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Pension Reforms in Latin America: Comparative Analysis of Reforms in Peru and Bolivia
Kučová, Petra ; Hedbávný, Petr (advisor) ; Luňáčková, Petra (referee)
During 1990s, pension reforms took place in 7 Latin American countries. This paper focuses on pension reforms in two countries of the region - namely Peru and Bolivia. Apart from describing reforms, the paper deals with indexation of pensions. Using data from Peru, it examines whether the consumer price index is an appropriate indicator for indexing pension benefits. Section I adumbrates economic and demographic situation in Latin America and history of local pension systems. Next section is devoted to the pension system in Peru, its reform and subsequent adjustments. The third section describes the reform and its modification in Bolivia. Section IV summarizes and compares examined reforms. Final section analyses costs of living of particular income groups in Peru. Results show that 55-60 % of pensioners faced lower inflation than was the overall inflation in the country during the period 1995-2003. Therefore, indexing pensions with consumer price index is advantageous for more than half of pensioners.
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Impact of population development on Czech pension system balance by 2065
Doležal, Vítězslav ; Hedbávný, Petr (advisor) ; Mlčoch, Lubomír (referee)
The bachelor thesis deals with the impact of population development on the economy of the Czech Republic by the year 2065. It explains expected development in age structure of population with the help of description of the past population development in the CR and comparison of three population forecasts of the CR, i. e. forecast of the Czech Statistical Office, Science faculty of Charles University and Eurostat. I focus on the evaluation of expected impact of age structure on the currently set pension system balance in the CR. For the estimation of balance by the year 2065, the comparison of four pension system projections is used, i. e. Ageing Report, David Marek's projection and two own projections. The thesis emphasizes analysis of projection simulation methodology. The findings of the comparison show that above all in consequence of population ageing the system year balance will become negative and the deficit will have been deepened by 2060, that is why it will be necessary to reform the system.
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Simulation of pension reform impact on Czech real estate market
Součková, Soňa ; Jandík, Tomáš (advisor) ; Hedbávný, Petr (referee)
Diplomová práce - Soňa Součková: Simulation of pension reform impact on real estate market Abstract The objective of this thesis is to estimate the impact of pension reform on commercial property market in the Czech Republic during the period of 2013 -2017. Our hypothesis is that a potential pension reform would have a positive significant impact on property investment volumes via institutions constituting the second pillar. In the first step, we provide analysis of pension reforms recently applied in Slovakia, Hungary, Poland, Lithuania, Latvia and Estonia. Given analysis of selected countries and specifics of the proposed Czech pension reform, we estimate that the institutions in the second pillar may face additional yearly cash inflows beginning on EUR 1.23 billion in 2013 and further increasing to EUR 2.59 billion in 2017. Furthermore, we estimate that a likely share allocation by second pillar institutions into real estate would lie in the region of 0 - 14% depending on the discrete decision of the regulators. Using a conservative leverage of 40% for bank financing, we estimate that the expected investment volumes allocated by second pillar institutions into real estate would be EUR 61 - 287 million in year 2013. Given the average investment volumes of EUR 1334 million p.a. allocated into commercial...
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Bailouts in banking industry : Curse or salvation?
Šolc, Jan ; Janda, Karel (advisor) ; Hedbávný, Petr (referee)
One of questions discussed in the light of current financial crisis is the problem bailouts in banking industry. This thesis contributes to this dispute by studying the relationship between the probability to be bailed out and the risk appetite of particular commercial bank. The aim of this paper is to analyze this relationship in both, theoretical and empirical way, which is still missing in current literature. We work with two hypotheses in this paper. The first one is that there is a positive relationship between the above mentioned variables while the second one suggests that large commercial banks tend to have higher risk appetite. Our first hypothesis is studied in both ways, while the second one is analyzed only in a theoretical way. In the theoretical part we derive the relationships between considered variables under the general equilibrium framework. In our model we work with an economy with four different agents (namely households, firms, commercial banks and central bank). These derived relationships are then analyzed empirically. We work with a panel data dataset considering the data about 500 commercial banks from 70 countries over the 2005-2008 period. The results of empirical analysis suggest that there is a negative relationship between the probability to be bailed out and the risk...
