La thèse se concentre sur la problématique très actuelle des déséquilibres macroéconomiques à laquelle on rattache l'existence des déficits jumeaux. La méthode innovante basée sur la métrique des distances, inspirée par la théorie des espaces métriques, permet de mettre en évidence les sources des divergences macroéconomiques qui sont, dans notre cas d'étude, la balance courante et l'endettement. Ces facteurs sont à la source de la divergence macroéconomique dans le monde ainsi qu'en Europe, ce qui souligne l'importance de l'analyse des déficits jumeaux. L'analyse dite de « text-mining », l'analyse du contenu des articles scientifiques sur les déficits jumeaux et leur classement révèlent la prédominance dans la recherche actuelle de l'approche théorique du modèle de Mundell-Fleming et de l'équivalence Ricardienne, qui sont confirmées notamment dans les pays développés. La validité de l'hypothèse des déficits jumeaux pour 14 pays de l'UE-15 dans le contexte de l'endettement public important est testée par l'estimation du modèle à effet de seuil des données de panel. Le modèle permet de conclure que l'hypothèse des déficits jumeaux est confirmée uniquement lorsque la dette publique se trouve dans l'intervalle de 40.2% à 96.6% du PIB. L'équivalence Ricardienne est valide dans le régime de la dette publique supérieure à 96.6% (le modèle à effet de seuil) ou bien 93% (le modèle dynamique qui explique l'impact asymétrique de la dette publique sur la croissance économique) du PIB. Ici, un déficit ne provoque pas l'autre; toutefois, l'efficacité de la politique budgétaire expansionniste pour rétablir la croissance économique est limitée. / The thesis presents highly topical macroeconomic imbalances problem and the related twin deficit phenomenon. Innovative distance-based methodology inspired by an algebraic term of the metric space allows to identify sources of the macroeconomic divergence, which are, in our case, the current account and the indebtedness. These factors are responsible for macroeconomic divergence in the world as well as in Europe, which suggests an importance of the twin deficit analysis. Text-mining, analysis of the content and systematic classification of the scientific papers on twin deficits reveal a dominance of the Mundell-Fleming approach and the Ricardian equivalence, confirmed mainly in developed countries. Twin deficit hypothesis in 14 countries of the EU15 in the context of the important public debt is tested by panel data threshold model. The model confirms twin deficit hypothesis only if a public debt-to-GDP ratio is of the range from 40.2% to 96.6%. The Ricardian equivalence is valid in the regime of the public debt-to-GDP higher than 96.6% (threshold model) or 93% (dynamic model explaining an asymmetric impact of the public debt on economic growth). One deficit does not deepen the second one, but efficiency of the expansionary fiscal policy to reestablish an economic growth is importantly reduced at this indebtedness level.

The theses deals with the austrian public debt. The theoretical part gives a view into basic terms and problematic of public finance. The theoretical terms are applicated on the probletic of public finace of Austria. There is a comparison of accomplishment of nominal convergence criteria within the members of the European Union. The history of austrian economic policy since the 20. century is described. The theses then deals with the prediction of the economic development and growth. It is described, which economic impacts on austrian public finace this could have in the following period.

The first goal of this thesis is to reveal main causes of increasing public debts of the Czech Republic and Hungary. The results of that analysis should show us whether the both countries differ in such causes or not and if there is a chance that the Czech Republic's public finance system could be in danger, as it happened in Hungary in 2008. At the beginning, we suppose that there are no important differences in those causes and that the main reason for the increasing public debts are long-term budget deficits which are of structural character. That means that those structural deficits are formed on purpose, by irresponsible fiscal policy. The other goal of this thesis is to analyse the most important factors which cause the long-term structural deficits in the Czech Republic, and to suggest some steps which would help to stop the further creation of those deficits.

The thesis deals with the issue of the increasing public debt of the United States. The aim of the thesis is to analyze the structure and hitory of US national debt and its impact on the selected investment instruments development. Theoretical introduction is followed by analysis of the causes of the so high public debt of the United States. The analysis is based on the structure and public debt history. The final part of the thesis deals with the question how the high national US public debt affects the behaviour of the foreign investors.

The thesis takes a look at the reforms of the current Prime Minister of Japan Shinzo Abe and his Cabinet, specifically it evaluates the impact of the second arrow of Abenomics on the sustainability of the critical state of public debt of Japan.

The subject of this diploma work is to analyze proposals of fiscal consolidations in the Czech Republic and their following implementation in the years of 2002 to 2012. This work is trying to answer a question whether these proposals of the fiscal consolidaions were elaborated in agreement with research conclusions in the given field and whether they were successful in the sense of reduction of a deficit of the public budgets and public debt. In the first part of this work recent empirical studies with the following recomendations in the terms of realization of a fiscal consolidation are presented. Subsequently, a theoretical background in the form of keynesian and, so called, non-keynesian (expansionary fiscal consolidation hypothesis) effects of consolidation on economy is discussed. In the second part of this work an analysis of the proposals and implementation of the fiscal consolidations in the Czech Republic are presented with an attention to the evolution of the public budgets deficits and the public debt dynamic. The work uses, so called, narrative approach which is based on a study of open public documents from the archives of the Ministry of Finance of the Czech Republic, Parliament of the Czech Republic and the Czech National Bank. In the conclusions of this analysis it is stated that not a single implemented fiscal consolidation was successful in the terms of a reduction of the public budgets deficits and the public debt.

