|
|
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...
|
|
|
How Common Currency Influences the Business Cycles in Central and East European Countries.
Wang, Yue ; Semerák, Vilém (advisor) ; Li, Yating (referee) ; Jeřábek, Petr (referee)
This paper investigates how the introduce of single currency influence on the synchronization of business cycles in Central Eastern European Countries. The Hodrick-Prescott filter is applied to extract the cyclical component of real GDP for fifteen European countries and the Vector Autoregression models are applied to further investigate the influence of fiscal policy on regional economies. A database of quarterly real GDP for business cycles and quarterly current account for fiscal variables for the period: 1995Q1-2019Q4 is constructed. The main results of the study can be summarized as follows. The establishment of Economy Monetary Union has significantly increased the level of co-movement across euro area member states. There is a high degree of synchronization of business cycles in core countries than periphery countries after the introduce of common currency. For CEEC-7 including non-Eurozone countries (Czech Republic, Hungary, Poland) and Eurozone countries (Estonia, Germany, Slovakia, Slovenia), clusters in correlation exist because their GDP reacts differently to the fiscal shocks especially after the global financial crisis and ongoing euro area crisis. Key words business cycle synchronization; Economic integration; Fiscal policy; VAR
|
|
|
Fiscal and Budget council as actor in Public Policy
Pokorný, Jan ; Ochrana, František (advisor) ; Kotherová, Zuzana (referee)
The diploma thesis deals with the issue of fiscal and budget councils. The aim of the work is the analysis of the Czech Fiscal Council, which was established in 2018 and is a new element in the Czech system of fiscal and budgetary policy. Firstly, basic concepts such as public finance, fiscal and budgetary policy are defined. Subsequently, the sources of inefficiency are introduced, which affect the emergence of fiscal imbalances, and thus public debt. The basic idea for the establishment of fiscal and budget councils is the concept of Fiscal Governance, which can be divided into rules excepting to the councils. Numerical rules are currently a frequently used tool for assessing fiscal discipline. These rules are complemented by councils, which act as independent institutions. Due to the recent emergence, the practical part of the work analyses the Czech Fiscal Council regarding the foreign experience of independent fiscal and budget councils. Based on the results, it can be stated, that the Czech Fiscal Council does not deviate from the existing experience, on the contrary, it fits appropriately into this portfolio.
|
|
|
Vliv fiskální politiky na investiční výdaje firem
Kolegarová, Markéta
This diploma thesis is focused on the analysis of the impact of fiscal policy on the business investment spending in the Czech republic, United Kingdom and Germa-ny. The theoretical impact of the fiscal policy on the business investment spending is describe in the first part of the thesis. The next part consist of the analysis of the structure of government revenue and expendture and description of investment environment in chosen countries. In the next part the identification of the factors of business investment spending in chosen countries is quantified using a multidimensional regression analysis. The results show that main determinants of investment behaviour in the Czech republic are government revenues from direct and indirect taxes, government revenue from social contributions and corporate tax rate. The main determinants in United Kingdom are government revenues from direct and indirect taxes and government debt. The main determinants in Germany are government investment expenditure, government expenditure on the social benefits, government debt and labour costs.
|
|
|
Vplyv politického cyklu na deficity štátneho rozpočtu Slovenskej republiky
Kadlečíková, Veronika
The bachelor thesis concerns the problematics of political cycles and fiscal policy abuse in the pre-election period. The political cycle is defined as the systematic abuse of fiscal policy by the government. Politicians are using the state budget in the bordering period before the parliamentary elections in order to influence the economic growth and unemployment, with an aim of being re-elected. In the empirical part of the thesis is being tested the existence of political-budget cycle in the Slovak Republic over the examined period 1996 - 2014 using the three applied models.
|
|
|
Politika fiskální udržitelnosti ve Velké Británii během ekonomické krize
Viktorová, Kateřina
This bachelor thesis focuses on evaluation of fiscal sustainability policy in the United Kingdom in context of the economic crisis of 2008. There is analysed the impact of the economic crisis on public budgets and the total debt of the surveyed country. The results are compared with the fiscal sustainability policy in the USA. The comparison shows that the United States used appropriate fiscal incentives because fiscal sustainability during the crisis showed better results.
