Este trabalho tem como objetivo testar a hipótese de dominância fiscal, bem como estimar uma regra de reação fiscal para o Brasil, e é desenvolvido em duas partes. Na primeira parte investiga-se a existência de dominância fiscal no Brasil a partir de 1999 ? ano em que se inicia a fixação de metas de superávit primário pelo governo ? através de função resposta ao impulso. O resultado obtido indica que não ocorre o fenômeno da dominância fiscal no período analisado. Na segunda parte analisa-se se o comportamento da autoridade fiscal do Brasil pauta-se em alguma regra de reação fiscal. Pretende-se aferir se o governo reage a variações no nível da dívida ajustando o resultado primário, de modo a garantir a sustentabilidade da razão dívida/PIB e permitir que a política monetária seja eficaz. Para o período anterior à fixação de metas de superávit primário (1995-1998) não é possível definir uma regra de reação fiscal, pois o superávit primário não responde a mudanças na dívida pública. Para o período posterior (1999-2006), entretanto, conclui-se que o governo segue uma regra de reação fiscal, denotando preocupação em evitar a dominância fiscal, embora a especificação da regra seja distinta para os governos Fernando Henrique Cardoso e Lula. / This research, which is divided into two parts, tests the hypothesis of fiscal dominance and estimates a fiscal reaction rule for Brazil. In the first part we investigate the existence of fiscal dominance in Brazil beginning 1999 ? the starting point of primary surplus targets by the Government ? through an impulse response function. Our analysis indicates that the fiscal dominance does not apply for the concerned period. In the second part, we investigate if the Brazilian fiscal authority follows any rule of fiscal reaction. We intent to test if the Government reacts adjusting the primary surplus to debt variations, maintaining the sustainability of the debt/GDP ratio and preserving the efficacy of the monetary policy. For the period prior to the primary surplus targets (1995-1998), it?s not possible to define a rule of fiscal reaction, as the primary surplus does not respond to variations in the public debt. However, for the 1999-2006 period, we found that the Government does follow a fiscal reaction rule, highlighting the preoccupation of avoiding the fiscal dominance, even though the rule?s specification is distinct for the mandates of Fernando Henrique Cardoso and Lula.

The aim of the diploma thesis is to analyze the development of the government debt in the Czech Republic, in particular in terms of its structure, the assessment of the sustainability of the current government debt level and the assessment of the setting and operation of debt management in the Czech Republic, in comparison with the recommendations of important international institutions. Used will work primarily analytical, synthetic and comparative methods. The first chapter introduces the theoretical definition of the concepts of public debt, including its causes, impacts and forms of coverage. Subsequently, the thesis deals with the theoretical approaches in the sphere of governement debt management. The next chapters assess the development of the government debt in the Czech Republic, its structure, institutional solution and overall debt management. Finally is evaluated the sustainability of the Czech Republic's current indebtedness and realized the comparison of debt management with IMF and World Bank recommendations.

Le phénomène de la dette publique dans les démocraties contemporaines est toujours un sujet d’actualité qui mobilise aussi bien les économistes, les politologues et les historiens. La spécificité de cette thèse est qu’elle combine à la fois l’aspect économique, politique et historique de la dette publique. Elle se concentre particulièrement sur l’étude de la relation entre la dette publique et la démocratie. Selon J. Buchanan, l’ordre institutionnel d’une démocratie conduit naturellement à un accroissement de la dette publique. Inspirée de cette proposition, l’idée de cette thèse consiste à s’interroger sur les effets du système politique et démocratique sur la dette publique. Plus exactement, l’objectif consiste à expliquer la variation de la dette publique par la gouvernance politique et la distribution des préférences électorales. Nous vérifions les hypothèses formulées à l’aide d’une étude économétrique réalisée sur des échantillons composés d’une trentaine de pays et de données macroéconomiques et politiques couvrant la période 1994 – 2013. / The phenomenon of public debt in contemporary democracies is a topical subject that mobilizes economists, political scientists and historians. The particularity of this thesis is to examine the economic, political and historical aspects of public debt. It focuses on the relationship between public debt and democracy. According to J. Buchanan, democracy naturally leads to the accumulation of public debt. Inspired by this notion, the aim of this thesis is to explain the effects of the political and democratic system on public debt, specifically variations in public debt resulting from the system of governance and distribution of electoral preferences. To test these hypotheses, we developed empirical research and built a sample culled from about thirty countries consisting of macroeconomic and political data covering 1994 _ 2013.

This thesis focuses on the issue of indebtedness of Czech municipalities and their role in the total public debt. The first part represents the theoretical basis and legislation, which includes defining key terms. The practical part is focused on analyzing the evolution of indebtedness of local governments and of other levels of the public sector. The analysis was made on the basis of compiled time series of the debt for the period 1994-2014. The indebtedness of municipalities and counties had a growing trend during the reported period. In recent years, municipal debt, unlike regional, is stable. The share on debt of municipalities and regions is the size of the public debt is not significant. The largest share of the debt is government debt, which constantly grows from the begging of the period. Part of this work is to compare two methods of evaluating municipal debt, namely debt service and SIMU. Five selected municipalities were compiled both types of indicators for the period 2010-2014. Based on this comparison it was shown to have better presentation of the indicators SIMU than debt service. The thesis seeks to comprehensively evaluate the development of each level of indebtedness of the public sector in order to show, what proportion represents Czech municipalities.

