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Deterrents of capital flight: Evidence from post-Soviet countries
Simachyova, Valeriya ; Janský, Petr (advisor) ; Semerák, Vilém (referee)
This master thesis studies the effect of government debt, corporate taxation, and inflation rate on the trade misreporting gap. Furthermore, this thesis attempted to replicate and expand the analysis of Kellenberg and Levinson (2019) on the subset of post-Soviet countries on a greater timespan to identify whether a generalized conclusion is applicable for all the developing countries. The data was collected from numerous resources (UN Comtrade, CEPII, World bank, GCR, De Sousa (2012)), with the final sample consisting of 127 countries where the leading trading partner was one of the countries from the post-Soviet union in the timespan between 2002 and 2020. It was found that for the exporting country, the government debt is positively associated with the trade gap, while there is no significant impact of corporate taxes and inflation. On the contrary, for the importer, the smaller the government debt, the larger the trade misreporting gap; the higher corporate taxation has a positive association with the illicit behavior, which can be explained by the incentive to misreport traded value; the inflation rate does not affect the trade reporting gap. Change of the data sample neither significantly affected trade gap distribution nor affected the conclusions of the earlier research.
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Sovereign debt markets: Where does the Czech Republic stand?
Bludská, Věra ; Hausenblas, Václav (advisor) ; Serdarevič, Goran (referee)
This thesis deals with the relationship between yield spreads on the sovereign bonds and their determinants with a primary focus on the Czech Republic. First, a homogeneous panel of Visegrad group countries (V4) was investigated by the pooled mean group (PMG) method of Pesaran et al. (1998). It was found that debt-to-gdp ratio along with VIX, the "fear gauge", are the main factors driving the spread dynamics in the V4 group. Based on the results from PMG estimation, we estimate a three-dimensional vector autoregression (VAR) model and structural VAR (SVAR) model in order to observe spread reactions on external shocks. Among the V4 group countries, Hungary exhibits the largest spread response to a VIX shock. Overall, the (S)VAR results confirmed that countries with higher levels of yields before crisis had also a stronger reaction to the market disturbances during 2007-2009. Furthermore, it was found that for the period 2010-2013, the standard model (macroeconomic fundamentals plus global risk aversion factors) provided less reliable results. As a remedy, financial soundness indicators were incorporated into the VAR model. We conclude that it is important to take into account country's financial sector vulnerabilities when describing the spread dynamics since 2010.
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Development and Debt Management in the Czech Republic
Kupka, Ondřej ; Votava, Libor (advisor) ; Vopátek, Jiří (referee)
The aim of the diploma thesis is to analyze the development of the government debt in the Czech Republic, in particular in terms of its structure, the assessment of the sustainability of the current government debt level and the assessment of the setting and operation of debt management in the Czech Republic, in comparison with the recommendations of important international institutions. Used will work primarily analytical, synthetic and comparative methods. The first chapter introduces the theoretical definition of the concepts of public debt, including its causes, impacts and forms of coverage. Subsequently, the thesis deals with the theoretical approaches in the sphere of governement debt management. The next chapters assess the development of the government debt in the Czech Republic, its structure, institutional solution and overall debt management. Finally is evaluated the sustainability of the Czech Republic's current indebtedness and realized the comparison of debt management with IMF and World Bank recommendations.
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Sovereign debt markets: Where does the Czech Republic stand?
Bludská, Věra ; Hausenblas, Václav (advisor) ; Serdarevič, Goran (referee)
This thesis deals with the relationship between yield spreads on the sovereign bonds and their determinants with a primary focus on the Czech Republic. First, a homogeneous panel of Visegrad group countries (V4) was investigated by the pooled mean group (PMG) method of Pesaran et al. (1998). It was found that debt-to-gdp ratio along with VIX, the "fear gauge", are the main factors driving the spread dynamics in the V4 group. Based on the results from PMG estimation, we estimate a three-dimensional vector autoregression (VAR) model and structural VAR (SVAR) model in order to observe spread reactions on external shocks. Among the V4 group countries, Hungary exhibits the largest spread response to a VIX shock. Overall, the (S)VAR results confirmed that countries with higher levels of yields before crisis had also a stronger reaction to the market disturbances during 2007-2009. Furthermore, it was found that for the period 2010-2013, the standard model (macroeconomic fundamentals plus global risk aversion factors) provided less reliable results. As a remedy, financial soundness indicators were incorporated into the VAR model. We conclude that it is important to take into account country's financial sector vulnerabilities when describing the spread dynamics since 2010.
