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Fiscal rules in the European Union
Výprachtická, Terezie ; Šmídková, Kateřina (advisor) ; Koprnická, Kamila (referee)
The first part of the thesis 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. The second of the thesis concentrates on the golden rule of public finance. It reviews the main advantages and disadvantages of the potential implementation of this rule in the European Union. Often the question of the productivity of public capital is at the heart of the rule's discussions....
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Inflation Differentials in the European Union: Panel Data Analysis of the Driving Factors for Inflation Differentials in the New Member States
Koprnická, Kamila ; Horváth, Roman (advisor) ; Šmídková, Kateřina (referee)
In this rigorous thesis, we analyse inflation differentials in the EU. The aim of the study is twofold. First, based mainly on literature review, we describe long-term trends and potential causes of inflation differentials in the euro area as well as in the new EU member states. Second, we examine the driving factors for inflation differentials in a panel of the new European Union member states via-à-vis the euro area in 1997-2006. In particular, we use the methodology of the influential study by Honohan and Lane (2003) exploring the role of nominal effective exchange rate, cyclical conditions, fiscal policies and price convergence in inflation differentials across the euro area countries. The application of the same methodology and explanatory variables enables us direct comparison with results of Honohan and Lane (2003). Our results suggest that the given factors are important determinants of inflation differentials in the new EU member states, too. Exchange rate appreciation and a higher price level in the new EU member states are associated with a narrower inflation differential vis-à-vis the euro area, while a fiscal deficit and a positive output gap seem to contribute to a higher inflation differential. Nevertheless, the effect of price convergence on inflation differentials is found to be...
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Funding of tertiary education in the Czech Republic in comparison to the Swedish systém
Burešová, Nikola ; Koprnická, Kamila (advisor) ; Kameníček, Jiří (referee)
This work analyses the current situation of tertiary education funding in the Czech Republic and tries to find grounds for a possible reform of the funding system on the basis of a document issued by the Czech Ministry of Education, Bílá Kniha (transl. White Paper) and economics theories of Barr, Friedman and Palacios, which in different ways have been applied in various countries of OECD. The Swedish funding system is described in more detail. Some results of the reseach into the attitude of the Czech students about the possibilities of cofinancing their tertiary education, which was conducted by the Academy for the Sciences of the Czech Republic in 2004 and 2008 are mentioned marginally. Simultaneously, the data from a special research made only for this work are used.
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Two Essays on Inflation Targeting
Matějů, Jakub ; Horváth, Roman (advisor) ; Koprnická, Kamila (referee)
The thesis consists of two essays on inflation targeting. The hrst essay examines how do centrál banks set their inflation targets. Survey of centrál banks' communication regard-ing the target is presented, theoretical model is developed and finally empirical analysis is conducted on a panel of inflation targeting countries. This pioneering analysis of the topič leads us to conclusion that inflation targets are influenced by more variables than centrál banks admit. In addition to past and foreign inflation, inflation variability and GDP growth we find significant impact of centrál bank credibility and other institutional factors. The short second essay surveys literatúre assessing performance of inflation targeting and outlines perspectives of inflation targeting as a monetary policy framework. The conclusion is that if inflation targeting centrál banks stick to their best practice in transparency and communication and remain open to innovations, inflation targeting will háve a good chance to score well even in the periods of turmoil.
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Political Pressure on the National Bank of Slovakia
Kukuk, Peter ; Geršl, Adam (advisor) ; Koprnická, Kamila (referee)
As the independence of central banks is one of the main requirements for well- functioning of an economy according to general economic theory, and one of the main institutional features of the monetary constitution of the EU, this diploma thesis tries to find out whether legally independent central banks are also factually independent when they face political pressure. Firstly, the central bank independence is investigated from the theoretical point of view within the political business cycle framework. Secondly, analysis of the political pressure on the National Bank of Slovakia is conducted to empirically supplement the existing literature. This is accomplished by employing the Havrilesky (1993) methodology for measuring the political pressure. This methodology allows the pressure on the Central Bank of Slovakia to be compared with the pressure on the central banks to which the methodology was already applied, namely - the U.S. Federal Reserve, the Deutsche Bundesbank and the Czech National Bank. The final and principal question to answer is whether monetary policy of the National Bank of Slovakia - the central bank of one of the new EU member states, has been influenced by political pressure from various interest groups.
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Inflation Differentials in the Europen Union: Panel Data Analysis of the Driving Factors for Inflation Differentials in the New Member States
Koprnická, Kamila ; Horváth, Roman (advisor) ; Šmídková, Kateřina (referee)
In this diploma thesis, we analyse inflation differentials in the EU. The aim of the study is twofold. First, based mainly on literature review, we describe long-term trends and potential causes of inflation differentials in the euro area as well as in the new EU member states. Second, we investigate the driving factors for inflation differentials in the new EU member states. In particular, we use the methodology of the influential study by Honohan and Lane (2003) exploring the role of nominal effective exchange rate, cyclical conditions, fiscal policies and price convergence in inflation differentials across the euro area countries. Our results suggest that these factors are important determinants of inflation differentials in the new EU member states, too.
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Fiscal rules in the European Union
Výprachtická, Terezie ; Šmídková, Kateřina (advisor) ; Koprnická, Kamila (referee)
The first part of the thesis 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. The second of the thesis concentrates on the golden rule of public finance. It reviews the main advantages and disadvantages of the potential implementation of this rule in the European Union. Often the question of the productivity of public capital is at the heart of the rule's discussions....
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Funding of tertiary education in the Czech Republic in comparison to the Swedish systém
Burešová, Nikola ; Kameníček, Jiří (referee) ; Koprnická, Kamila (advisor)
This work analyses the current situation of tertiary education funding in the Czech Republic and tries to find grounds for a possible reform of the funding system on the basis of a document issued by the Czech Ministry of Education, Bílá Kniha (transl. White Paper) and economics theories of Barr, Friedman and Palacios, which in different ways have been applied in various countries of OECD. The Swedish funding system is described in more detail. Some results of the reseach into the attitude of the Czech students about the possibilities of cofinancing their tertiary education, which was conducted by the Academy for the Sciences of the Czech Republic in 2004 and 2008 are mentioned marginally. Simultaneously, the data from a special research made only for this work are used.
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Inflation Differentials in the European Union: Panel Data Analysis of the Driving Factors for Inflation Differentials in the New Member States
Koprnická, Kamila ; Horváth, Roman (advisor) ; Šmídková, Kateřina (referee)
In this rigorous thesis, we analyse inflation differentials in the EU. The aim of the study is twofold. First, based mainly on literature review, we describe long-term trends and potential causes of inflation differentials in the euro area as well as in the new EU member states. Second, we examine the driving factors for inflation differentials in a panel of the new European Union member states via-à-vis the euro area in 1997-2006. In particular, we use the methodology of the influential study by Honohan and Lane (2003) exploring the role of nominal effective exchange rate, cyclical conditions, fiscal policies and price convergence in inflation differentials across the euro area countries. The application of the same methodology and explanatory variables enables us direct comparison with results of Honohan and Lane (2003). Our results suggest that the given factors are important determinants of inflation differentials in the new EU member states, too. Exchange rate appreciation and a higher price level in the new EU member states are associated with a narrower inflation differential vis-à-vis the euro area, while a fiscal deficit and a positive output gap seem to contribute to a higher inflation differential. Nevertheless, the effect of price convergence on inflation differentials is found to be...
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