This thesis explores and reviews extensively previous studies on the economic impact of mass immigration on Sweden with a special interest in the native population, addressing the widespread belief that the inflow of immigrants means a strain on the country's resources and negatively affects the natives. The research distinguishes between voluntary and involuntary migration and examines their respective contributions and challenges to economic growth, educational opportunities, and social mobility. Using literature and data from Statistiska Centralbyrån (Statistics Sweden)(SCB), Migrationsverket (Swedish migration services), and various empirical and theoretical studies, the research conducts an extensive literature review and analyzes whether immigration acts as an economic gain or drain for Sweden. Key aspects analyzed in the literature include but are not limited to employment dynamics, country of origin, age distribution, and education levels of immigrants. The findings uncover a complex interplay between the economic benefits and challenges posed by immigration, highlighting mixed outcomes in terms of labor market integration, wage impacts and public welfare contributions. This comprehensive analysis aims to provide a nuanced understanding of how mass immigration impacts Sweden's economy and the welfare of its native population. Keywords: Immigration, Public sector finance, native impact, fiscal effect

The policy of investment incentives is applied in majority of countries all over the world. This popularity is in contradiction with rare academic analyses of this phenomenon and those few existing are not reflected by the actual policy. This work intends to partially fill the first gap and is devoted to estimation of fiscal impact of the policy and also its effects on employment. It contains a proposal of cost-benefit calculation and its application in Czech Republic. The necessary condition for any application of this method, one needs to assess causal impact of such policy on investment and also indirect effects in the labour market. Comparison of investment behavior of supported firms and firms from control group (chosen by matching estimator) shows that the extra investment generated (or maybe only accelerated) was at most 30% of contracted amounts. Indirect effects in labour market are estimated via dynamic model of employment using Heckman's treatment of selection. Inquireies show that linkage effects dominate the crowding out effects, signalling that domestic firms on average benefit from the presence of their foreign conterparts. Turning to supported vs. nonsupported firms, this effect diminishes. For estimation of various scenarios of fiscal and employment effects I use results from econometric estimates of this work as well as the other works from Czech environment. The unitary fiscal cost of one job created is several hundred tousand CZK and therefore the net cost has to be confronted with other potencial benefits of policy. With respect to fact that majority of firms resides and operates in Czech Republic prior the incentive award, technological transfer or other positive effects do not find much support in my findings. This indicates that the arguments for the provision of this policy in Czech economy are not valid (any more).

政府解決經濟問題的工具有二：財政政策與貨幣政策。一般而言，貨幣政策多是用以解決金融問題，然而，該政策對政府財政方面也會產生重大的影響，但由於現今民主代議制度的採行，社會大眾的意見與選票的壓力，迫使政府不得不放棄引起一般大眾不滿的政策，尤其是貨幣政策更是受到嚴重的干預，進而產生了政府財政政策優於貨幣政策之情況。 本文主要是探討中央銀行貨幣政策主導性的問題，強調只有嚴格維持央行的主導性，才能確保貨幣政策的有效性，也才能真正解決經濟與金融問題。論文內容所提及之貨幣政策皆是以公開市場操作來實現，透過緊縮貨幣政策之採行，分別利用一些簡化的模型，來探討其對政府預算赤字、通貨膨脹與財政政策（即公債）之效果，並將模型修改後應用至EMU體系之中加以分析說明。 在對預算赤字之影響方面，緊縮貨幣政策會造成（1）價格效果；（2）支出效果；（3）收入效果；（4）債務效果；（5）鑄幣效果；（6）沖銷效果；（7）套利效果等七種效果，且隨著政府的反應函數、在社會中所擔任之角色以及貨幣政策有效性之不同，而對各項效果之大小有所影響。在通貨膨脹方面，則引用了學者Sargent與Wallace的「Unpleasant Monetarist Arthmetic」模型來分析說明，結果發現，當央行無法維持其政策主導性時，緊縮貨幣政策根本無法降低通貨膨脹率，無論是當期或是未來皆是如此；此外，並引用了學者Darby的看法作為一項另類思考。在與財政政策之關係方面，則將UMA模型作一些修正，並將之套用至EMU體系中加以證明；值得注意的是，在某些情況下，將可得到只依賴財政政策便可降低通貨膨脹之結論。 從論文內容中不難發現，唯有確保央行政策之主導性，才能有效達成貨幣政策之目標。本文的政策建議主要是強調須有效控制預算赤字，才得以降低公債存量，並繼續維持央行之主導性。 第一章 目錄..............................................1 第一節 研究目的........................................1 第二節 研究內容........................................3 第二章 緊縮貨幣政策對政府預算赤字之影響..................5 第一節 在資本不能移動下之情況..........................9 第二節 在資本可完全移動下之情況.......................16 第三節 貨幣政策可靠性對預算赤字之影響.................24 第三章 公開市場操作之貨幣政策與財政政策之搭配 ----Sargent-Wallace模型之詮釋..............29 第一節 貨幣政策以公開市場操作之性質...................31 第二節 當期越緊縮貨幣,未來通貨膨脹越大之情況..........33 第三節 當期越緊縮貨幣,當期通貨膨脹越大之情況..........44 第四節 Darby對Sargent-Wallace模型之另類思考...........48 第四章 公開市場操作之貨幣政策與財政政策之調整 ----以EMU為例..............................61 第一節 在EMU體系,貨幣政策與財政政策之相互關係.........63 第二節 在開放體系,貨幣政策與財政政策之理論關係........67 第三節 財政政策之因應調整.............................78 第五章 結論.............................................86 第一節 本文主要發現...................................86 第二節 本文政策性內涵.................................88 參考文獻..................................................90