Detail publikace

New Fiscal Rules for the Czech Republic: Analysis of the Proposal

Autor: PhDr. Jaromír Baxa Ph.D.,
Mgr. Michal Paulus ,
Typ: IES Occassional Papers
Rok: 2016
Číslo: 1
ISSN / ISBN:
Publikováno v: IES Occassional Papers 01/2016
Místo vydání: Prague
Klíčová slova:
JEL kódy:
Citace: Baxa J., Paulus M. (2016). “New Fiscal Rules for the Czech Republic: Analysis of the Proposal ” IES Occasional Paper 01/2016, IES FSV. Charles University.
Abstrakt: We assess the proposal for a new fiscal framework that is currently being negotiated in the Parliament of the Czech Republic. The new framework contains the following elements: an expenditure rule that aims to restrain the growth of expenditures through cyclically adjusted revenues and a debt brake at a debt level corresponding to 55% of GDP to avoid unsustainable debt levels. Additionally, this set of rules shall be complemented by the Fiscal Council. Our assessment focuses on evaluating the performance of the new framework using two types of counterfactuals if it had been implemented a decade ago. In general, although we confirm the positive effects of the proposed framework, we also raise several concerns, primarily related to the effects of the rule on the ability of the public finances to operate as a macroeconomic stabilization policy.
Ke stažení: 2016_op1_baxa

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