This paper investigates the relationship between countries' fiscal balances and current accounts with an emphasis on the role of fiscal rules. The direct effect of fiscal policy on the current account via aggregate (import) demand is potentially amplified by indirect effects, materializing through interest rate effects and inter-generational transfers that reduce savings. On the other hand, the implied positive relation between fiscal and external balances is potentially attenuated by offsetting changes in savings through Ricardian equivalence considerations. We expect this attenuation effect to be stronger in countries with more stringent fiscal rules and test this hypothesis using a panel of 73 countries over the period 1985-2012. As previous studies we find a positive effect of fiscal balances on the current account, supporting the twin deficit hypothesis. However, the effect of fiscal balances on the current account depends on the stringency of fiscal (budget balance or debt) rules in place; it is reduced by one third on average and virtually eliminated for countries with the most stringent fiscal rules. (authors' abstract) / Series: Department of Economics Working Paper Series

This thesis examines the implications of Euro on current account balances of countries using it. First, we summarize the main theoretical and empirical findings about determinants of current account deficits and possible implications of monetary union. Second, an empirical analysis of possible effects of single currency is presented. We employ time-specific fixed-effect estimator, corrected for possible endogeneity between fiscal policy stance and current account deficits. Our results do not support the hypothesis of any impact on current account balances as such, however we document positive role of single currency for gross saving and investment rates. We further examined eventual break in the relationship between fiscal and current account balances. Our regression indicates that the role of fiscal balance as determinant of current account transactions increased with introduction of single currency therefore implying less Ricardian behaviour of private sector in Eurozone. Keywords current account, monetary union, fiscal balance, shift Author's e-mail tomas.olesnanik@gmail.com Supervisor's e-mail jaromir.baxa@centrum.cz

Current Account Contract The thesis focuses on the matter of a current account. The aim of the thesis is an excursion to the previous legislation, but primarily an analysis of the current applicable and effective legislation of the Czech Republic. The main goal is a comparison of the regulation of a curent account in the Commercial Code with the regulation in the "Payment System Act", since this act brought significant changes to the adjustment of payment systems. The thesis is divided into ten chapters. The first two chapters provide a general introduction of a current account and describes the importance of a current account in an everyday life. Chapter Three presents general legal characteristic of the Current Account Agreement according to the applicable and effective legislation at the moment of thesis handover and also contains the evolution of the related legislation. Chapter Four is dedicated to the subjects of the Current Account Agreement. This chapter offers a comprehensive view on the subject from the perspective of the Commercial Code and the Payment System Act as well. Chapter Five discusses the requirements of a current account. First subchapter contains obligatory requirements, second subchapter consists of facultative requirements, mainly according to the Commercial Code. Chapter...

This thesis employs two new approaches to explain some of the important debates in two key economic fields: labour market economics and macroeconomic studies related to current account imbalances. Chapter 1, Chapter 2 and Chapter 3 begin a new strand of research by introducing the normal inverse Gaussian (NIG) distribution to describe unobserved heterogeneity in the labour market. The NIG distribution can be represented as a normal variance-mean mixture with the inverse Gaussian (IG) distribution as the mixing distribution. A 0.01% subsample of the 1980 US Census, comprising all men between 18 and 65 who are in the labour force, as well as a comparable sample from Ghana, is used to show that the NIG distribution provides a better fit of the log earnings function than the normal distribution. The prediction of right skewness of the log earnings distribution arising from the log normal skill Roy selection model is rejected in favour of left skewness. The thesis then extends the model to describe the distribution of log earnings conditioned on education. The same two datasets (US males and Ghanaian males) are used for the empirical analysis. We find that, once the unobserved heterogeneity is accounted for, the return to education is almost flat for lower levels of education in Ghana, and then increases for education levels greater than ten years. One of the key differences between the two datasets is that skewness and unobserved heterogeneity is a function of education for Ghana but not for the US. The NIG framework is found to be a useful tool to model this heterogeneity. Chapter 4 uses a model that allows for a rich structure of age effects similar to those predicted by the life cycle theories to argue that the demographic shifts are partly responsible for the sustained rise in the US current account deficit and the rapid increase in China's current account surplus in the last decade. However, demographics do not have an impact on the long run equilibrium or level of current accounts. Rather, they are important determinants of the short run adjustment of current accounts to their equilibrium levels. In the next twenty years, the demographic shifts are likely to push towards further current account positive adjustments in China and current account negative adjustments in the US. Developing the infrastructure, financial markets, policy tools and regulatory settings to be able to cope with the excess capital flow remains an urgent task.

This thesis deals with global imbalances in the world economy. Chapter one focuses on balance of payments theory, savings and investment. It also specifies global imbalances and presents the most important periods of their development. Chapter two analyses main causes of global imbalances and discusses the relationship between imbalances and current economic crisis. Chapter three describes current development of global imbalances, anticipated development in future and analyses possible solutions at national and international level.

