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European fiscal integration in euro absentia. Budgetary compliance as a step stone to a fiscal union.
Pavel, Stefania-Felicia ; Young, Mitchell (advisor) ; Arregui Moreno, Francisco Javier (referee)
European fiscal integration in euro absentia. Budgetary compliance as a step stone to a fiscal union Author: Ștefania-Felicia Pavel Student ID: 31195144 Degree: Erasmus Mundus Joint Master Programme European Politics and Society Supervisor: Mitchell Young, PhD. Institution: Charles University, Faculty of Social Sciences Institute of International Studies Submission: June 2020 Defence: September 2020 English abstract This research investigates fiscal convergence via disciplined budgets in non-euro Member States. The thesis hypothesizes that 1) post-2010 enhanced macroeconomic governance is conducive to a fiscal union and 2) fiscal stance of non-euro Member States is not correlated with their attitude to euro adoption. The fiscal convergence in euro absentia is dually tested through theory application and intensive case studies. The results show that countries can be fiscally compliant, but reject the euro or be euro enthusiast, yet fiscally deviant. Thus, the single currency can be either backstop or driver of more integration, nonetheless, European integration continues. The findings substantiate the proposition that a fiscal union is building up even in euro absentia.
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Post-crisis development of Spain focusing on the banking system and the public sector
Nagyová-Tkáčová, Monika ; Bič, Josef (advisor) ; Antal, Jarolím (referee)
The thesis deals with the evolution of the Spanish economy, especially, after the economic crisis. It is focused on the banking system and the public sector of the country. In order to capture the theoretical basis, it processes the essence of banking, public finance theory and public debt. Subsequently, the thesis describes impacts on selected areas of the economy and the government's response to them. The main objective is to analyze the measures taken by the government and to evaluate their impact on the economic development of the landscape. At the same time, the thesis should provide recommendations for the future.
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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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Sustainability of public finances in the EU: Comparison of Germany and Great Britain
Zajíček, Jakub ; Bič, Josef (advisor) ; Šaroch, Stanislav (referee)
Diploma Thesis deals with the comparison of public finances of the United Kingdom and the Federal Republic of Germany from 2000 to 2014. It focuses on the period of financial and economic crisis after 2008. This thesis aims to identify the impact of the financial and economic crisis on the sustainability of public finances of both countries. It also identify the reasons for the different development of public finances in both countries. The practical part is divided into three chapters. The first chapter deals with the period of 2000-2010. The second chapter focuses on consolidation of public finances in the years 2010-2014. The last chapter deals with the current development and sustainability of public finances of both countries.
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Fiscal rules in selected EU countries between 2004-2015: sensible method for consolidation of public finances or fad of politicians?
Veselý, Lukáš ; Strejček, Ivo (advisor) ; Chmelová, Pavla (referee)
The subject of fiscal rules is very topical issue. The rise of public debt in certain developed countries resulted in what is sometimes called "debt crisis". Debt of those countries which is higher than their annual gross domestic product is viewed as unpayable by some economists. The main objective of this thesis has been to prove or disprove hypothesis that the fiscal rules studied in this paper are an effective solution for public finance consolidation. This verification was based on the analysis of fiscal rules functioning in selected countries between 2004 and 2015. As per results of analysis the paper aims to give recommendations for the Czech financial constitution proposal. The actual results of inquiry proved the hypothesis. Well-chosen fiscal rules are the right way towards fiscal consolidation, provided they are observed. Fiscal rules making thus requires an emphasis to be placed on the well-formulated exit clauses altogether with prospective sanctions. The current Czech financial constitution proposal is built on the correctly picked fiscal rule type, although the reference value lacks economic sense and it would not lead, with a high degree of probability, towards fiscal consolidation.
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Comparation of development of public budgets at particular political cycles in Czech Republic since 1993 to 2015
Křeček, Štěpán ; Ševčík, Miroslav (advisor) ; Chalupecký, Petr (referee)
The paper provides a comprehensive overview of public budgets in the Czech Republic, focusing on government budgets. The thesis compares the development of fiscal policies in distinct political cycles in the modern era of the Czech Republic. This allows for the analysis of the influence of the fiscal policies on the development of distinct macroeconomic indicators which then makes possible the evaluation of the success of different approaches to budget making. The preparation of public budgets is a periodical activity which happens at all levels of public governance. Therefore, the paper thoroughly analyzes preceding budgets and attempts to reveal the errors make by our governments. A deductive method is used with these analyses and their comparisons to make the foundation for general principles which can be used for the improvement of the budget planning in the Czech Republic.
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Development of selected economic indicators in Visegrad countries compared with the development of the European Union as a whole.
Jusková, Katarína ; Breňová, Lubomíra (advisor) ; Rusmichová, Lada (referee)
This thesis examines economic situation in the four countries of the Visegrad Group (V4) based on four chosen macroeconomic indicators and also describes their progress in comparison with the European Union as a whole. The analysed indicators are namely gross domestic product, inflation, unemployment, and budget deficit which are examined during a period since the entry of the V4 countries into the European Union in 2004 until the most recent data of 2015. The thesis is divided into a theoretical and a practical part. The theoretical part is aimed to define basic terms related to the four macroeconomic indicators of interest and also to explain the methods of their measurement. Subsequently, the practical part examines actual values and development of these indicators during the period of interest across the countries of the V4 and compares them with the average of the whole European Union. Based on the analysis it can be inferred that economic situation of the countries of the V4 has notably improved since their entry into the EU and this trend slowly continues despite setbacks caused by the economic crisis. Moreover, it can be concluded that across the countries of the V4 Czech Republic generally performs the best in the four indicators analysed.
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Municipal budget
Hejduk, Radim ; Jurčík, Radek (advisor) ; Louda, Tomáš (referee)
The bachelor's thesis deals with creation and realization of a local government's budget. The aim of the theoretical part is to present methods of budget creation and principles and rules, which must be observed by budget. The thesis also presents a budget composition, e.g. the sorting system of incomes and expenditures, which is essential for the practical part of the thesis. The practical part deals with budgets of town Říčany in the period of 2008--2013. There is an income-expenditures analysis of respective time period and identification of local government's economy. Further in the text, there is a SWOT analysis of situation in town, that means analysis of strengths, weaknesses, opportunities and threats of Říčany town. The last part discusses a suggestion for improvement of the budgetary process in the Czech Republic in terms of fulfillment of municipality's development.
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Co způsobilo vzestupy a pády úrokových měr státních dluhopisů během evropské dluhové krize?
Václavíček, Tomáš ; Chytil, Zdeněk (advisor) ; Kovář, Kamil (referee)
This study examines the determinants of government bond spreads vis-a-vis Germany for eleven EMU member countries in the period 2000Q1 to 2013Q3 with a special focus on the European Debt Crisis. The aim of the thesis is to test whether selected financial, fiscal and macroeconomic variables have an impact on government bond spreads. A novel contribution is testing whether there has been a significant change of government bond spread determinants following the ECB interventions in summer 2012. Variables reflecting the sustainability of public finance, liquidity of government bonds, risk aversion and competitiveness of a particular country were found to be significant determinants of government bond spreads, unlike banking sector indicators. Government bond spreads thus increase in response to rising debts and deficits and the loss of international competitiveness. No significant change in the composition of government bond yield determinants as a whole was found for the period after the ECB interventions, despite changes in several variables. Results of the thesis suggest that it is important to follow a sound fiscal policy and to prevent a deterioration of a country's international competitiveness in order to keep government bond spread of a particular country low.
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