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 convergence criterions nessesary for the entrance of EU-member to European Monetary Union are divided to monetary and fiscal area. To fiscal criterions (after Pact of Stability and Growth) belong the low long-run deficit of public budget in the maximum 3 % of GDP and maximal public debt 60 %...

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...

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...

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...

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...

The article is focused on value added tax harmonization. It summarizes theoretical basis of harmonization process, refers to basic law. It also analyzes a real level of value added tax harmonization in the European Union and compares development in member states. In the beginning of year 2009...

Recently the popularity of fiscal rules has been increasing also due to the impact of macroeconomic and financial shocks on fiscal sustainability. This paper reviews supranational and national fiscal rules implemented in the Visegrad countries (V4). Namely, we base the review and comparison of...

This paper analyzes the effects of macroeconomic shocks on the government debt dynamics in an open economy using the analytical framework of Favero and Giavazzi (2007) extended to an open economy. Applying this modeling approach to the data for the Czech Republic, the authors derive some...

The purpose of this model is to measure the impact of localization of new (mostly industrial) enterprises in strategic industrial zone in regional economy. Model deals with multiplication effect of regional consumption expenditures, which is (among others) strongly affecting development of...