The thesis is providing us with evolution of public debt in European Union, focused on situation of the Slovak Republic. It was written in a period, when issue of deficit funding became one of the most frequent topics all over the world. Finding reasons of indebtedness and summarizing cases which should be warning for policy makers is one of the main tasks. Thesis is also describing actions and interventions of European institutions, which resulted to higher debt. Analysis of public debt in Slovak republic is focused on structure of debt in local and central scope in compliance with several criteria. Thesis is evaluating position of Slovak Republic compared with other European countries and analyzing data according to key economic thought to forecast possibilities of future evolution.

L’objectif de cette thèse est d’étudier la soutenabilité de la dette publique en fonction du niveau de développement des pays. Après avoir revu la littérature économique en matière d’indicateurs de soutenabilité de la dette, nous avons appliqué des méthodes empiriques et statistiques pour analyser la viabilité de la dette des pays développés et en développement. Nous avons ainsi estimé une fonction de réaction budgétaire pour les gouvernements des pays du G7 qui révèle que les gouvernements des pays du G7 ne se sont pas souciés de l’équilibre de leurs finances publiques sur la période 1978-2007 ; et qu’il y a une attention particulière à la soutenabilité des finances publiques au sein de pays appartenant l’union monétaire européenne. Ensuite, nous avons analysé la soutenabilité de la dette de la Côte d’Ivoire, par le biais de méthodes statistiques utilisées par les Institutions Financières Internationales. Le pays présente ainsi un risque modéré du profil d’endettement ; et l’assainissement de ses finances publiques est essentiel pour la viabilité de la dette à long terme. Par ailleurs, l’évaluation de la performance de la gestion de la dette publique ivoirienne révèle que la conception d’une réelle politique nationale d’endettement permettrait de combler les insuffisances des dispositifs existants. En définitive, les conclusions de notre étude suggèrent des réflexions supplémentaires sur l’analyse théorique de la soutenabilité et sur la cadre de gestion internationale de la dette publique. / The purpose of this thesis is to analyse public debt sustainability according to the level of national economic development. After reviewing the economic literature on public debt sustainability indicators, we applied specific empirical methods to compare developed countries and analyse a heavily indebted poor country (HIPC). We first estimated, among G7 governements, an error-correction-type policy reaction function based on an iterative bayesian estimation that compares the different dynamics of public debt evolution. This analysis reveals that on one hand G7 governments did not focus on debt sustainability during the time frame (1978-2007) ; on the other hand, we noticed a particular attention to debt sustainability in Eurozone countries (Germany, France, Italy) as compared to other countries in the sample. Next, we analyzed the debt sustainability of Côte d’Ivoire, a sub-Saharan Heavily Indebted Poor Country using statistical methods developed by the IMF and the World Bank. The results showed that the country has a moderate risk to indebtment ; therefore budget stabilization and diversification of its exports will be critical for its long-term debt sustainability. Beyond these objectives, the evaluation of the public debt management process, based on an international method (DeMPA), also highlights that designing a real national debt policy could fulfill the shortcomings of current policies. Overall, the conclusions of our thesis suggest additional researches and reflections on the theoretical analysis of public debt and on the architecture of the international public debt management frameworks.

The current Greek debt crisis has forced the Greek government to adopt austerity measures. In this paper, the most favourable debt reduction strategies among all the other strategies, for both Greece and its creditors will be examined. These strategies have been recently suggested in the economic world, to help achieve deficit reduction and enhance the growth rate of Greece. This is very important for the economic world - to avoid the insolvency of Greece and to find the best debt reduction strategy which is favourable for both the parties, so that the Greek public debt-to-GDP ratio can reach a level of sustainability within a reasonable timespan. In an endeavour to answer the research question, a simulation framework has been carried out based on the economic model as given by Cline, (2011). When using this economic model, g has been made endogenous and it is dependent on the extent of austerity. This has been taken into consideration while carrying out the simulation exercises for this paper. Furthermore, three different debt reduction strategies (the lowering of interest rates, debt write-off and increasing the primary surplus) have been implemented, considering the different scenarios of the economy, when executing these simulation exercises. After carrying out the simulation framework, it has been concluded that the further reduction of the interest rate would be the most favorable debt reduction strategy for both Greece and its creditors. This interest rate strategy would not only lower the Greek public debt-to-GDP to a sustainable level within a reasonable time period, but will also keep the growth rate positive in the long run during this period of weak economic recovery.

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