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VÝSLEDKY HOSPODAŘENÍ VEŘEJNÝCH ROZPOČTŮ VE SVĚTLE PRŮBĚHU POLITICKÝCH CYKLŮ V ČR V LETECH 1993 - 2010
Kratochvílová, Tereza ; Ševčík, Miroslav (advisor) ; Vostrovská, Zdenka (referee)
The aim of the thesis is to evaluate financial and economic results of public budgets in the Czech Republic. The analysis concerns all governments between years 1993 and 2010 and shows possible connections with the political-business cycle. Origins of public budgets deficits are investigated in order to classify cyclical and structural deficit. These are established on the basis of political measures and the economic cycle analysis. First part of the thesis is based on the theory of Public finance, Public choice and Political-business cycle. Second part focuses on the analysis of economic cycles within the context of each election period and political decisions. Finally the thesis summarizes results of investigation at the said period and the influence of the economic policy of every government on results of public budgets. The economic cycle analysis demonstrate that between years 1993 and 2010 deficits of public budgets are predominantly structural.
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Should a common economic policy be implemented in the European Union?
Žiaková, Silvia ; Čajka, Radek (advisor) ; Černá, Iveta (referee)
This bachelor thesis deals with the theme of the implementation of a common economic policy within the EU. The aim of the thesis is to analyze the current situation and subsequently appraise whether it is a good option for the EU to move towards a common economic policy. The work is divided into three chapters, the first chapter covers the most important historical events during the modern integration in Europe. The second chapter discusses the issue of the Economic and Monetary Union and also explains the fact that there is no common economic policy within the EU. The last chapter is devoted to the characteristics of the current proposals and reforms which have been created in order to suppress the unfavorable economic conditions and to deepen integration of the economic policies of the EU member states.
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Fiscal Agencies - Solution to Fiscal Problems
Gallo, Peter ; Ježek, Tomáš (advisor) ; Štěpánek, Pavel (referee)
This thesis deals with the problem of an extent to which fiscal policy can be delegated to an independent fiscal agency, which is considered as the tool to minimize the deficit bias and also with applying this solution in case of Slovakia. Foreign literature and comparison of this type of institutions that operate in several EU countries are used as bases for solving this problem. The main outcome of this thesis is a design of a fiscal council for the Slovak Republic, which main function is to analyze public finances sustainability, fiscal policy evaluation and preparation of macroeconomic forecasts. What is more, it has some additional functions in the evaluation of measures that have an impact on fiscal policy.
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Is European monetary system cause of indebtedness?
Nikodym, Lukáš ; Hudík, Marek (advisor) ; Potužák, Pavel (referee)
The aim of this essay is to verify Hülsmann's thesis and to show that European monetary system is a possible cause of indebtedness. Hülsmann says that German membership in regime of fixed exchange rates has disabled the possibility of inflation in other member countries, so the debt started to grow. Cointegration analysis in time-series is used for testing his thesis. Hülsmann's thesis is verified and further extended with the influence of fiscal coordination. Monetary integration caused decrease in government revenue through inflation. Government spending has increased through fiscal coordination vice versa.
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The financial crisis and its impact on U.S. gross domestic product growth
Cimala, Petr ; Jílek, Josef (advisor) ; Dočkal, Dalibor (referee)
The aim of the thesis is to quantify the impact of the 2008 financial crisis to U.S. economic growth and also identify potential scenarios for future development. For this purpose, there was selected a sample of historical cases of financial crisis where followed the process of deleveraging. Identified impacts were applied to estimate the future GDP growth. In the period 0-5 years after the crisis GDP typically slowed by 40-45%, in 0-7 year horizon by 28-35%, and in the 10 year horizon by 17-20%. In a case of deducting export effect, slowdown of GDP growth is even higher. For the next 8 years average U.S. GDP growth is estimated to 2.26-2.6%. Compared with the pre-crisis period, slowdown reaches 14-25%. Process of deleveraging is now in the one third of the expected duration. The financial sector and household sector remains vulnerable to return the economy into recession and will deleverage further. Non-financial firms are sound. The greatest risk is hidden in the public sector which is experiencing high deficits and uncontrolled growth of debt. Debt is starting to approach level that may reduce long-term dynamics of GDP growth. The future path is in the hands of government officials. Fiscal consolidation treat the root of the problem, but it is painful and hard to approve. Delays in solving the problem is less painful way, but it can result in massive government debt, as it is now in Japan. Repeating Japan scenario is unlikely. The magnitude of balance sheet recession in Japan was much larger. The measures taken have not been so quick and strong.
