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Fiscal policy in real-time: Role of growth surprises
Kulichová, Vendula ; Baxa, Jaromír (advisor) ; Hlaváček, Michal (referee)
This thesis explores the reliability of real-time estimates of the cyclically-adjusted primary balances. Using fixed effects and weighted least squares models, we show that the real-time estimates are systematically biased and subsequently revised downwards. Moreover, the most important determinants of the revisions are economic conditions and the cyclically-adjusted primary balance revisions are positively correlated with growth surprises. On the other hand, we do not confirm any significant role of institutions and political environment that has appeared in the previous literature. JEL Classification C23, E62, H68, H87 Keywords Real-time data, fiscal surveillance, Stability and Growth Pact, cyclically-adjusted primary balance Author's e-mail 15883947@fsv.cuni.cz Supervisor's e-mail jaromir.baxa@fsv.cuni.cz
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Differentiated integration in the EU : the British approach to EMU fiscal rules
Šimunská, Petra ; Rovná, Lenka (advisor) ; Šlosarčík, Ivo (referee)
The thesis focuses on the British approach to EMU fiscal rules. Theoretical and conceptual framework is based on the theory of differentiated integration dealing with a various forms of closer cooperation among EU Member States. The research is built on the theoretical approach as described by Frank Schimmelfennig, Dirk Leuffen and Berthold Rittberger. Authors provide an analysis of conditions of differentiated integration within the EU. The aim of this thesis is to answer the question of why the United Kingdom decided not to participate in the fiscal compact and, consequently, did not allow further differentiated integration within the treaties (which led to an arrangement outside the EU legal framework) while accepting the initial fiscal rules agreed in the 1990s as well as other crisis reforms of EU fiscal governance. The first part describes Maastricht and SGP fiscal rules and analyses both the UK's position within EMU and the SGP provisions applied to the UK. The next chapter examines the British approach towards both the SGP revisions and the Euro Plus Pact. The third part analyses the new fiscal compact and explains why the UK decided to use the veto. In conclusion, the thesis provides an answer to the research question as set down in the introduction.
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European currency after Greek crisis
Martinek, Petr ; Loužek, Marek (advisor) ; Vlček, Josef (referee)
This thesis describes the current state of the European Monetary Union. Special attention is paid to the development of the recent debt crisis which revealed many weaknesses of the EMU. This paper analyses these problems and suggests some solutions. It explains causes and consequences of the debt crises and concludes with prospects for the future development of the Monetary Union.
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Czech national bank, legal status and content of activity
Semecký, Petr ; Bakeš, Milan (advisor) ; Kohajda, Michael (referee) ; Karfík, Zdeněk (referee)
disertační práce Petr Semecký Česká národní banka, právní postavení a náplň činnosti 5 Abstract A. Objectives The main goal of the dissertation "The Czech National Bank, legal status and content of activity" is to quantify, qualify and draw as exact as possible conclusions about some aspects of the development, status and activities of the Czech National Bank in the future. To solve this task, the author has used in the introduction of this work three following key questions: 1. What are the implications for the Czech National Bank of the new bodies supervising the financial markets at european level? 2. What are the benefits and negatives of adopting the euro for the Czech Republic and should the Czech Republic actually join the European Monetary Union? 3. What impact will have the amendment of the Capital Adequacy Directive (the "Basel II") on the activities of the Czech National Bank? B. Methods By creating this work was used a wide range of research methods to ensure that there will be drawn conclusions with the best possible informative value. It is possible to mention particularly the method of recherche, abstraction, comparison and synthesis. C. Sources As the most important sources used by creating the work can be mentioned ecpecially, scientific publications, monographs, articles published...
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Fiscal Rules in the European Union
Výprachtická, Terezie ; Šmídková, Kateřina (advisor) ; Schneider, Ondřej (referee)
ABSTRACTS PART I - The EMU and its Fiscal Rules This paper treats the fiscal rules of the European Economic and Monetary Union. It begins by introducing this union's inception and by discussing its set of fiscal rules - the Stability and Growth Pact, including its reform. The rationale for policy coordination and the need for fiscal rules in a monetary union are then investigated. The Stability and Growth Pact is then assessed from this point of view. The most important part of the paper is devoted to the analysis of whether the Stability and Growth Pact could be substituted by the disciplining effect of the financial markets. Our findings suggest that there is certain interaction between the financial markets and the governments' decisions on the fiscal policies and that this reaction has become stronger after the beginning of the latest financial and economic crisis. However, the institutional setup and market conditions in the European Union are such that this interaction is biased and thus we conclude that the Union needs to have fiscal rules. JEL Classification: C23, E44, E61, E62, H62, H87 Keywords: European Economic and Monetary Union, Stability and Growth Pact, Financial markets, Fiscal rules, Policy coordination PART II - The Golden Rule of Public Finance and Productivity of Public Capital This...
