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The Eurobonds - the comparison of different implementation schemes and their ability to solve the debt crisis
Hanzlíček, David ; Hnát, Pavel (advisor) ; Žamberský, Pavel (referee)
This Master thesis is focused on the fiscal imbalance of the countries of the EMU, which deterioration was a consequence of the financial crisis. Most of the economies had to finance its deficits through the issuance of the sovereign bonds, which are associated with the longterm interest rates. The postcrisis development is characterized by the spread of sovereign bond yields. The thesis focuses on the determinants which have contributed to the spread. Moreover, the thesis discusses proposals for the common issuance of the eurobond which are seen as a solution of the debt market crisis.
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European macroeconomic imbalances : a comparison of Slovakia and Estonia
Hvizdoš, Lukáš ; Hnát, Pavel (advisor) ; Bič, Josef (referee)
The aim of this thesis is to focus on external imbalance and fiscal imbalance, which are recognized to be the cause of financial crisis in Europe, in Slovakia and Estonia. The first part of the thesis is dedicated to provide a theoretical background of external imbalance of current account deficit and deficit of balance of payment. As well to provide the definition of causes and consequences of creation of state budget, public debt and graphic interpretation of economic tools by using IS-LM-BP model. The aim of the practical part of my thesis is based on analysis of balance of, deficit of state budget and public debt of Slovakia and Estonia. I particularly focused on processes that vanish the imbalances by financing with and without debt, market equalization process and active economic policy. Furthermore, I designed a graphic evolution of Slovakia and Estonia in the period of time after the spread of financial crisis by using the IS-LM-BP model.
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The analysis of the causes of the state of public finance in selected countries Economic and monetry union during the period 1996 to 2010
Husarová, Lucie ; Ševčík, Miroslav (advisor) ; Řežábek, Pavel (referee)
Major issue of this thesis is fiscal imbalance, which is expressed by budget deficit and public debt. The aim is to find the main cause of the current state indebtedness of public finance. The basic hypothesis of this work is that the current state is not strictly caused by the economic downturn raised by the global economic crisis. The analysis is performed at 8 states of the European Union. The theoretical section is focused on the description of theoretical connections in the system of public finances, fiscal imbalances, business cycle and shaping of Economic and monetary union. The analytical part discusses the specific challenges like unemployment, persistent budget deficits and increasing public and private debts. The selected data are presenting through series of graphs.
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The implementation of budgetary policies in terms of European integration process
Grofčík, Lukáš ; Bič, Josef (advisor) ; Tunkrová, Věra (referee)
The goal of this thesis is to identify the causes and consequences of adverse budgetary situation in the countries of the European Union and to clarify the possible solutions. The work is divided into four main parts. The first chapter discusses budgetary policies, specifies it and defines the concept of fiscal imbalance and its consequences in terms of a common monetary policy. The second chapter discusses the issue of structural reforms and economic policy coordination as a possible solution to the adverse condition. To understand the internal relations of the euro area, their responsibilities and rights, it is needed to be familiar with the document called The Stability and Growth Pact disassembled in the third chapter. The final chapter attempts to describe the evolution of public finances in particular selected euro area countries or EU with the consequences and reactions that caused their financial position.
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