The aim of this thesis is the state and the dynamics of indebtedness of territorial self-governing units in the Czech Republic to evaluate. The thesis has two parts - the theoretical part and the practical part. The important information about this issue are in the theoretical part. The information are drawn from the technical literature, the information of Ministry of Finance of the Czech Republic and the other sources. This part contains the tract on the returnable financial resources, the debt and its reporting, the causes of indebtedness, the problems, which the indebtedness of local governments will cause and the regulation of indebtedness of local governments. The practical part is divided into 5 parts - The analysis of debt of territorial self-governing units in relation to the public debt of the Czech Republic, The analysis of indebtedness of municipalities of the Czech Republic, The analysis of indebtedness of regions of the Czech Republic, The analysis of municipalities of the Czech Republic with higher measure of risk of municipal finance and The regulation of debt of local governments in the Czech Republic. For example it was discovered, that the public debt of the Czech Republic grow all the time, but the share of municipal debt and regional debt to the public debt is minimal. The municipal indebtedness of the Czech Republic has the growing trend. The municipalities use the credits often, the issue of municipal bonds and the approved returnable financial assistances. In 2012 the debt of municipalities with 5 000 and more inhabitants made up 73 per cent of total municipal debt. The regions has growing trend except 2010. The regions use the credits often and the approved returnable financial assistances. In 2011 and in 2012 the highest debt per 1 inhabitant had the Olomouc Region, the Karlovy Vary Region and the Pardubice Region. The Plzeň Region had the zero debt per 1 inhabitant. In category of municipalities with higher measure of risk of municipal finances was 47 municipalities from 6 244 monitored municipalities. The worst situation is in municipalities: Prameny, Turovice and Bublava.

[pt] O crescimento do volume de títulos indexados ao câmbio adicionou diversas questões a respeito da sustentabilidade da dívida pública. O objetivo deste trabalho é analisar a gestão da dívida pública ao longo dos anos de 1994 a 2003 quanto ao uso de títulos indexados à taxa de câmbio. Enfatiza-se o processo histórico do endividamento brasileiro e a evolução da composição da dívida interna. Através de um modelo de minimização de custos e riscos, estima-se a composição ótima da dívida interna para a economia brasileira com base em dados recentes. Analisa-se também a política monetária ótima frente a um choque externo em um país com elevado endividamento indexado à moeda estrangeira. Os resultados sugerem que a alocação da dívida deve ser predominantemente composta de títulos indexados a índices de preços e que frente a uma crise externa, a política monetária ótima deve ser restritiva, dado o elevado nível de endividamento indexado à moeda estrangeira. / [en] Concerning the composition of the public debt, the recent growth in the foreign currency linked debt provoked the debate about sustainability of the public debt. The objective of this work is to analyze the management of the foreign currency linked debt from 1994 to 2003. The evolution of the composition and its historical process is emphasized. A model that estimates the optimal internal debt composition through cost and risk minimization is applied to recent Brazilian data. It is also analyzed the optimal monetary police facing an external crises for a country that has a high level of foreign currency linked debt. The results suggest that the optimal composition of the public debt implies a massive use of price linked indexed bonds. And also, for facing an external crisis, the optimal monetary policy should be restrictive since the foreign currency linked debt is in such a high level.

Made available in DSpace on 2014-06-11T19:29:50Z (GMT). No. of bitstreams: 0 Previous issue date: 2010-09-10Bitstream added on 2014-06-13T20:39:38Z : No. of bitstreams: 1 santos_me_me_arafcl.pdf: 524909 bytes, checksum: 8cd234a4d7f7958512727f9c7015fcf3 (MD5) / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / O trabalho apresenta um estudo (panorama) da política fiscal no Brasil no período de 1994 a 2008, analisando as receitas federais, as despesas da União, as variáveis Resultado Primário do Governo Central, Necessidade de Financiamento do Setor Público (NFSP) e Dívida Líquida do Setor Público (DLSP). Afirmamos que a política fiscal no Brasil foi conduzida de acordo com o novo regime macroeconômico e que as medidas adotadas no âmbito da política fiscal resultaram na construção de um novo regime fiscal. Coube à política fiscal, nesse novo regime, o papel de sustentabilidade da dívida, por meio de políticas adequadas de gastos e receitas, conduzida de maneira que pudessem ser alcançadas as metas de resultado primário / The paper presents a study of fiscal policy in Brazil from 1994 to 2008, analyzing the federal revenues, the expenditures of the whole government sector in Brazil, the Primary Result of the Central Government, the of the Public Sector Borrowing Requirements (PSBR) and Public Sector Net Debt . We assert that fiscal policy in Brazil was conducted in accordance with the new macroeconomic regime, and that the measures adopted in that framework of fiscal policy resulted in the construction of a new fiscal regime. The fiscal policy in this new system has the role of debt sustainability, with suitable revenue and spending policy, conducted in a manner that could achieve the goals of the primary results

