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Fiscal consolidations in Czech republic in 2002-2012
Zmítko, Milan ; Hurník, Jaromír (advisor) ; Potužák, Pavel (referee)
The subject of this diploma work is to analyze proposals of fiscal consolidations in the Czech Republic and their following implementation in the years of 2002 to 2012. This work is trying to answer a question whether these proposals of the fiscal consolidaions were elaborated in agreement with research conclusions in the given field and whether they were successful in the sense of reduction of a deficit of the public budgets and public debt. In the first part of this work recent empirical studies with the following recomendations in the terms of realization of a fiscal consolidation are presented. Subsequently, a theoretical background in the form of keynesian and, so called, non-keynesian (expansionary fiscal consolidation hypothesis) effects of consolidation on economy is discussed. In the second part of this work an analysis of the proposals and implementation of the fiscal consolidations in the Czech Republic are presented with an attention to the evolution of the public budgets deficits and the public debt dynamic. The work uses, so called, narrative approach which is based on a study of open public documents from the archives of the Ministry of Finance of the Czech Republic, Parliament of the Czech Republic and the Czech National Bank. In the conclusions of this analysis it is stated that not a single implemented fiscal consolidation was successful in the terms of a reduction of the public budgets deficits and the public debt.
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Impacts of the crisis in the EU according to the fulfilment of the Maastricht criteria
Koutňák, Michal ; Hnát, Pavel (advisor) ; Vrňáková, Irena (referee)
This bachelor thesis analyses if the process of the fulfilment of the Maastricht criteria between the years 1997 and 2007 affected the course of the global financial crisis from 2008 to 2011 in the European Union countries. States are divided into four logical groups -- the original members of the euro zone, enlargement of the euro zone, countries with a permanent exception of joining the euro zone and the other European Union countries. The first part analyses how and which countries had been meeting the Maastricht criteria till the beginning of the global financial crisis. The second part describes how fulfilling the Maastricht criteria have changed when the crisis started and how the unemployment and the growth of real GDP have changed. The objective of my assignment is to determine whether exists a relation between meeting the Maastricht criteria before the crisis and the impacts of the crisis of stated countries. The conclusion summarizes how certain groups of countries differ from each other according to the fulfilling the Maastricht criteria and how the economies have reacted to the crisis.
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The Stability and Growth Pact EU
Vlček, Jakub ; Adámková, Vlasta (advisor) ; Machytka, Daniel (referee)
The thesis describes Stability and Growth Pact and his development in time. At the beginning is followed development of Economy and Monetary Union, to clarify the historical background of the gradual process accessing Stability and Grow Pact. Development is described from Article 104c of the Treaty establishing the European Community over the German's proposal for the Stability Pact to a final agreement on Stability and Growth Pact, which was a compromise between the German's and French's proposal. The emphasis is placed on noncompliance with the rules of the Pact of Stability and Growth by Germany and France that led to its reform.
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Evaluation of preparedness of Czech Republic for reception of common currency
Jirkovská, Jana ; Žamberský, Pavel (advisor) ; Šaroch, Stanislav (referee)
The thesis is aimed at the evaluation of preparedness of the Czech Republic for acceptance of the common currency. Preparedness according to the convergence criteria and the state of the real convergency is evaluated in the thesis. Within the convergence criteria a state of the public finance is discussed in detail and the necessity for undertaking reforms. The real convergency is rated in the thesis according to the value of the GDP per capita, flexibility of the labour market, competitiveness and openness of the economy. In the end the recent progress in the EU is discussed, mainly in the Euro-zone. An outlook of the impact of the current events on the future of the EU is proposed.
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Does corruption cause public finance deficit?
Turko, Dominik ; Houdek, Petr (advisor) ; Skopeček, Jan (referee)
With the use of panel data from the year 2005 to 2009 tracking the 27 EU member countries, it is tested; wheather corruption causes public finance deficits. The indicator control of corruption, which is a part of WGI (World Governance Indicators) is used as the main measure of corruption-level. This rate is annually compiled by the World Bank organization. Corruption effects deficit through lower tax revenues. Lower tax revenues are the consequence of lower rate of growth. The second main transmission channel between corruption and deficit is the higher public expenditures, which are the result of inefficiency of public investment (Kaufmann, 2010). With the help of the fixed-effects model the introductory hypothesis has been verifyed. Improvement of the measure control of corruption by one unit leads to the reduction of the public finance deficit as the share of GDP by about 4 pp. The hypothesis, that the size of government affects the deficit negatively has also been verified. The increase of the size of the government as the share of public expenditure of GDP of 1 pp causes the increase of deficit of 0,26 pp. The membership in EMU represents an encreace of deficit by 2 pp. First, the economic freedom reduces deficits of public finance, but later it has the opposite effect.
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The objectives and results of the reform of public finances in the Czech republic 2007 - 2010 in the tax area
Zadáková, Klára ; Kubátová, Květa (advisor) ; Schvábová, Andrea (referee)
The aim of this thesis is to evaluate the objectives of reform of public finances in the years 2007 - 2010, mainly in the tax area. The main objective of the reform was to reduce the public deficit, reducing government debt and the administrative costs associated with collecting the tax due on the taxpayer and the state. The most significant changes were applied in the context of tax on personal income tax so that devote the greatest attention. In the context of public finance reform changes in the tax system are also applied. This is a new law on income tax, new tax rules and creating a single collection point. All these modifications have lead to the simplification of legislation and tax administration and thereby reducing administrative costs. In the evaluation, I compared the determined objectives and actual results and concluded that the objectives were not fulfilled. On the other hand, it must be stressed that the objectives of the reform were and are largely influenced by the impact of economic crisis and an unstable political environment.
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Pakt stability a růstu a jeho transformace
Pometlová, Marta ; Jakš, Jaroslav (advisor) ; Konečný, Čestmír (referee)
Práce se zabývá Paktem stability a růstu, sleduje jeho vývoj v čase a popisuje jeho kladné a stinné stránky. V úvodu práce je popsán postup při vytváření Hospodářské a měnové unie tak, aby bylo zřejmé pozadí při postupném směřování k Paktu stability a růstu. Vývoj Paktu je sledován od ustanovení článku 104c SES, přes německý návrh na Pakt stability a samotný Pakt stability a růstu. Důraz je kladen na popis situace v členských zemích EU, která vedla k reformě Paktu. V závěru se objevuje zmínka o významu Paktu pro Českou republiku po jejím přistoupení k EU a zejména pak po jejím budoucím přijetí eura.
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