The Stability and Growth Pact has become a primary fiscal policy framework in all European countries since 1997. Together with Maastricht fiscal criteria it determines the fiscal discipline of integration process. The aim of this study is to evaluate ex-post effectiveness of the fiscal rules...

It is well known that in EMU the degree of similarity in the composition of current expenditures is relevant since the way Member States are affected by external shocks depends at least in part on this composition. In the 8 postsocialist countries recently admitted to the EU (EU-8) the mean...

The paper considers modern frameworks of public debt management from a credibility perspective. It focuses on the institutional and operational arrangements of effective debt management. In particular, the author seeks to shed light upon the contemporary problems of Czech debt manager compared...

The paper analyzes the relationship between interest rate transmission mechanism and bank's management of interest rate risk during the disinflation monetary policy in the Czech Republic in 1999-2006. In theoretical part, main determinants of short-run and long-run equilibrium of client interest...

The article analyzes macroeconomic forecasts of tax revenue in the Czech Republic. Forecasts are tested for their biases on data from Czech Republic from 1993 to 2003. The authors argue that Czech tax-revenue forecasts were highly biased and the hypothesis of unbiasedness could not be rejected...

The author of this paper criticizes the broad, cash-flow based concepts of seignorage that were introduced and emphasized by the economic literature of the 1990s (i.e., fiscal seignorage, total seignorage, etc.), which the author argues are ill justified and confusing. On the other hand, the two...

In the last years there has been a growing discrepancy between gross domestic product and gross disposable income (more than a double of government budget deficit in 2006)in favour of non-residents. The difference between the real interest rate and the rate of growth of GDP has been negative in...

V kvìtnu 2002 se konal 38. semináø ÈSE z øady semináøù ""Ekonomické teorie a èeská ekonomika"" s názvem: Argentina - vzestupy a pády?. Øeèníkem semináøe byl Jiøí Jonáš, poradce výkonného øeditele Mezinárodního mìnového fondu. Jeho vystoupení se zamìøilo na...

In attempts to explain the mechanism of a financial crisis of the third generation, the basic problem is to specify the basic causes of its emergence. In the text of the paper we have formulated a hypothesis saying that the basic cause of the emergence of a systemic financial crisis of the Asian...