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Is the concept of the Laffer curve valid? : the empirical evidence from the corporate income tax for selected OECD countries
Herbst, Karel ; Schneider, Ondřej (advisor) ; Hedbávný, Petr (referee)
This thesis deals with the issue of Laffer curve. According to the idea of Laffer curve when the tax rate exceeds certain treshold (revenue-maximizing tax rate) the tax revenue would in absolute terms decrease with rising tax rate. Therefore this thesis tries to discover whether those facts are valid in the corporate income taxation for 20 OECD countries for the time period from 1965 to 2006. The structure of the thesis could be divided into three parts. In first introductory chapters we would discuss the issue of taxation in general. We will briefly examine the history of taxation and explore the theory of taxation and tax systems. The second part of this thesis will focus on the Laffer curve in detail. Third chapter will introduce the theory behind Laffer curve and discuss its properties for different types of taxation. In the following chapter the literature and different possibilities of estimation of Laffer curve and (or) Laffer effects would be reviewed. Fifth chapter focuses on the corporate income taxation per se and examine the development of corporate income tax revenues and rates in our sample countries. In the last part of this thesis the econometric estimates the Laffer curve for corporate income taxation are presented. Powered by TCPDF (www.tcpdf.org)
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Pension system in Czech Republic compared with Slovak system
Argayová, Šárka ; Schneider, Ondřej (advisor) ; Hedbávný, Petr (referee)
Czech and Slovak pension systems, after divorce of the federal state in 1993, were based on the same content. Slovak system has come through systematic reform, Czech Republic, on the other hand, for such a complex one still waits. This paper describes in detail both systems and their evolution since separation, with special emphasis on their mandatory parts. First part of the paper gives a theoretical background; contains basic types of pension systems and their characteristics. The next part describes Czech pension system, its development since 1989 and highlights its shortcomings. The fourth chapter comes with possible reforms of this system suggested by experts as well as by Czech political parties. Then I describe in the same way Slovak pension system and its reform. The last chapter is the core part of whole paper, that compares development in both systems, describes their current basis and shows, how demographic and macroeconomic trends influence pension systems. Powered by TCPDF (www.tcpdf.org)
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Effective tax rate measures : (survey of methods, computations and comparison to statutory tax rates in the Czech Republic)
Kábrtová, Jana ; Zápal, Jan (advisor) ; Hedbávný, Petr (referee)
Structure of tax systems of particular countries across the world features with great complexity and largely differ from one country to another. Statutory tax rates are not a good measure of the tax burden imposed by the tax nor are they a good tool for comparing of different tax systems or analysing the effects of changes in tax laws. To gather all these information we need to construct synthetic indicators as effective tax rates that are the main subject of this thesis. The effective tax rates can be calculated using several different methods. The first part of this thesis describes and summarizes these methods of computation of effective tax rates and points its strengths and weaknesses. The second part of the thesis then bases on my own effective tax rate's computations and compares effective tax rates in the Czech Republic with effective tax rates in Europe. The aim of this part is to find out whether the final tax burden in the Czech Republic is higher or lower than in EU-15 countries. Moreover I compare the effective tax rates with the statutory ones and describe the features of Czech tax system. The last part of the thesis is talking about the proposed tax reform with focus on the impact of this reform to effective tax rates.
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Is the Concept of the Laffer Curve Valid ?
Herbst, Karel ; Schneider, Ondřej (advisor) ; Hedbávný, Petr (referee)
i Abstract This thesis deals with the issue of Laffer curve. According to the idea of the Laffer curve when the tax rate exceeds certain treshold (revenue-maximizing tax rate) the tax revenue would in absolute terms decrease with rising tax rate. Therefore this thesis tries to discover whether those facts are valid in the corporate income taxation for 20 OECD countries for the time period from 1965 to 2006. The structure of the thesis could be divided into three parts. In first introductory chapters the issue of taxation would be discussed in general. It will briefly examine the history of taxation and explore the theory of taxation and tax systems. The second part of this thesis will focus on the Laffer curve in detail. Third chapter will introduce the theory behind Laffer curve and discuss its properties for different types of taxation. In the following chapter the literature and different possibilities of estimation of the Laffer curve and (or) Laffer effects would be reviewed. Fifth chapter focuses on the corporate income taxation per se and examines the development of corporate income tax revenue and rates in our sample countries. In the last part of this thesis the econometric estimates of the Laffer curve for corporate income taxation are presented. The Laffer curve would be estimated for three...
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Establishing Old Age Pension Retirement Age Limits
Svoboda, Radovan ; Potůček, Martin (advisor) ; Hedbávný, Petr (referee)
Establishing retirement age is a key issue for each and every pension system. How this issue is resolved is palpable for every citizen and also has a major political dimension. The main reasons for increasing the retirement age - which is occurring in all European countries - are demographic development and economic factors, such as higher life expectancy, increasing the proportion of pensioners to the number of economically active people, and the growing costs for the pension system. This thesis describes the current reform steps in Europe and provides a thorough analysis of factors which are relevant for dealing with retirement age issues. The analysis is based on official statistical data, which are scrutinized even in mutual correlations. The need for an interdisciplinary approach which eliminates unilateral vistas and biased application of data lifted out of context and long-term trends is emphasized. Special attention is paid to the genesis and current solutions regarding the retirement age in the Czech Republic. This thesis offers reasoning which supports setting 65 years of age as the statutory retirement age, including the mechanism for increasing it depending on how the life expectancy factor develops. How the retirement age issues are dealt with is based on the fundamental ethical...
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