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The Debt of the Czech Republic as a Public Policy Problem
Rezek, Štěpán ; Ochrana, František (advisor) ; Brázová, Věra - Karin (referee)
This thesis deals with public debt of the Czech Republic as a public policy problem. Its main objective is to propose solutions that would lead to a systemic and long-term solution to balance public finances. The first part deals with the definitions of terms that are necessary for subsequent analysis. In the second part the CR debt is set to the theory of public policy problem, the third part deals with the analysis of CR public debt. The analysis focuses on the emergence and development from its beginning to the present trends, characteristics and main issues of public debt CR. The analysis is based mainly on statistics issued by the Ministry of Finance and Czech Statistical Office. Last part is based on an analysis of CR public debt and its task is to design a system solution for it, which would lead to long-term balanced budgets. The author would like to help to expand the current information about this topic with this thesis, which affects not only Czech Republic but almost the entire world.
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Government debt and debt service of Czech Republic in the period 2000-2015
Krpata, Jan ; Pikhart, Zdeněk (advisor) ; Chmelová, Pavla (referee)
The bachelor thesis analyzes the setting of fiscal policy, the development of government debt and debt service in the Czech Republic in the period 2000-2015. The theoretical part is focused on explaining the main technical terms in the field of government finance. The main part is devoted to theoretical optimal fiscal policy and the possible methods of evaluation. The practical part of the thesis is focused on the development of the Czech government debt with the aim to analyze the setting of fiscal policy in the examined period. The quality of governmental institutions predictions, which serve as a basis for budget planning, is also assessed. The last part analyzes the development of debt service and provides a two-year prediction of fiscal policy and debt service. The results show that the government implements mainly procyclical fiscal policy which deepens the business cycles.
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Comparison of the Principles of Budgetary Responsibility in selected Countries
Beneš, Tomáš ; Musil, Martin (advisor) ; Krbová, Jana (referee)
The Bachelor´s thesis engage in budgetary responsibility issues. It is based on the theoretical findings from which is subsequently arised in the practical part. The practical part is divided into comparison of the budgetary responsibility rules in selected countries and into the analysis of the current Czech bill of the constitutional law about the budgetary responsibility. There are different approaches of the budgetary responsibility analyzed in the first part of the practical part and afterwards there is mentioned reflection about its efficiency. The second part of the practical part elaborately analyze the bill in the Czech Republic and thereafter (with taking into consideration the theoretical findings and analysis of the budgetary rules in selected countries) it is evaluated.
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The role of municipalities in the indebtedness of the public sector
Maixnerová, Markéta ; Toth, Petr (advisor) ; Michalička, David (referee)
This thesis focuses on the issue of indebtedness of Czech municipalities and their role in the total public debt. The first part represents the theoretical basis and legislation, which includes defining key terms. The practical part is focused on analyzing the evolution of indebtedness of local governments and of other levels of the public sector. The analysis was made on the basis of compiled time series of the debt for the period 1994-2014. The indebtedness of municipalities and counties had a growing trend during the reported period. In recent years, municipal debt, unlike regional, is stable. The share on debt of municipalities and regions is the size of the public debt is not significant. The largest share of the debt is government debt, which constantly grows from the begging of the period. Part of this work is to compare two methods of evaluating municipal debt, namely debt service and SIMU. Five selected municipalities were compiled both types of indicators for the period 2010-2014. Based on this comparison it was shown to have better presentation of the indicators SIMU than debt service. The thesis seeks to comprehensively evaluate the development of each level of indebtedness of the public sector in order to show, what proportion represents Czech municipalities.
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The Economic Impact of Quantitative Easing as a Solution of the Government Debt
Svatoš, Ondřej ; Vopátek, Jiří (advisor) ; Švihlíková, Ilona (referee)
This thesis deals with quantitative easing as an unconventional tool of monetary policy that is used after economic crisis 2008 by some central banks including Fed, Bank of Japan, Bank of England, European Central Bank and Czech National Bank. The general purpose of this thesis is to define the concept of quantitative easing, to explain the reasons for its use, to evaluate its impact to macroeconomic aggregates in selected countries and put it into context with consumerism and government debt. The main goal is to evaluate the impact of quantitative easing in Czech Republic and valorize it as a tool for solving government debt problem.
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