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The use of derivatives in public debt management
Polesný, Michal ; Dvořák, Petr (advisor) ; Daňhel, Jaroslav (referee)
The thesis analyses several ways to use financial derivatives in public debt management. It mainly focuses on the manager's motives to use derivatives, associated risks and other fundamental aspects, including the known examples of a questionable use of swaps. In the last chapter the thesis also uses historical data to determine whether the use of derivatives can have a positive effect on the Czech republic's interest expenditures.
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The Fiscal Debt of the Czech Republic: Growth, Sustainability, Redeemability
Jaroš, Pavel ; Potužák, Pavel (advisor) ; Janíčko, Martin (referee)
The aim of this paper is to clarify the state and development of public debt in the Czech Republic. The paper is organized as follows: In the first (theoretical) part (Chapters 1 -- 4.2) a definition of debt issues, differences between public debt and government debt from the sight of various accounting methods, methods of calculating the debt and a definition of sustainability are discussed. In the second part (Chapters 4.3 -- 9), the paper focuses on the application of a real data, evolution, real state and sustainability of debt and deficits from several points of view, and possibilities of redeeming the debt. The paper also discusses in part the issue of optimal indebtedness, redeeming and consequences of the existence of an outstanding debt. An application of the most contemporary data is emphasized.
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Greece and debt crisis
Šprlák, Štefan ; Písař, Pavel (advisor) ; Urban, Luděk (referee)
The aim of this work is to analyze the causes of current debt crisis of Greece. Deficit financing and the poor state of public finances have roots in 1980s, when during two reigns of socialist governments (1981-1989) a massive increase in government spending and subsequent public debt multiplied above 100 % of GDP, which persisted despite a degree of economic growth until today. Doubts about the ability to pay country's liabilities intensified during the last financial crisis and culminated at the turn of 2009/2010. Examples of countries that have successfuly faced poor economic situation in relation to debt by fiscal consolidation and reform steps are New Zealand and Ireland. Reforms in these states and their subsequent positive economic results will be put into contrast with non-reformed developments in Greece and possible outcomes for more successful future will be suggested. To place the problem into current perspective, additional focus will be directed towards the causes of actual declining economic trajectory and overall poor state of public finances in Ireland.
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Greece: Economic development and prospects
Roštínská, Eva ; Abrhám, Josef (advisor) ; Jiránková, Martina (referee)
Diploma thesis describes the development and prospects of greek economy, mainly focused on Economic adjustment programme for Greece introduced in May 2010. Main chapter introduces the goals of the programme and design of main reforms. Estimates of further economic development and the possible restructuring of greek debt was presented.
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Slovak pension reform
Lukačovský, Tomáš ; Vostrovská, Zdenka (advisor) ; Nohál, Martin (referee)
This essay inquires of retirement system in Slovakia. In the first theoretical part author brings the retirement system in, its evolution and character. Also inform about genesis of reform and introduce its legislative basic. In the second part of essay author analyses period of time when the government was changed twice. Every government set up the pension system according to its ideas. The main target of this essay is to recalculate that changes and point at real impact in form of deficit, public debt or in form of saver.
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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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Does corruption cause public finance deficit?
Turko, Dominik ; Houdek, Petr (advisor) ; Skopeček, Jan (referee)
With the use of panel data from the year 2005 to 2009 tracking the 27 EU member countries, it is tested; wheather corruption causes public finance deficits. The indicator control of corruption, which is a part of WGI (World Governance Indicators) is used as the main measure of corruption-level. This rate is annually compiled by the World Bank organization. Corruption effects deficit through lower tax revenues. Lower tax revenues are the consequence of lower rate of growth. The second main transmission channel between corruption and deficit is the higher public expenditures, which are the result of inefficiency of public investment (Kaufmann, 2010). With the help of the fixed-effects model the introductory hypothesis has been verifyed. Improvement of the measure control of corruption by one unit leads to the reduction of the public finance deficit as the share of GDP by about 4 pp. The hypothesis, that the size of government affects the deficit negatively has also been verified. The increase of the size of the government as the share of public expenditure of GDP of 1 pp causes the increase of deficit of 0,26 pp. The membership in EMU represents an encreace of deficit by 2 pp. First, the economic freedom reduces deficits of public finance, but later it has the opposite effect.
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Deficits and damages in the accounting and tax background in the selected retail, their management options
HRADILOVÁ, Jana
The theme of my work is "Deficits and damages in the accounting and tax background in the selected retail, their management options." The aim of my work is to develop standards for the selected type of retail and possibilities of their use in specific conditions. In the theoretical part of the basic concepts are defined on the stocks in the retail and records, inventory, deficits, damages and natural decrease and reasons for their emergence and subsequent definition of deficits and damages from the accounting and tax perspective, legislation and regulations. In the practical part of the first chapter described the survey, evaluation and management agenda deficits, damages and natural decrease. The following chapter deals with the creation process for calculating and determining the subsequent percentage of withdrawals and natural decrease standards for specific retail. This chapter ends with discussions use these standards in practice.
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Patient selfcare with nostrils-stomach tube
BLABOLILOVÁ, Alena
In the theoretical part anatomical sections of the digestive tract from the oral cavity to the small intestine are described. Possible indications for nasogastric probe placement, the method for placement and care of this invasive input are also discussed. A questionnaire investigation was conducted. With an agreement of the head nurse the questionnaire inquiry was carried out in the Jablonec nad Nisou hospital. 7 patients with a nasogastical probe and 47 nurses form surgical and internal departments took part in the investigation. Closed questionnaires were distributed to the respondents. We focused on patients´ experience concerning limitations caused by the probe, such as fluid and food intake, breathing, hygiene, sleeping, dressing, walking, contact with their neighbourhood, whether they feel ashamed and who helps them eliminate the deficit in these activities. We also assessed the attitude of nurses working in surgical and internal departments to the same activities in patients with a nasogastric probe. The opinions of nurses and patients were compared. The investigation aimed at the group of nurses was extended by questions about nursing standards for the care of patients with a nasogastric probe. Information obtained in this thesis will serve the hospital Jablonec nad Nisou management as a basis for evaluating suitability of recasting nursing standards relating to the care for patients with a nasogastric probe. It may also be a stimulus to organize professional seminars on the subject not only for nurses, but also for doctors in the future.
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