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...

This paper studies whether the dynamic behavior of real GDP, unemployment and inflation is systematically affected by the timing of elections and by changes of governments in the Czech Republic. Two basic models of political cycles are tested – the political business cycle models and the...

The study is focused on macroeconomic stability of the Czech economy. The first part (methodological) stems from the system of national accounting which offers two approaches: from the point of view of relationship between domestic supply and demand and between savings and investments....

The paper is concerned with pension reform in the Czech Republic and abroad. It argues against two opinions: on the one hand, that it is not necessary to do anything, and on the other hand, that a mandatory funded system should be implemented. Both approaches are false, because of creating...

We survey theories of impacts of budgetary rules in the budget process, review empirical evidence and on the basis of comparative studies attempt to design the optimal shape of the Czech budgetary rules. The theoretical part focuses on conventional and non-intuitive effects of spending caps and...

The interpretation of the relation between a budget deficit and a government debt in the standard economic theory is based on its unilateral causality, where the government debt comes into being due to the accumulation of budget deficits. The logic of the development of the government...

Stárnutí obyvatelstva se stalo v poslední době jedním z důležitých témat v mnoha rozvinutých zemích. Důchodové systémy a systémy financování zdravotnictví založené na solidaritě jsou výrazně citlivé na demografické změny související s klesající porodností a...

The Czech Republic has introduced new energy taxation in connection with implementation of the directive 2003/96/EC, restructuring the Community framework for the taxation of energy products and electricity. New energy taxes are imposed on electricity, solid fuels and natural gas, with term of...

Hedging strategies represent basic instrument used toward eliminating financial risk. Increasing volatility of financial markets and their globalization also lead to higher financial risks. These aspects are especially important for transitional and small open economies. The basic goal of the...