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This thesis is focused on the comparison of methods of financing budget deficits and national debt management in the Czech Republic with other OECD countries in the context of the current situation on the global financial market. The first part describes the methods of financing budget deficits in the Czech Republic which are compared with selected OECD countries. The second part is aimed at the impact of foreign exchange interventions of the Czech National Bank on the domestic bond market and it is compared with negative interest rates policy. The last part analyses the impact of the Public Sector Purchase Programme on the Czech Republic's bond market. The thesis implies that besides other factors, foreign exchange intervention of the Czech National Bank have an impact on the current situation on the bond market. While the impact of the programme PSPP has not yet proved.

The basic goal of diploma thesis "The Propensity to Government Budget Deficit: Analysis of the Influence of Political Cycle on Czech Fiscal policy" is to identify fundamental factors which influence decisions about the size of government budget balance and to analyze the influence of political cycle on the volume and structure of government expenditures in the period of 1993-2009. Analysis is based on theories which are connected to the areas of public sector, state and its function, public finances, government budget, the process of generating budget, political cycle, political parties and europeanization. The problem of propensity to budget deficits is structured using dimensional analysis and problem tree. The influence of political cycle is verified by using the combination of qualitative analysis of policy documents and quantitative analysis of specific indicators. Analysis classifies external and internal factors influencing the tendency to deficit budgeting. Political cycle is one of those internal factors becouse it is affected by the decision making process of political representatives. The influence of political cycle on the volume of government expenditures and the expenditures of the Ministry of Labor and social affairs could not be demonstrated on data. Otherwise, there is possibility...