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Influence of government bonds on private investment in Czech republic
Hlaváček, Jiří ; Dočkal, Dalibor (advisor) ; Štěpánek, Pavel (referee)
This work is an analysis of the crowding out effect caused by issues of governmen bonds in small open economy - in this case in Czech republic. Issue of bonds is for government one of possible solutions to budget deficits. There is no integrated opinion on the effect, which issues of government bonds have on private investment, in the theory. If the economy is not fully open, it can be crowd out. On the one hand neokeynesian Mundell-Fleming model talks about decrease of level of net exports. On the other hand the neoclassical by R. Barro developed Ricardian equivalence says, that private consumption will decrease in the reaction to budget deficit. Mundell-Fleming model is presented as an traditional theory and the Baroo's theory is refused. Empirical study in this work can this opinion validate or disapprove by observation of trends of budget deficit, issues of government debt, interest rates and private investment in Czech republic.
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The Impact of Ffiscal Policy on Foreign Exchange Rate Developments in the Last Decade
Vašková, Kateřina ; Ševčík, Miroslav (advisor) ; Zabranská, Monika (referee)
Diploma thesis deals with problem whether fiscal policy has an impact on development of currency exchange rate. The first aim of the thesis is to describe some theoretical models which consider possibilities of relationship between fiscal policy and currency exchange rate and to give a notice where can be differences. The thesis introduces a function of fiscal policy, a creation of currency exchange rate and describes an environment of exchange market. Currency exchange rate is stable on its market defined value in the long term. I suppose also that interventions of leaders of fiscal policy can not influence currency exchange rate positively. On the other hand, there could be a negative impact on currency exchange rate by leaders of fiscal policy. The second aim of the thesis is to analyze an impact of government debt on development of currency exchange rate, mainly are analyzed the Czech republic, Great Britain and some other selected countries of the European union. In the thesis are provided macroeconomic data of mentioned countries, mainly government debt to gross domestic product, budget deficit to gross domestic product, development of currency exchange rate and some information about macroeconomic situation of countries. Final part of the thesis provides an analysis of an impact of debt on currency exchange rate (correlation analysis, graphical comparing).
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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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European monetary union
Kužílek, Pavel ; Vondrušková, Barbora (advisor) ; Abrhám, Josef (referee)
The aim of this work is to analyze the success of European monetary integration and it's contribution to countries, who's economics are, no matter if for the long lasting difficulties or recent transformation, likely to be called hazardous. In the first part, the work concerns itself with the very conception of the idea of European monetary integration and it's development, over the final form of the project, it's accomplishment up till current problem and challenges. The second part is an analysis of chosen countries who belong in the category named above. With this countries I will try to analyze the effect that joining the monetary union had on their economy. In the end I'll summarize the acquired knowledge to evaluate the effect of the common currency on the chosen group of countries.
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State budget deficit of the Slovak Republic and its financing
Mesežnikov, Roman ; Radová, Jarmila (advisor)
This bachelor thesis deals with the state budget deficit of the Slovak Republic and its financing. The first part analyzes the deficit of the state budget in general terms -- what it is, how it is originating, what types of deficit exist, how it can be covered. We find out that in principle the five possible ways are leading to the deficit, and there are just five possible ways how it can be "addressed". The next part analyzes the development of public debt and the state budget deficit in the Slovak Republic since its establishment and looks how it was covered. We find out that the budget deficit was largely covered by issuing governmental securities, therefore in the final part of this bachelor thesis we deal with treasury bills and governmental bonds. We mention the importance of State Treasury and the Agency for Management of Debt and Liquidity( ARDAL), the rules of the primary market with governmental securities and, in the end, we analyze development of their issuance.
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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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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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