Diploma Thesis deals with the comparison of public finances of the United Kingdom and the Federal Republic of Germany from 2000 to 2014. It focuses on the period of financial and economic crisis after 2008. This thesis aims to identify the impact of the financial and economic crisis on the sustainability of public finances of both countries. It also identify the reasons for the different development of public finances in both countries. The practical part is divided into three chapters. The first chapter deals with the period of 2000-2010. The second chapter focuses on consolidation of public finances in the years 2010-2014. The last chapter deals with the current development and sustainability of public finances of both countries.

The objective of the diploma thesis is to analyze the current and accumulated public debt of Italy during period of financial and economic crisis between 2008 and 2012 with emphasis on problems and status of their solution. The paper is divided into four chapters. The first chapter is dedicated to the theoretical introduction of the issue of public budgets. The second chapter describes the developement of the italian economy and the main macroeconomic indicators by 2007. The third chapter deals with the development of macroeconomic indicators between 2007 and 2012 with emphasis on the development of the balance of public budgets and on the accumulated public debt. Last chapter is focused on the measures approved by italian government as a result of a fight against high indebtedness. The next section describes scenarios for the development and proposed solutions.

The echoes of Eurozone debt crisis brought into question the sovereign risk of advanced economies. Understanding factors that influence this risk is key to avoid similar crisis of public debt financing in the future. The main aim of this thesis is to identify which factors influence sovereign entity financing and how the problems of public debt financing arise. This is reached through analysis of debt crisis development and its causes in the GIPS economies.

This paper responds to the development policy debate involving the World Bank and the IMF on the use of fiscal policy not only for economic stabilization but also to promote economic growth and increase per capita income. A key issue in this debate relates to the effect of the composition of public expenditure on economic growth. Policy makers and some researchers have argued that expenditure on growth-enhancing functions could enhance future revenue and justify the provision of "fiscal space" in the budget. But there are no simple ways to identify the growth-maximizing composition of public expenditure. The current paper lays out a research strategy to explore the effects of fiscal policy, including the composition of public expenditure, on economic growth, using a time series approach. Based on the modeling strategy of Greiner, Semmler and Gong (2005) we develop a general model that features a government that undertakes public expenditure on (a) education and health facilities which enhance human capital, (b) public infrastructure such as roads and bridges necessary for market activity, (c) public administration to support government functions, (d) transfers and public consumption facilities, and (e) debt service. The proposed model is numerically solved, calibrated and the impact of the composition of public expenditure on the long-run per capita income explored for low-, lower-middle- and uppermiddle-income countries. Policy implications and practical policy rules are spelled out, the extension to an estimable model indicated, a debt sustainability test proposed, and the out-of-steady-state dynamics studied.

The aim of this thesis is to analyse a concept of budgetary responsibility. Taking into account current financial crisis, this topic becomes more and more important, because long term deficit financing has had negative effects on the economic situation. Thesis aims to analyse the situation from legal as well as economic prospective. The thesis also compares legal adjustments of budgetary legislation and legal facts regarding rules of budgetary responsibility in the Czech Republic and Spain. The biggest stress is put on the analysis of subsequent findings and evaluation, whether or not the establishment of rules of budgetary responsibility is neccessary, which form (constitutional or statutory) and which content would be the most beneficial. The first chapter is dedicated to definition of concept of budgetary responsibility and related notions such as state budget and public debt, including contemplation about most common causes and consequences of those phenomenons. Since legal and economic discipline is mutualy connected, I incorporated also explanation of economic theoretical approaches to a deficit financing. Second and third chapter focuse on description of legal regulation of general part of budgetary law in the Czech Republic as well as description of current bills of constitutional laws...

The thesis deals with the term of budgetary responsibility, past drafts trying to enact this term to the legal system of Czech Republic, and also deals with applicable legal rules contained in the European Union legal system. The aim of this thesis is to analyze every existing draft in the Czech legal system (with the special attention to the last legal draft), and trough this analysis reach to the ideal set of rules for the budgetary responsibility. The first chapter contains the description of the basic term and the theoretical basis for the rest of this thesis. Elementary terms are described first and trough that it comes to the main term of the principle of the long-term balance of public budgets and to the term of budgetary responsibility. The second chapter aims to describe every single legal draft made in Czech Republic during the past year. Main attention is provided to the last legal draft of the constitutional act of budgetary responsibility and to the related draft of the secondary legal adaptation, which was presented in the year 2015. The third chapter aids to the European Union legal adaptation of the budgetary responsibility. At first the thesis deals with the form of budgetary responsibility in the Treaty on European Union and the Treaty on the Functioning of the European Union....