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The concept of "Schuldenbremse" as an instrument against indebtedness in the Federal Republic of Germany
Říhová, Dominika ; Mlsna, Petr (advisor) ; Kunštát, Miroslav (referee)
As a result of the rapidly rising debt in recent years, the Federal Republic of Germany has decided to stop this unfavourable trend. The approval and acceptance of the so-called debt brake (Schuldenbremse) into the Basic Law in 2009 was also supported by the fact that the amount of public debt significantly exceeded the defined limit by the convergence criteria. With the financial crisis and the associated debt crisis within the eurozone, it turned out that the rules set out in the Stability and Growth Pact are being handled by a few states, and therefore some states have, due to their irresponsible fiscal policy, faced serious problems which are characterized by the inability to repay their obligations. Consequently, austerity measures had to be taken and at the same time, other EU countries have been invited to adjust their public finances to contribute to the consolidation of Economic and Monetary Union. As a result, debt brakes or other measures were then embedded in national legislation to prevent further crises. The German debt brake is a set of seven constitutional laws, where the main assumption is the annual setting of balanced budgets, or balanced income and expenditure, both at federal and state level, in order to prevent new further indebtedness. It was stipulated that the state budget...
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Vplyv fiškálnych pravidiel na štátne rozpočty v EÚ
Lučanová, Kristína
Bachelor thesis studies impact of the fiscal rules on budgets in European Union. The thesis is oriented to analyse concrete fiscal rule – debt brake and evaluates the effectiveness of this rule in the union. Thesis is based on theoretical findings from fiscal policy and EU law. Importance of the debt brake is investigated by a panel regression analysis with fixed effects. The results show statistical significance of regression debt brake parameter and then the impact on public indicators is evaluated. Thesis is able to prove the possible impact of the debt brake.
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The concept of "Schuldenbremse" as an instrument against indebtedness in the Federal Republic of Germany
Říhová, Dominika ; Mlsna, Petr (advisor) ; Kunštát, Miroslav (referee)
As a result of the rapidly rising debt in recent years, the Federal Republic of Germany has decided to stop this unfavourable trend. The approval and acceptance of the so-called debt brake (Schuldenbremse) into the Basic Law in 2009 was also supported by the fact that the amount of public debt significantly exceeded the defined limit by the convergence criteria. With the financial crisis and the associated debt crisis within the eurozone, it turned out that the rules set out in the Stability and Growth Pact are being handled by a few states, and therefore some states have, due to their irresponsible fiscal policy, faced serious problems which are characterized by the inability to repay their obligations. Consequently, austerity measures had to be taken and at the same time, other EU countries have been invited to adjust their public finances to contribute to the consolidation of Economic and Monetary Union. As a result, debt brakes or other measures were then embedded in national legislation to prevent further crises. The German debt brake is a set of seven constitutional laws, where the main assumption is the annual setting of balanced budgets, or balanced income and expenditure, both at federal and state level, in order to prevent new further indebtedness. It was stipulated that the state budget...
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Debt Brake as an Instrument for Consolidation of Public Budgets in Germany
Sillmen, David ; Mlsna, Petr (advisor) ; Kučera, Jaroslav (referee)
The presented thesis examines the process of adoption of new constitutional rule - debt brake - into german Grundgesetz. Germany attempts to establish the debt brake not only on European level, but also recommends other EU states to accept it. The goal of this thesis is to descripe and evaluate the process which has led up to acceptance of the debt brake as one of potential solutions to stop the excessively growing indebtedness and which has been by far influenced by the work of II. commision for federalism reform. The thessis strives to answer the questions if there was political, expert and social agreement on the issue, how does it influence budget sovereignty of the federal lands and if it really can be an effective instrument in the effort for stopping of indebtness increase, alternatively if it brings any effect even before it came into force, for example in the form of preparing of the budgets for 2016 and 2020 respectivelly. One part of the thesis is dedicated to Swiss debt brake, which served as a model for the german one, especially in terms of it's functionality. Even though it is complicated to evaluate the debt brake before it came into force, the results of the thesis showed for example the problematic nature of the relation between debt brake in the Grundgesetz and individual...
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Is the debt brake efficient instrument for sustaining responsible fiscal policy?
Soukup, Albert ; Doležal, Ondřej (advisor) ; Pikhart, Zdeněk (referee)
The aim of the bachelor thesis is to define recommendations of setting the debt brake mechanism for Czech Republic, based on functional analysis in selected EU states. Analyzed countries are Slovakia, Poland, Estonia, Germany and Spain. First section of the thesis presents basic principles and terms of theoretical view of public finance, followed by description of opinions of several schools of economic thought on debt-financing and public finance issues. The second, practical part of the thesis first presents opinions of international organizations on the solution of the debt crisis. Next chapter is the analysis of the debt brake mechanism in selected states. Speaking in general, the debt brake itself is not automatically a guarantee of responsible fiscal policy, nevertheless it partly contributes to it. The outcome of the thesis is an unambiguous recommendation for the Czech Republic to approve the debt brake. The thesis also presents specific propositions to improve the current plan, based on real experience in analyzed states.
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