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European Economic Governance: An Option or The Necessity?
Vlach, Michael ; Urban, Luděk (advisor) ; Debnárová, Ľubica (referee)
Bibliografický záznam VLACH, Michael. Evropské ekonomické vládnutí - možnost nebo nutnost? Praha, 2011. 95 s. Diplomová práce (Mgr.) Univerzita Karlova, Fakulta sociálních věd, Institut mezinárodních studií. Katedra západoevropských studií. Vedoucí diplomové práce Prof. Ing. Luděk Urban, CSC., Jean Monnet Professor Abstract Diploma Thesis "European Economic Governance - an option or the necessity?" deals with the current debate on the reform of European economic governance (EEG). It focuses on the genesis of the pre-crisis European economic governance, primarily on the Economic and Monetary Union, and on the performance of the EMU and the features of EEG before and during the crisis. It investigates the issues and challenges that arisen largely from the aftermath of the crisis such as imbalances on the Internal Market due to serious competitiveness issues between the Member States, lack of crisis management, financial supervision etc. The common cause of these problems, the insufficient economic governance is identified having source largely in the original design of EMU which was adopted largely for economic reasons but contemporary political limits restrained the Economic union and macroeconomic coordination provisions thus enabling the current situation. In the final part the proposed and implemented...
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The Development of budget responsibility in EU Member States
KLOUDOVÁ, Veronika
In my thesis I have dealt with the issue of Fiscal Responsibility in the EU, especially the position the EU Member States have on this issue. The first part defines the Budget responsibility and Fiscal policy at the level of the Czech Republic and level of European Union. There has been mainly described and analyzed the Stability and Growth Pact, and the Fiscal compact. The second part has been devoted to evaluation of individual member states and described how the legislative acts are used for effort to reach sustainable finances contributing to the overall generally maintain Responsible and Fiscal policy. At the end its summarized and compared the evolution of public debt and budget deficits and also characterized their independent Financial institution.
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The Maastricht fiscal criteria, their formation and problems of fulfulment by countries of the Europen Union
Papáčková, Hana ; Izák, Vratislav (advisor) ; Klazar, Stanislav (referee)
The Bachelor thesis is focused on the description of the Maastricht criteria, and an analysis of the time period between 1995 to 2015. The work is divided into two chapters. The first chapter describes each of the Maastricht criteria and analyzes the fiscal criterion of sustainability of public debt in select EU Member States (Belgium, Czech Republic, Italy, Ireland, Germany and Greece) during this time, which includes the criteria of public debt and public deficit. The aim is to assess whether these fiscal criteria are met. The last chapter covers further regulatory measures of the Maastricht criteria, like the Stability and Growth Pact, the Euro Plus Pact and the fiscal compact, which addresses their shortcomings.
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Development of nominal and real convergence in Czech and Slovak Republic and entry of the Czech Republic into the EMU
Gajoš, Ondřej ; Žamberský, Pavel (advisor) ; Jiránková, Martina (referee)
The aim of this thesis is to define nominal and real convergence within the area of the European Union and to assess its development on the example of the Czech and Slovak Republics. This dissertation is divided into three integrated sections. The theoretical part analyses basic economic concepts related to the issue of convergence and stability of joint economic units. The topics covered include the Maastricht criteria, their relevance, currentness and possible conflict between nominal and real convergence with the accession of new countries, then the theory of optimum currency area (OCA), theory of endogeneity and exogeneity and the linkage on fiscal policy and fiscal discipline in the environment of the European Union and the eurozone. Special attention is focused on the development of fiscal policy following from the establishment of the Stability and Growth Pact, including its reforms and recent changes in the form of the Euro Plus Pact and the Fiscal Convention. To satisfy the need for quantitative evaluation of given hypotheses, the second (empirical and analytical) part offers two self-constructed indices - the index of real convergence and fiscal discipline index. Based on these indices, relationship between the performance criteria of nominal and the real economy is monitored in the evaluated cohort. The last part of this work is dedicated to synthesis and application of findings from the previous sections upon which conclusions and recommendations for possible entry of the Czech Republic into the euro area are made.
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Critical Aspects of the Italian Debt
Černohorský, David ; Němcová, Ingeborg (advisor) ; Neumann, Pavel (referee)
The work examines the hypothesis that the Italian debt has already reached its critical level and the creditors no longer trust the country. I concluded that it's far from having reached its critical level. Despite the rising debt and internal problems, Italy borrows more cheaply than before and thanks to economic growth and some reforms we can expect this trend to continue. On the other hand, the country still has major structural problems and struggles with high unemployment and declining competitiveness. In the case of failure to introduce necessary reforms, in a longer-term can Italy suffer by significant problems.
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