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Evaluation of the public debt and the government deficit in the Czech Republic with an emphasis on the part of a public health insurance
Netolická, Nicole ; Peková, Jitka (advisor) ; Musil, Martin (referee)
The thesis aims to analyze the development of relevant debt indicators, i.e. state budget deficit, public debt, government deficit and debt, but also debt and the deficit of the public health insurance. The management of public health insurance in the Czech Republic is analyzed as well. Last but not least, the goal is to find also the most important factors affecting the growth of debt indicators of public health insurance and determine the possible consequences of the deficit of the public health insurance. The theoretical part consists of three chapters. The first chapter concerns the general public finances and financial imbalances. Here is particularly important the subchapter about the budget system. The second chapter deals with the debt indicators, namely public debt and its affiliates, as well as budget deficits and specific deficits. All of these debt ratios are then analyzed in the analytical part of this thesis. The last chapter relates to public health insurance. Analytical part is divided into two major chapters. The first chapter analyzes the development of the state budget, public debt, government deficit and government debt in the Czech Republic. The entire analysis is divided into two periods, namely 1993 to 2003 and 2004 to 2014. This section contains the definition of the most important causes of development. The second part is devoted to the analysis of public health insurance, namely its evolution, current state, but also the development of debt indicators of public health insurance, which are analyzed again within the Czech Republic in two seasons. At the conclusion of this chapter are defined the most important factors influencing the evolution of debt indicators of public health insurance and the impact of a possible deficit of the public health insurance.
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Analysis of development of the public debt of the Czech republic from 1993 until present with a special emphasis on the national debt
Netolická, Nicole ; Chmelová, Pavla (advisor) ; Štěpánek, Pavel (referee)
The objective of this bachelor's thesis is to measure effectiveness of European and national fiscal rules together with compliance evaluation on the basis of debt indicators analysis. It also provides feasibility study on governmental constitutional amendment on fiscal responsibility and related laws. The theory section of the thesis consists of 3 chapters. The first one concerns public finance in general with emphasis on a state budget theory. The second chapter consists of debt financing. It defines debt indicators such as state budget deficit, government deficit or national and government debt which are further analyzed in the practical part. The last chapter of this section focuses on fiscal policy and related fiscal rules. Practical part contains two larger chapters. The first one analyzes the before mentioned debt indicators that are tested in 5 year intervals. Performed examination and boosted interpretation points out an observable negative development of debt indicators and its main causes. The second chapter deals both with fiscal rules that are valid in the Czech Republic and those that might be valid in the future in terms of Constitutional law on fiscal responsibility. Considerably the European fiscal rules, the Maastricht Criteria and the Stability and Growth Pact, as well as national rules are taken into account and evaluated according to its influence on the debt indicators. In conclusion, it is measured the effectiveness of the fiscal rules, it was confirmed that the current regulation provides a positive influence on the debt indicators development and demonstrated the necessity of setting additional fiscal rules.
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Fiscal Policy in Hungary - Mistakes and Perspectives
Salmaová, Erzsébet ; Štěpánek, Pavel (advisor) ; Zajíček, Miroslav (referee)
This thesis examines the development of fiscal policy in Hungary. The first goal of the thesis is to describe in detail the development of basic macroeconomic indicators of Hungary from the turn of the century to the present. The analysis of macroeconomic development should provide basis for the fulfillment of the second goal, i.e. to identify the main causes of the current poor economic situation of the country. Our hypothesis is that the dominant cause of the current problems of Hungary is not the financial and economic crisis, but the irresponsible fiscal policy of the government and the long-term incorrectly set system of social security. The third goal of the thesis is to compare the basic fiscal indicators of Hungary and the Czech Republic and to identify potential similarities or differences in fiscal outcomes of both countries. Our hypothesis is that the growing general government debt in both countries is caused by persistent structural budget deficits. The detailed analysis of the fiscal measures of the Hungarian government confirmed our hypothesis, i.e. that the dominant cause of the current problems of Hungary is not the financial and economic crisis, but the irresponsible fiscal policy of the government and the long-term incorrectly set system of social security. After the comparison of the fiscal development in Hungary and the Czech Republic, we concluded that the fiscal situation in the Czech Republic basically follows the Hungarian trend and the Czech Republic did not get on the verge of bankruptcy only due to a lower initial level of debt and the fact that its budget deficits were not as high as in the case of Hungary.
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Financing of state budget with focus on money market instruments
Nožka, Radek ; Radová, Jarmila (advisor) ; Veselý, Marek (referee)
The main theme of this work is the deficit of the state budget of the Czech Republic and money market instruments with which is financed by - treasury bills, government bonds, government savings bonds and Eurobonds. Ways in which they are placed on the market, characteristics and trends in volume and structure. The work deals also with the strategy of debt management and risk management.
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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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Greek debt crisis: Olympic games as an accelerator?
Tůma, Jan ; Mičúch, Marek (advisor) ; Kovanda, Lukáš (referee)
The paper investigates the impact of macroeconomic aggregates in Greece on ability to sustain debt repayment for the years from 1981 to 2009. Theoretical framework is mapping a development of macroeconomic indicators in Greece during last 30 years emphasizing the indirect consequences of fast-growing public debt. The results in empirical part show a positive and significant impact in government's budget deficit and orientation of governing party on the debt repayment. The amount of investments put into organizing Olympic Games in Athens 2004 have not had consequently shown negative effect on public debt accumulation. Some flaws and limitations of analysis are discussed.
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Relationship between public debt and current account of balance of payment in Slovakia
Titze, Miroslav ; Antoš, Ondřej (advisor) ; Vebrová, Ludmila (referee)
This bachelor work concern about wider economics circumstances of debting in Slovak republic after 1993. Main goal of the work is evaluate dependance between public deficit and current account of balance of payment. Work also consider evolution of public finance, deficit, public debt and their impact on loanable fund market, goods and services market and exchange market through which is influenced current account of balance of payment. Regression analysis based on simply linear regression by method of ordinary least squares doesn't confirm dependence of current account deficit on budget deficit. Linear regression refused close relationship between current account deficit and budget deficit. Evidence from Slovak republic experience is consistent with Ricardo-Barro approach to budget defict.
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The Evolution of Hungarian Debt
Kudláček, Jan ; Antoš, Ondřej (advisor) ; Vebrová, Ludmila (referee)
In the world of rising public sectors, investigation of government deficits and increasing government debts is starting to be important both in theoretical economics and political reality. Hungary is one of the EU member countries with the major public debt problems. As primal cause of Hungarian debts, the trauma of revolutionary year 1956 could be accepted. Government officials began "to bribe" Hungarian citizens by many social security benefits and government expenditures which were so large that government revenues couldn't have covered them. This course led to culminating government debt in relation to ignorance of economic reality. There weren't considerable changes in this evolution even after 1989. Government debt is still the biggest macroeconomic weakness of Hungary, which financial crisis has revealed.
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The national accounts of the Czech Republic, focusing on government deficit and debt
Kožuch, Michal ; Vebrová, Ludmila (advisor) ; Krebs, Vojtěch (referee)
The diploma thesis deals with the system of national account of the Czech Republic with a focus on the development of government debt and deficit. The first chapter explains the nature, the aim and the development of the field of national accounts. The second chapter concentrates on the system of national accounts of the Czech Republic. Special attention is paid to the sector of government institutions, as the national government accounts are the basis for the prediction of the government deficit, debt and the Convergence program for adoption of the common currency Euro. The third chapter defines the terms closely related to the general government sector and financial statistics. The closing chapter analyses the development of government debt and deficit in the period since 1995.
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