|
|
Fiscal Rules in the European Union
Výprachtická, Terezie ; Šmídková, Kateřina (advisor) ; Schneider, Ondřej (referee)
ABSTRACTS PART I - The EMU and its Fiscal Rules This paper 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. JEL Classification: C23, E44, E61, E62, H62, H87 Keywords: European Economic and Monetary Union, Stability and Growth Pact, Financial markets, Fiscal rules, Policy coordination PART II - The Golden Rule of Public Finance and Productivity of Public Capital This...
|
|
|
Efekt Hospodárskej a menovej únie na medzinárodný obchod
Fabian, Jaroslav
The diploma thesis focuses on the identification of the impact of the euro on the macroeconomic indicators of selected eurozone member states and states outside the eurozone. Part of this work is also the confirmation or refutation of the Rose. To define the impact of the euro on individual indicators, it was firstly necessary to study professional sources, both domestic and foreign, and secondly to analyse panel data. The panel regression with fixed effects was used in the thesis. This analysis also explains the reasons for the resulting effects of the euro on the indicators.
|
|
|
Fiscal policy in real-time: Role of growth surprises
Kulichová, Vendula ; Baxa, Jaromír (advisor) ; Hlaváček, Michal (referee)
This thesis explores the reliability of real-time estimates of the cyclically-adjusted primary balances. Using fixed effects and weighted least squares models, we show that the real-time estimates are systematically biased and subsequently revised downwards. Moreover, the most important determinants of the revisions are economic conditions and the cyclically-adjusted primary balance revisions are positively correlated with growth surprises. On the other hand, we do not confirm any significant role of institutions and political environment that has appeared in the previous literature. JEL Classification C23, E62, H68, H87 Keywords Real-time data, fiscal surveillance, Stability and Growth Pact, cyclically-adjusted primary balance Author's e-mail 15883947@fsv.cuni.cz Supervisor's e-mail jaromir.baxa@fsv.cuni.cz
|
|
|
Differentiated integration in the EU : the British approach to EMU fiscal rules
Šimunská, Petra ; Rovná, Lenka (advisor) ; Šlosarčík, Ivo (referee)
The thesis focuses on the British approach to EMU fiscal rules. Theoretical and conceptual framework is based on the theory of differentiated integration dealing with a various forms of closer cooperation among EU Member States. The research is built on the theoretical approach as described by Frank Schimmelfennig, Dirk Leuffen and Berthold Rittberger. Authors provide an analysis of conditions of differentiated integration within the EU. The aim of this thesis is to answer the question of why the United Kingdom decided not to participate in the fiscal compact and, consequently, did not allow further differentiated integration within the treaties (which led to an arrangement outside the EU legal framework) while accepting the initial fiscal rules agreed in the 1990s as well as other crisis reforms of EU fiscal governance. The first part describes Maastricht and SGP fiscal rules and analyses both the UK's position within EMU and the SGP provisions applied to the UK. The next chapter examines the British approach towards both the SGP revisions and the Euro Plus Pact. The third part analyses the new fiscal compact and explains why the UK decided to use the veto. In conclusion, the thesis provides an answer to the research question as set down in the introduction.
|
|
|
European currency after Greek crisis
Martinek, Petr ; Loužek, Marek (advisor) ; Vlček, Josef (referee)
This thesis describes the current state of the European Monetary Union. Special attention is paid to the development of the recent debt crisis which revealed many weaknesses of the EMU. This paper analyses these problems and suggests some solutions. It explains causes and consequences of the debt crises and concludes with prospects for the future development of the Monetary Union.
|
|
|
Fiscal Rules in the European Union
Výprachtická, Terezie ; Šmídková, Kateřina (advisor) ; Schneider, Ondřej (referee)
ABSTRACTS PART I - The EMU and its Fiscal Rules This paper 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. JEL Classification: C23, E44, E61, E62, H62, H87 Keywords: European Economic and Monetary Union, Stability and Growth Pact, Financial markets, Fiscal rules, Policy coordination PART II - The Golden Rule of Public Finance and Productivity of Public Capital This...
|
|
|
European Economic Governance: An Option or The Necessity?
Vlach, Michael ; Urban, Luděk (advisor) ; Debnárová, Ľubica (referee)
Bibliografický záznam VLACH, Michael. Evropské ekonomické vládnutí - možnost nebo nutnost? Praha, 2011. 95 s. Diplomová práce (Mgr.) Univerzita Karlova, Fakulta sociálních věd, Institut mezinárodních studií. Katedra západoevropských studií. Vedoucí diplomové práce Prof. Ing. Luděk Urban, CSC., Jean Monnet Professor Abstract Diploma Thesis "European Economic Governance - an option or the necessity?" deals with the current debate on the reform of European economic governance (EEG). It focuses on the genesis of the pre-crisis European economic governance, primarily on the Economic and Monetary Union, and on the performance of the EMU and the features of EEG before and during the crisis. It investigates the issues and challenges that arisen largely from the aftermath of the crisis such as imbalances on the Internal Market due to serious competitiveness issues between the Member States, lack of crisis management, financial supervision etc. The common cause of these problems, the insufficient economic governance is identified having source largely in the original design of EMU which was adopted largely for economic reasons but contemporary political limits restrained the Economic union and macroeconomic coordination provisions thus enabling the current situation. In the final part the proposed and implemented...
|
|
|
Fiscal rules in the Czech republic after joining the EU
Šafránek, Patrik ; Ježek, Tomáš (advisor) ; Vebrová, Ludmila (referee)
This thesis concerns fiscal rules which represent a possible solution of excessive deficits of public budgets. The chosen topic is very relevant as most developed countries are now facing the problem of fiscal imbalance. The aim of the thesis is to analyze existing rules in the Czech Republic and to formulate recommendations for its public budgets with regard to the specifics of the economic and political environment. The main hypothesis is that fiscal rules in the Czech Republic are not well designed and do not contribute to the stabilization of public finances. This hypothesis was partially proved true. Proposal to strengthen the fiscal framework by implementation of the reform of medium-term expenditure frameworks and by adopting debt rule at the constitutional level results from the realized findings. Further recommendation is to establish independent fiscal institution that would oversee the fiscal policy in the Czech Republic.
|
|
|
The Development of budget responsibility in EU Member States
KLOUDOVÁ, Veronika
In my thesis I have dealt with the issue of Fiscal Responsibility in the EU, especially the position the EU Member States have on this issue. The first part defines the Budget responsibility and Fiscal policy at the level of the Czech Republic and level of European Union. There has been mainly described and analyzed the Stability and Growth Pact, and the Fiscal compact. The second part has been devoted to evaluation of individual member states and described how the legislative acts are used for effort to reach sustainable finances contributing to the overall generally maintain Responsible and Fiscal policy. At the end its summarized and compared the evolution of public debt and budget deficits and also characterized their independent Financial institution.
|
|
|
The Stability and Growth Pact and its implications for relations between Eurozone countries
Voříšková, Tereza ; Sršeň, Radim (advisor) ; Dubský, Zbyněk (referee)
The thesis analyses the Stability and Growth Pact with regards to relations between the Eurozone countries. First, it theoretically describes European integration process and consequently finds if the European Monetary Union in the optimal currency area. Furthermore, explains term of a Stability and Growth Pact and it discrepancies between political and economic issues. In conclusion, it is contemplated that the Stability and Growth Pact, even after the reforms, have a negative impact on relations between the members of the Eurozone.
|
guest ::
