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...

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...

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...

This article focuses on the development and resolution of Czechoslovak state debt from 1945 to 1953. It describes two distinct periods. Between 1945 and 1948, the budget followed a prewar structure where debt constituted a separate part. These times were characterized by an increase of state...

Federation is one type of state characterised by a contractual and constitutional structure, multilevel power redistribution, a written constitution, and duality of power. Federalism is a philosophy and a political instrument enabling a federation to function. The principle of federalism is an...

The paper analyzes an important part of the institutional quality - regulation and studies relation between the regulatory environment and the bureaucratic barriers. The analysis is based on theoretical models of the comparative institutional economics. In the paper, we discuss possibilities of...

The article is based on the thesis that institutional quality influences the economic performance. From this point of view under certain circumstance the government policy is able to increase efficiency and performance of economies through creation, maintenance and cultivation of appropriate...

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...

Mechanisms for implementing community programs resulting from general principles of Regulation (EC, Euratom) No 1605/2002 on the Financial Regulation applicable to the general budget of the European Communities and Commission Regulation (EC, Euratom) No 2342/2002 laying down detailed rules for...

Czech Abstract: Článek se zabývá třemi nejvýznamnějšími ekonomickými zájmy, které sehrály významnou úlohu při vzniku amerického Federálního rezervního systému. Nejdříve je stručně pojednáno o období národního bankovnictví. Dále je argumentováno tím, že zatímco...