04498ntm a22005777a 4500 000203384 CZ-PrVSE 20110910132235.0 m d cr n|||||||||| 110910s2011 xr fsbm 000 0 eng d NEZPRACOVANÝ IMPORT ABA006 cze ABA006 ABA006 Valenta, Vilém ISIS:46227 dis Kvantitativní analýza interakcí fiskální politiky a reálné ekonomiky v České republice eng Interactions between fiscal policy and real economy in the Czech Republic [elektronický zdroj] : a quantitative analysis / Vilém Valenta 2011 ?? s. : digital, PDF soubor Vedoucí práce: Stanislava Hronová Disertační práce (Ph.D.)—Vysoká škola ekonomická v Praze. Fakulta informatiky a statistiky, 2011 Obsahuje bibliografii Textový (vysokoškolská kvalifikační práce) Rok obhajoby 2011 After many decades, macroeconomic effects of fiscal policy have returned to the centre of the economic policy debate. Both automatic fiscal stabilizers and discretionary fiscal stimuli have been used to support aggregate demand during the recent global economic crisis with a subsequent need for large-scale fiscal consolidations. In this context, a proper assessment of the size of automatic fiscal stabilizers and fiscal multipliers represents a key input for fiscal policymaking. This dissertation provides a quantitative analysis of the interactions between fiscal policy and real economy in the Czech Republic. The impact of real economy developments on public finances is assessed based on the methods of the OECD, the European Commission and the ESCB for the identification of general government structural balances, i.e. balances adjusted for effects of the economic cycle and net of one-off and other temporary transactions. I find that the underlying fiscal position, as approximated by the government structural balance, was mostly below the level stabilising the debt-to-GDP ratio since mid-1990s. An indistinct improvement in the structural balance can be identified in the period 2004--2007, which was subsequently reversed by the adverse structural impact of the world economic crisis. At the same time, dynamics of unadjusted fiscal balance was largely determined by one-off transactions in the past. The effects of fiscal policy on real economy are analysed using the structural VAR approach. I find that an increase in government spending has a temporary positive effect on output that peaks after one to two years with a multiplier of around 0.6. Tax multiplier appears to be small and, in contrast to standard Keynesian assumptions, positive. Government spending is supportive to private consumption, contradicting the hypothesis of Ricardian equivalence, but it crowds out private investment in the short run. The results should be interpreted with caution, as the analysis is complicated by rapidly changing economic environment in the period of the economic transition, relatively short available time series and a large number of one-off fiscal transactions. Způsob přístupu: Internet structural VAR model fiscal multipliers automatic fiscal stabilizers tax elasticities one-off and other temporary transactions fiscal policy structural balance cyclically adjusted balance statistika [obor disert. práce] disertace fd132024 czenas dissertations eczenas Hronová, Stanislava, 1954- js20020225008 ths Arlt, Josef, 1962- jo20000079968 opn Vysoká škola ekonomická v Praze. Fakulta informatiky a statistiky kn20010709399 https://isis.vse.cz/zp/14603/podrobnosti VŠKP v InSIS https://isis.vse.cz/zp/14603 Hlavní práce https://isis.vse.cz/zp/14603/posudek/vedouci Hodnocení vedoucího https://isis.vse.cz/zp/14603/posudek/oponent/22719 Oponentura https://isis.vse.cz/zp/14603/posudek/oponent/22720 Oponentura http://isis.vse.cz/zp/92376/podrobnosti dc:identifier NEPOSILAT VSKP 92376 vse14603 110908