Esta dissertação versa sobre o controle do endividamento dos Estados, do Distrito Federal e dos Municípios, analisando as questões jurídicas daí decorrentes em face da sua autono-mia. São examinados em primeiro lugar conceitos e classificações relacionados à dívida pública. Posteriormente, é exposta a relevância do endividamento para a atividade finan-ceira dos entes subnacionais, e as razões que tornam necessário o seu controle pela União, a fim de preservar a estabilidade econômica. Noutro giro, são analisados os quatro métodos de controle do endividamento dos entes subnacionais vigentes em diferentes países, com o aprofundamento dos métodos vigentes no Brasil. Por fim, após incursão histórica na evolu-ção da dívida dos entes subnacionais, analisam-se dispositivos da Lei de Responsabilidade Fiscal cuja constitucionalidade é discutível por ferir a autonomia dos Estados, do Distrito Federal e dos Municípios. / This dissertation is about the control of borrowing of the States, Federal District and Mu-nicipalities and analyses legal issues arising therefrom in light of their autonomy. Firstly, concepts and classification related to the public debt are analyzed. Later, the relevance of borrowing for the financial activity of subnational governments and the reasons that make its control by the Federal government necessary in order to preserve economic stability are exposed. In another turn, the four methods of borrowing control of the subnational gov-ernments in force in different countries are analyzed and the methods in force in Brazil are deepened. Finally, after the historical raid in the evolution of debt of the subnational gov-ernments, provisions of the Fiscal Responsibility Act, which constitutionality is questiona-ble for violating the autonomy of the States, Federal District and Municipalities are also studied.

Como a sustentabilidade da dívida é afetada por elevados e crescentes níveis de endividamento no Brasil? Esta dissertação introduz uma estrutura teórica e empírica para a estimação de limites endógenos para a dívida bruta do setor público, utilizando um modelo com credores neutros ao risco que avaliam a probabilidade de calote do governo em função do próprio nível de endividamento e da taxa de juros e um governo soberano que segue uma função de reação do superávit ao nível da dívida com propriedade de fadiga fiscal e choques exógenos. Nos dados de 2002 a 2018, as estimativas de limites para o endividamento bruto estão entre 130,8%, no cenário mais provável, até 151,4% do PIB, sob condições mais favoráveis. As taxas de juros estariam entre 22% e 38% a.a., garantindo a sustentabilidade fiscal do governo para os próximos anos, com ressalvas que 1) este é um máximo para a dívida, nada é discutido sobre um nível ótimo de endividamento; e 2) que a trajetória crescente da dívida em anos recentes requer uma atenção especial por parte das autoridades fiscais que desejarem se comprometer com sua sustentabilidade, ainda que ela se situe abaixo de seu máximo. / How the sustainability of public debt changes when rising indebtedness arises? This dissertation introduces the theoretical and empirical framework to estimate endogenous limits to the debt levels, that is, a model with risk-neutral lenders that account for the default probability as a function of indebtedness itself (thus the endogeneity) and the interest rates; and the fiscal authority, which follows a fiscal reaction function with the fiscal fatigue property and exogenous shocks. The estimates for the debt limits in the Brazilian economy stays around 130.8% and 151.4% of GDP, with real interest rates of 38% per year in the first case, using monthly data from 2002 to 2018. This ensures the fiscal sustainability for the next year, but it is worth noting that 1) this is the limit for debt levels; nothing is discussed about the optimal level for the economy as a whole; and 2) the path of rising indebtedness in the recent years needs to be strongly reviewed by whoever wishes to commit to fiscal sustainability in the next government.

