail the process of debt management and risk management in the Czech Republic. The analytical part examines instruments in terms of yield and demand. It evaluates the development of trade volume in the bond market in recent years and about which instruments are most in demand in the market. Finally, examines the risks associated with debt instruments through the CDS.
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The fulfillment of the Maastricht convergence criteria by Greece
Furicová, Veronika ; Kalínská, Emílie (advisor) ; Čajka, Radek (referee)
The main objective of this work is the fulfillment of the Maastricht convergence criteria by Greece. The first chapter deals with the general characteristics, historical, political and economical development since World War II to the present. The second chapter shows and explains the Maastricht convergence criteria. The third chapter assesses the performance of Greece's convergence criteria before joining the EMU and fiscal performance during the membership in EMU. The first will focus on the implementation of the nominal convergence criteria in the 3rd stage of EMU, under which the Greeks as the only candidate country for membership were not admitted. The second objective pursued is the implementation of the fiscal criteria for membership in EMU from 2001 to present.
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Distribution of USSR public debt after dissolution of USSR in 1991
Kavka, Oleksandra ; Pavel, Jan (advisor) ; Vítek, Leoš (referee)
This bachelor thesis deals with distribution of USSR public debt after dissolution of USSR in 1991. Thesis goal is to provide complex research of creation and rising of the public debt of USSR until its dissolution. It determines problems, which newly established states encountered during distribution of assets and liabilities of the former USSR. It also in detail describes agreements and proposed variations for the debt distribution and explains the chosen method.
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