|
|
|
Effects of the value added tax reform on the economy of Republic of Macedonia
Angelovski, Filip
In the year 2000 the old turnover tax was replaced and the value added tax was introduced. The aim of the bachelor thesis is to explore the impact of the value added tax on the economy in the Republic of Macedonia. The research explores the effects from this reform on the GDP as the most important measurement for the economic growth and the inflation rate as the indicator for the price change. For that reason, Vector Autoregressive (VAR) model is applied from the period 1995 to 2016 with yearly data from VAT and turnover tax revenues, GDP growth and inflation rate. In addition to that empirical analysis, Granger test and forecasting technique are used to explore causality and to predict the future behavior. Moreover, the impact of the VAT revenues on the state’s budget of the Republic of Macedonia is investigated. The Ordinary least squares (OLS) model is used analyzing the time series data that unites the revenues from the turnover tax and the VAT under single variable on yearly basis from 1994 to 2016. The Chaw test is implemented in the OLS model to find the structural break that is caused in the revenues by the implementation of the VAT. In the thesis the topics of tax evasion and the role of the Public Revenue Office are discussed as well.
|
|
|
Státní dluh a souvislosti jeho vývoje v České republiky
Kupka, Michal
This thesis deals with the development of the Czech republic´s general government debt after year 2000. The aim was to identify the main factors that influenced its development in this period. The theoretical part describes general government debt and its impact on economy. It also contains description of various economic approaches to this issue. The practical part focuses on the actual development of the Czech general government debt after year 2000. The main factors that influenced the development of general government debt were found by data analysis. The last part of the thesis focuses on my recommendations for fiscal policy and general government debt.
|
|
|
Vývoj verejného dlhu vybraných krajín Európskej únie
Kubicová, Katarína
Bachelor thesis focuses on the issues of public debt of selected countries of the European Union and effect of policy acting on this public debt. Examined coun-tries are Czech Republic, Portugal and Sweden. The aim of this thesis is to individ-ually analyse progress of public debt of given countries specifically in the time span from the year 2005 to the year 2017, using the time series econometric methods. One section of the theoretical part is mostly dedicated to definitions of the main concepts like fiscal policy and public debt. The next section describes methodology of the time series, which is subsequently used in practical part of this thesis to analyse public debt of given states.
|
|
|
The drivers of foreign direct investment in the economies of the Sub-Saharan Africa
Nmadabuchukwu Akwari, Francis
The thesis thoroughly investigates the relationship between the determinants (e.g. infra-structural quality, labour availability, trade openness, inflation and market size) and the foreign direct investment inflow to the Sub-Saharan Africa. The study uses the annual and balanced panel data of ten (10) countries that are randomly selected from the sub regional group in Africa based on similar economic size over a time period from 2011 to 2015. In addition, the study employs the pooled OLS method to test and estimate the relationship among the economic variables involved and Gretl (2017) is used as the sta-tistical software tools to perform the data analysis. The findings of the research study show very clearly that only infrastructural quality has a positive and statistically signifi-cant effects on the foreign direct investment; while other economic variables (e.g. trade openness, inflation and market size) have positive; but statistically insignificant impacts on the foreign direct investment inflow to the economies. In addition, labour availability has a negative and statistically insignificant effect on the foreign direct investment. The conclusion is that the infrastructural quality is the major determinant of the foreign di-rect investment; while trade openness, labour availability, inflation and market size have little or no influence on the foreign direct investment inflow to the sub regional group-ing. Based on this findings, the thesis suggests massive investment in infrastructure; more robust economic integration in the region; pursuit of favourable and reciprocal bi-lateral trade agreement with trading partners; heavy funding for education, training and research and development; implementation of all round Pan Africanist initiative pro-grammes at the national levels that will ensure effective collaboration between African professionals in the diaspora and the local professionals for capacity building of the local experts and implementation of the right balance of the monetary, structural and fiscal policies to drive and sustain the inflow of the foreign direct investment for all round sustainable economic growth and development in the region.
|
guest ::