Esta pesquisa procura situar a análise do sistema de crédito na apresentação categorial de O Capital de Karl Marx para, a partir daí, problematizar alguns aspectos da crítica marxiana à sociedade baseada no valor. O primeiro deles diz respeito às dificuldades surgidas na explicação da reprodução ampliada do capital social total com a abstração do Estado no curso de toda análise ali efetuada, rebaixado ao detalhe da condição de faux frais da produção capitalista. Tal rebaixamento é questionado então a partir dos problemas derivados da aceitação acrítica, por parte de Marx, do conceito smithiano de trabalho \"improdutivo\". Com isto, retoma-se a crítica de Rosa Luxemburgo como forma de sugerir uma proposta para a resolução daquelas dificuldades a partir da reinserção do aparato estatal militarizado e das dívidas públicas nacionais, formadas por acumulação de capital fictício, na dinâmica de reprodução permanente dos pressupostos da acumulação primitiva como condição necessária da autoreprodução do valor. Tal inserção, finalmente, permite vislumbrar novos patamares críticos em relação aos supostamente necessários \"benefícios civilizatórios\" da modernização. / This research intents to situate credit system analysis in Karl Marx\'s Capital conceptual presentation and, therefore, discusses some questions about Marxian critical aspects of \"value based society\". First of them concerns difficulties that appears with the abstraction of the State in the total social capital amplified reproduction analysis. Marx would have reduce the State to the condition of faux frais of the capitalistic production in the course of his analysis. In my opinion, such consideration about the role of the State came since the issues from an uncritical acceptation by Marx of the smithian concept of \"unproductive\" labor. Therefore, we recover, necessarily, to the Rosa Luxemburg\'s critics to proposal an answer in face of these troubles inserting military state apparatu\'s and its public national debts. They would have been made up of fictitious capital accumulation, through the permanent reproduction dynamics of the presuppositions of the previous accumulation\'s as a necessary condition of the value\'s self reproduction. This reintroduction, at last, allows discern a new critical horizon about civilizatory \"necessary by suppose\" benefits of the modernization process.

Pour comprendre les enjeux li´es `a l’endettement public dans la cr´edibilit´e des accords mon´etairesdans le cas de l’entre-deux-guerres, nous ´etudierons l’influence de l’endettement public sur l’´etalon-or,de sa fondation dans la seconde moiti´e du XIXe si`ecle, `a son abandon au cours de la grande d´epression.La qualit´e des finances publiques, en particulier l’endettement public, fut d´eterminante dans la capacit´ed’une nation `a adh´erer `a cet accord mon´etaire. L’endettement public joua aussi un rˆole d´ecisif dans lafin de ces syst`emes mon´etaires, `a l’issue de la Grande Guerre et lors de la grande d´epression. Dans unsecond temps, notre d´emarche consistera `a comprendre les m´ecanismes qui conduisirent l’endettementpublic `a ˆetre en partie responsable de la fin de l’´etalon de change-or et de l’´emergence de nouveauxblocs mon´etaires dans les ann´ees trente. Face `a la grande d´epression, les modalit´es d’organisation et defonctionnement de cet accord mon´etaire, rendirent impossible son maintien. Si les variables ´economiqueset politiques furent d´eterminantes dans son abandon, celles d’endettement public jou`erent aussi. Apr`esavoir d´ecrit les modalit´es de sortie de l’´etalon de change-or, nous montrerons les m´ecanismes th´eoriquesqui lient les crises mon´etaires et les crises d’endettement et les appliquerons `a la grande d´epression. Nous´etudierons en particulier le cas de la France. Nous montrerons `a l’aide d’un mod`ele de dur´ee, l’influencede la dette publique dans le maintien des parit´es-or pendant la crise. Enfin, nous verrons comment denouveaux blocs mon´etaires se form`erent. / To understand the challenges linked to public debt in credibility of monetary agreementsbetween the World Wars, we shall study influence of public debt on the gold standard, from its founda-tion in the second half of the XIXth century to end during the Great Depression. The quality of publicfinances, in particular the public debt, was determining in the capacity of a nation to subscribe to thismonetary agreement. The public debt also had a decisive role in the end of these monetary systems, atthe end of World War I and during the Great Depression. In a second part, our approach will consistin understanding mechanisms which led public debt to be partly accountable for the end of the gold-exchange standard and the rise of new monetary blocks in the thirties. Facing the Great Depression, themodalities of organization and functioning of this monetary agreement, made impossible to sustain it. Ifeconomic and political variables were determining in its end, variables linked to public debt played too.Having described modalities of release of gold-exchange standard, we shall show the theoretical mecha-nisms which link monetary crisis and debts crisis and we will applied them to the Great Depression. Wewill study in particular the case of France. We shall show using a duration model, influence of publicdebt in preservation of gold parity during the crisis. Finally, we shall see how new monetary blocks formed.