The aim of this thesis is to find a reason why the US current account is in deficit, which is in contradiction of theoretical expectation. Prevailing discusion is about savings glut and defects in monetary policy. In our opinion both sides ignore China`s rising influence and real exchange rate. Balassa-Samuelson`s effect predict real exchange rate appreciation in converging economies, as long as their real GDP grows. Analysis of real exchange rate of Renminbi shows contradiction with Balassa-Samuelson effect, which is attributed to conditions on Chinese labour market. Chinese internal imbalance has impacts on global economy and nonappreciating real exchange rate of Renminbi deforming international trade is one of the factors that causes US current account deficit.

The basic aim of this thesis was to evaluate the profitability of current accounts offered by the five largest Czech banks. In this context it was proposing to create such an evaluation device, which is sufficiently versatile and reusable. After a thorough examination of the general principles of decision-making theory and the basic characteristics and instruments of current accounts has been developed appropriate analytical base for follow-up of the work. In the analytical part proved very useful hierarchy of objectives and criteria, as well as the use of exact methods for determining weights of criteria and selecting the appropriate option. For determining the weights of the criteria were used point scale method, preferential ranking method, the method of paired comparisons, Saaty's method and compensation method. For the selection of variants were used multicriteria utility functions, Saaty's method and compensation method.

The aim oh the diploma thesis is to analyse the financial situation of a company on the base of account sheet. In theoretical part there is a description and explication of processes and methods of financial analysis including the description of source of information suitable for financial analysis. There is as well the description and analysis of the financial statements constructed according to the Czech rules and according to the International financial reporting standards IAS/IFRS. In practical part of this thesis there is the aplication of the processes and methods of financial analysis to evaluation the financial position of the company Elitex Nepomuk a.s. based on the period since 2002 to 2008. The conclusion of this thesis contains the summary of the history and the present condition of the financial position of the company Elitex Nepomuk a.s. There is also the evaluation of the financial health oh this company based on the outcomes of the financial analysis.

The graduation theses "VAT in accousting" deals with a presentation of value added tax in accounting and with a comparing of both of these systems. It includes an analysis of common elements like a subject, object, obligatory filing, accounting and tax documents and a variable of time. Accounting of input and output tax including accounting of final tax liability is described in a practical part. In conclusion I defined a concrete process of accounting of payments on account and credit and debit notes.

Le système monétaire international articulé autour d'une monnaie cœur et de monnaies périphériques évoluant dans des régimes de change différents s'avère intrinsèquement instable et a favorisé la hausse des déséquilibres de comptes courants et la crise financière de 2007. La littérature traitant des comportements d'épargne laisse présager d'une reprise de ces déséquilibres et des risques qui en découlent. Afin de rechercher des voies de stabilisation politiquement réalisables, nous avons évalué les taux de change d'équilibre des pays les plus impliqués dans les déséquilibres par une approche positive afin d'obtenir des résultats acceptables par les responsables politiques. Notre travail montre que le taux de change n'a joué qu'un rôle modéré dans le développement des déséquilibres et la littérature montre qu'il n'a joué qu'un faible rôle dans leur ajustement.Par ailleurs, les politiques monétaires accommodantes mises en place suite à la crise économique font peser des risques sur la stabilité financière. Compte tenu de la multiplicité des régimes de change et de la difficulté de prévoir et de maitriser les variations des taux de change, les risques liés aux déséquilibres de comptes courants et à l'instabilité financière nécessitent d'être appréhendés par d'autres voies d'ajustement que celles du taux de change. Nous montrons la faisabilité de zones monétaires permettant l'applicabilité de politiques monétaires appropriées en cas d'asynchronisme des cycles économiques favorisant la mise en place de politiques budgétaires à la fois appropriées pour limiter la reprise de déséquilibres mais également contracycliques. / The International Monetary System built around a core currency, the US dollar and peripheral currencies working in various exchange rate regimes appears inherently unstable and has fostered the rise of global current account imbalances and the financial crisis in 2007. The literature on changes in savings behavior suggests a resumption of these imbalances and associated risks. Their partial adjustment would therefore only be cyclical, resulting from the economic crisis in 2008.In view of looking for politically achievable ways to stabilize imbalances, we evaluated the equilibrium exchange rate of the countries or regions most involved in the imbalances by a positive approach to achieve results acceptable by policymakers. Our work shows that the exchange rate has played a moderate role in the development of imbalances and recent literature suggests that it played only a minor role in their adjustment.Moreover, accommodative monetary policies implemented after the economic crisis constitute risks to financial stability. Given the multiplicity of exchange rate regimes and the difficulty to forecast and manage the changes in exchange rates, risks related to global current account imbalances and financial instability need to be tackled by other channels of adjustment than the exchange rate. Our work therefore concerns, in theory but also pragmatically, options that could both reduce the risk of financial instability and that of the resumption of global current account imbalances. We show the feasibility of monetary zones allowing the implementation of appropriate monetary policies in case of asynchrony of economic and financial cycles. We conclude with the stabilizing ro