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Public budgets outcomes and the course of the political cycle in the Czech Republic in years 1993-2010
Kůs, Jan ; Ševčík, Miroslav (advisor) ; Říhová, Vladimíra (referee)
The aim of the thesis is to find possible connections between the financial results of public budgets and the course of the political cycle in the Czech Republic. The analysis for the period of 1993 - 2010 focuses initially on the development of the overall deficit; subsequently the development of selected items of public revenues and expenditures is investigated. A fundamental part of the work is the separation of the cyclical deficit, arising from fluctuations in economic activity and the structural deficit, which is produced through specific measures of government fiscal policy. The results of the analysis indicate that with the approaching elections, there was a greater release of the fiscal policy. During the second half of the electoral cycles have also been reported higher structural deficits. However, the differences are not high enough to be considered as statistically significant.
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Fiscal developments and financial stress: a threshold VAR analysis
Baxa, Jaromír ; Afonso, Antonio ; Slavík, M.
We use a threshold VAR analysis to study whether the effects of fiscal policy on economic activity differ depending on financial market conditions. In particular, we investigate the possibility of a non-linear propagation of fiscal developments according to different financial market stress regimes. More specifically we employ a quarterly dataset, for the U.S., the U.K., Germany and Italy, for the period 1980:4-2009:4, encompassing macro, fiscal and financial variables. The results show that (i) the use of a nonlinear framework with regime switches is corroborated by nonlinearity tests; (ii) the responses of economic growth to a fiscal shock are mostly positive in both financial stress regimes; (iii) financial stress has a negative effect on output growth and worsens the fiscal position; (iv) the nonlinearity in the response of output growth to a fiscal shock is mainly associated with different behaviour across regimes; (v) the size of the fiscal multipliers is higher than average in the last crisis.
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Taxation and grant of agricultural company - influence accounting methodist and relation to income from operations
NAVRÁTILOVÁ, Jana
This bachelor thesis deals with tax and grant issues concerning a subject being in business in the agricultural sector. The objective is to elaborate more precisely these issues with regard to the impact on accounting and with a resultant relation to the final net income. Theoretical base of the application in the agricultural enterprise Jari Agro, Ltd. is mentioned in the practical part of this bachelor thesis. Grants are crucial for present agricultural entrepreneurs. I described the influence of these grants (drawn by enterprises) on the final net income. I also noted the impact of taxes on the final net income. All data needed for the compilation of this thesis were found out from the basic company statements {--} balance sheet and profit & loss statement for the years 2005 - 2007, from the literature and from the Internet.
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What the Data Say about the Effects of Fiscal Policy in the Czech Republic?
Baxa, Jaromír
In this paper, we provide the estimates of the fiscal multiplier in the Czech economy, based on the methodology of the fiscal VAR. The basic idea, adding fiscal variables into the macroeconomic VAR model, follows Blanchard and Perotti (2002). For estimation of our model, we utilize the dataset with quarterly data on a sample from the first quarter of 1998 to the second quarter of 2009. Our main results are as follows. Firstly, government expenditures have a positive and significant impact on the GDP. By contrast, a response of GDP on a shock to government revenues is slightly negative and in most specifications not significant. Secondly, these results are robust to various sensitivity checks. Consequently, the restoration of sustainable fiscal policy should focus rather on the revenues side than in the government expenditures, since a significant cut in government spending would probably have slowed down economic growth.
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Analysis of the Czech Republic fiscal policy after the European Union accession
Kodejšová, Martina ; Izák, Vratislav (advisor) ; Blažek, Petr (referee)
The aim of this thesis: The Analysis of the Czech Republic fiscal policy after the European Union accession are to describe and monitor development of Czech fiscal policy, remind context of economic and political cycle with fiscal policy in sequence of factual development and evaluate fiscal policy from the standpoint of the accession to EU and possible acceptance of the Euro, too. First part of paper is attended to basic terms delimitation of economic and fiscal policy. In subsequent parts is analyzed development of the most important fiscal policy indicators on the basis of acquired informations and evaluated fiscal policy from the perspective of its positioning. The last part is attended to consequence between Czech Republic and European Union, above all observance evaluation of Maastricht convergent criteria. Attention is aimed also at Stability and Growth Pact
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Monetary and fiscal response to the financial crisis
Babušák, Martin ; Brada, Jaroslav (advisor) ; Osička, Štěpán (referee)
The thesis summaries and compares adopted measures in the area of monetary and fiscal policy in response to the financial crisis in years 2007-2010. In the area of monetary policy, the most important measures of Federal Reserve System and European Central Bank are summarised and compared. In the area of fiscal policy, the thesis sums up and compares the reaction of the government of the United States of America and the Federal Republic of Germany.
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Fiscal bankruptcy of Hungary - the way that also the Czech Republic follows?
Pařízek, Ondřej ; Ježek, Tomáš (advisor) ; Dočkal, Dalibor (referee)
The first goal of this thesis is to reveal main causes of increasing public debts of the Czech Republic and Hungary. The results of that analysis should show us whether the both countries differ in such causes or not and if there is a chance that the Czech Republic's public finance system could be in danger, as it happened in Hungary in 2008. At the beginning, we suppose that there are no important differences in those causes and that the main reason for the increasing public debts are long-term budget deficits which are of structural character. That means that those structural deficits are formed on purpose, by irresponsible fiscal policy. The other goal of this thesis is to analyse the most important factors which cause the long-term structural deficits in the Czech Republic, and to suggest some steps which would help to stop the further creation of those deficits.
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