Work detail

Rozpočtové deficity zemí Střední a Východní Evropy během finanční krize

Author: Bc. Jan Mareš
Year: 2012 - summer
Leaders: doc. Ing. Ondřej Schneider MPhil., Ph.D.
Consultants:
Work type: Bachelors
Language: English
Pages: 63
Awards and prizes:
Link:
Abstract: The thesis covers the fiscal adjustments of countries in Central and Eastern Europe (CEE) since
the financial crisis of 2008/2009. The topic revolves around ongoing debate about the right steps
to stabilize government finances and encourage economic activity. It provides an overview of the
measures undertaken by the governments of the Czech Republic, Estonia, Latvia, Lithuania,
Hungary, Poland, Slovenia and Slovakia. The discussion of fiscal rules and institutions in CEE is
also presented along with their influence on budgetary discipline. We follow with the review of
literature debating government expenditures and government revenues having impact on
economic growth. These relationships are then explored for countries of the CEE region based on
the data from 1999 onwards. We apply Granger causality tests on reduced-form vector
autoregressions and since we find no significant relationships between the government revenues,
expenditures and GDP, we continue with structural vector autoregression using identification
procedure developed by Blanchard and Perotti (2002). After identification, we utilize impulse
response analysis to compute the multipliers of government expenditures and revenues. The
multipliers generally take values close to zero and are found insignificant.
Downloadable: BT Mareš
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