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Indebtedness of statutory cities
KUKRÁLOVÁ, Lucie
The thesis deals with the indebtedness of statutory cities in the Czech Republic and its development. It contains the characteristics of the types of repayable financial support, defines the terms related to the regulation of indebtedness, and describes the risks that arise from high indebtedness. The statutory cities and their management are also described. A large part of the work is also devoted to the description of legislative rules, their development, and their effectiveness. The practical part deals with defining the debt of statutory cities, determining its size, structure, and dynamics. It also compares the indebtedness of selected statutory cities according to debt instruments on the basis of their solvency and compliance with the rules of budgetary responsibility. Based on the results, it can be summarized that the share of statutory cities in public debt has been less than 5% in recent years and the share of municipalities has also remained below 10%. In general, we can say that the debt of municipalities, as well as statutory cities, has been developing favorably in recent years, is declining, and still appears to be negligible compared to the total public debt. The share of public debt in GDP is also kept below 60%, and the Czech Republic also complies with the Maastricht criterion. The statutory cities of Prague, Liberec and Olomouc appear to be the most problematic. Olomouc and Liberec have even exceeded the 60% threshold since the introduction of the budgetary responsibility rule in 2017.
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Fiscal policy and the business cycle in the Czech Republic
Jeřábek, Martin ; Ševčík, Miroslav (advisor) ; Řežábek, Pavel (referee)
This thesis deals with short-term relationship between fiscal policy and the real economy. Thesis is divided into three thematic units. In the first part through the analysis of studies examining the size of fiscal multipliers concludes, that depending on the assumptions and selected time period is the size of the multipliers greater in economic recessions, at zero interest rates of central banks or bigger taciturnity of the economy. The multipliers for the Czech Republic are low and did not exceed the value of one. The thesis also analyzes the development of public finances in the years 1997 - 2013 and identifies as their basic problem the structural nature of deficits. As a possible tool to improve the inclination of public finance to the budget deficits are identified fiscal rules limiting public spending. This rule is fully compatible with the Stability and Growth Pact and meets the basic requirements - the clarity and flexibility.
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Assessing the Impact of Fiscal Measures on the Czech Economy
Ambriško, Róbert ; Babecký, Jan ; Ryšánek, Jakub ; Valenta, Vilém
We build a satellite DSGE model to investigate the transmission of fiscal policy to the real economy in the Czech Republic. Our model shares features of the Czech National Bank’s current g3 forecasting model (Andrle, Hl´edik, Kamen´ık, and Vlˇcek, 2009), but contains a more comprehensive fiscal sector. Crucial fiscal parameters, related mainly to the specified fiscal rule, are estimated using Bayesian techniques. We calculate a set of fiscal multipliers for individual revenue and expenditure items of the government budget. We find that the largest real GDP fiscal multipliers in the first year are associated with government investment (0.4) and social security contributions paid by employers (0.3), followed by government consumption (0.2).
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Slovensko v EMÚ a ich spoločná budúcnost'
Turčáni, Peter ; Ježek, Tomáš (advisor) ; Pfeifer, Lukáš (referee)
The task was to show on an example of Slovakia, which has accepted the euro, in comparison with V4 countries, which have kept their own currencies, that common currency does not necessarily bring only negatives. Current EMU problems don't come from the nature of euro but the key problem comes from the public finance and irresponsibility of politicians. On the base of this knowledge, the work suggests an alternative approach to solve debt crisis on the example of Greece, meaning a fiscal rent of Greek touristic islands. The work also deals with the vision of EMU in future to avoid this kind of problems and to change the overall approach to fiscal policy. I see a solution in monetary-fiscal union, which is based on the new fiscal rule derived from Okun's law and also on common supervision institution over national government budgets with the right to arbitrarily intervene in case of need.
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