Chronic imbalance between government revenues and expenditures was the main cause of growing public debt in many economies. In economic theory we can find some other arguments that justify deficit financing of government expenditures or public debt. We can mention these arguments -- in some situations (for example natural disaster) government borrowing from other subjects is very prompt and operative way how to gain additional money and seems to be better than other ways (for example better than increase of taxation), government bonds and securities can be very attractive instrument where economic subjects allocate savings and improve liquidity of secondary markets or can be used for monetary policy. On the other hand many arguments against budget deficit and public debt are in theory described and analyzed -- negative affects in savings allocation (crowding-out affect), cost of debt service limits active fiscal policy, debt burden is shifted to other generations, government expenditures from debt financing can negatively effect macroeconomic stability. In theory and in practical policy is public debt and its effects on economy relatively complicated and controversial topic and we can analyze its from economic, technical and political point of view. It results also from the fact that there are many different debt instruments which can be used to finance the budget deficit. A main distinction is the currency of denomination, and, in particular, whether or not is the domestic currency. Another important characteristics is the initial term to maturity, which among marketable instrument may range from few weeks to 30 years. A policymaker may rely on marketable securities, as well as on loans from financial institutions and on savings bonds sold to personal investors. Which instruments policy makers choose depends on the objective they pursue as well as on the circumstances in which the choice is made. Debt management we can define as the process of establishing and executing a strategy for managing the government's debt in order to raise the required amount of funding, achieve its risk and cost objectives, and to meet any other sovereign debt management goals the government may have set, such as developing and maintaining an efficient market for government securities. The objective of debt management policy is to minimize over the long term the cost of meeting the government's financing needs, taking account of risk connecting with debt portfolio. Application of debt management in real economy covers for example these specific issues: Debt management objectives and strategy, coordination with fiscal and monetary policy, allocation of responsibilities and objectives among institutions and authorities dealing with debt management, transparency to public, institutional framework, technical and information base. Importance of public debt management results from facts that high levels of public debt are a common feature of modern economies. It is possible to suppose that debt management is going to be very actual issue in the Czech Republic in near future for these reasons -- Czech Republic is small and open economy (we can consider it to be emerging market), during last several years public debt in Czech Republic have been growing rapidly not only in absolute volume but also as GDP ratio, there is a permanent danger that financial and economic shocks in international economy combined with inappropriate fiscal and monetary policy can have negative or in extreme case fatal impact on many people living in the Czech Republic. Dissertation "Public debt Management" primary focused on these issues and problems: Basic theoretical points concerning fiscal policy, deficit and public (government) debt -- methodology of measuring debt, influence debt on economy, risks connecting with public (government) debt Arguments for and against deficit and debt Public debt management -- general recommendations of International Monetary Fund Practice as for the public debt management in some countries -- USA, Sweden, countries of Euro-area Situation as for the public debt in Czech Republic Public debt management in Czech Republic -- historic development, goals and criteria set and used presently, analyze of risks that public debt management deals with, risk management applied in Czech republic, evaluation public debt management in Czech republic -- confrontation with recommendations of International Monetary Fund Analyze of impact of financial crises on process of public debt management in Czech republic Some arrangements concerning directly or indirectly public dept management in Czech Republic are recommended and analyzed. These recommendations are: Implementation of "inflation-linked" bonds Increasing portion of debt denominated in euro currency Prolongation of calendar of emissions Improvement of intelligibility of documents named "Strategie" that should declare and explain principles of public debt management in Czech republic Creation and implementation of special law destined for public debt management

The main goal of this thesis is to describe and analyse methods, which were used by countries affected by the Asian financial crisis to resolve related problems and also analyse how these solutions affected public debt. For this purpose I chose three Asian countries, Thailand, Indonesia and South Korea. These countries have one in common, their governments decided to establish Asset Management company to resolve problems of bank sector. This thesis describes how they were successful in their aspirations and fallout of financial crises on choosen countries.

The objective of the thesis is to analyze the accumulated public debt of France including its structure during the financial and economic crisis between 2008 and 2012 with possible short-term and medium-term scenarios for the future. The thesis is divided into three chapters. The first chapter describes the development of the French economy and the main macroeconomic indicators from 1991 until 2012. The second chapter deals with the accumulated public debt of France, its development in the past, structure of the debt and debt of French municipalities. The last chapter is dedicated to the possible scenarios for the development of French public debt and public debt problems with specific options for their removal. The next section describes the attitude of the French government toward the debt crisis in the eurozone.