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The assessment of fiscal policy influence (specific cases)
Fara, Tomáš ; Dvořák, Pavel (advisor) ; Votava, Libor (referee)
This master thesis deals with the assessment of fiscal policy in the Czech Republic, Slovak Republic and the United States. The goal of this work is to evaluate the effect of fiscal expansion on the real economy and the country's debt. The first part deals with the theoretical definition of fiscal policy. The next section describes the main macroeconomic indicators of selected countries. The final section is devoted to assessing the effectiveness of specific fiscal stimulus and evaluating their impact on unemployment, the growth rate of GDP and public debt.
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Business cycle in Slovakia 1993-2009
Lipka, Vladimír ; Czesaný, Slavoj (advisor) ; Halás, Vladimír (referee)
The thesis deals with monitoring and analysis of the economic cycle in Slovakia between 1993 - 2009. Its aim was to assess the impact of fiscal and monetary policies on the economic cycle. Both policies should cooperate with each other and create a favorable environment for economic development. The goal of the monetary policy should be securing currency stability. The fiscal policy should aim for stable development in public finance. The thesis consists of five parts, which intersect each other. The first part explains the theoretical foundations of the economic cycles. It is followed by a chapter, in which different Slovak economy phases of the economic cycle are analyzed, with the help of indicators of internal and external balance, demand and supply side of GDP and indicators of monetary conditions. Work also includes an assessment of Slovakia's entry into the EMU in terms of revenues and expenses. This part is also focused on the process of nominal and real convergence of the Slovak economy before adopting Euro. The penultimate part of this thesis deals with a comparison of business cycles of V4 countries. The conclusion is focused on forecasting the economic development of the Slovak economy in 2011.
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The Impact of Terrorism on the U.S. Economy
Kupsová, Petra ; Neumann, Pavel (advisor) ; Antal, Jarolím (referee)
This bachelor paper evaluates the impact of terrorism on the U.S. economy. In the theoretical part the term terrorism is explained as well as its possible implications. In the next part different types of counter-terrorist measures are characterized together with their costs. In the practical part immediate damage caused by the terrorist attacks of September 11th 2001 is evaluated as well as the general macroeconomic consequences of terrorist attacks. Specific costs are demonstrated on the example of U.S.A.
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Analysis of the Slovak economy since 1993
Pročka, Peter ; Czesaný, Slavoj (advisor) ; Říhová, Vladimíra (referee)
Diploma thesis studies macroeconomical and fiscal progress of the Slovac Republic from the year 1993 with the strong focus on reformative arrangements in the area of public finance in the time period 2003 and 2004. The content targets evaluation of the causes of the refomative packet and his significance for the following progress of the slovac economy and fiscal area. The first part of the thesis evaluates economic policy till the year 2002, which passes over against background of the transformation process of the national economy, together with the identification of the status which led to the preparation and confirmation of the reformative legislation. Next part of the work studies the content of the accepted arrangaments itself and changes, which were brought to the Slovac Republic. The third part of the thesis follows the analytical evaluation of the real changes from the macroeconomical and fiscal part of view. Final part extends the knowledge with the international format through the comparation of the similar reform projects in Hungary, Estonia and Latvia and at the same time evaluates the stage and potential risks of the current economical and fiscal progression of the Slovac Republic
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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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