D78 - Positive Analysis of Policy Formulation and ImplementationNávrat zpět

The fundamental premise for the regular performance of economic policy, fulfilment of the revenues of the state budget and thus creating optimal conditions for efficient fiscal policy realization, is to minimize state receivables after maturity, as the theoretical planning of the revenue side of the state budget is irrelevant considering that tax payers and other entities fail to fulfil their liabilities towards the state, more precisely state budget, and conversely the state is not able to provide the approved income in the state budget. The objective of this paper is to: analyse the development of state receivables in years 2001-2014; identify the causes of the state receivables origin; test econometrically the dependence of formation of the state receivables after maturity on the economic cycle, the tax rate change and entry of the Czech Republic to the European Union; evaluate the results of the long-term research of implementation of an experimental model, during which the possibility of reaching incomparably higher efficiency was verified and proven in the management process of state receivables recovery; highlight this important negative determinant of the state fiscal policy. With regard to aforesaid, this text is structured in the following way. First, the author took into consideration the theories which are connected with surveyed matters, following by the characteristic and causes of state receivables development for the period of 1991 to 2014. The economic testing of dependence comes after. Next chapter characterizes the development of two experimental models for management process of recovery of state receivables after maturity, research results included. The last chapter provides all the research results, evaluates the economic policy significance of this destructive factor of fiscal policy and suggests some solutions.

Conditional Political Budget Cycle in the OECD Countries Examination of the so called political business cycle (i. e. macroeconomic cycle induced by the political cycle) provides little evidence in empirical studies. The empirical evidence of statistically signifi cant increase in the economic activity before election is especially a matter of less developer countries. There is a shift in focus to the examination of the political budget cycle in case of the developed economies. This paper examines the presence of conditional political budget cycle (PBC) in the OECD countries using data from all 34 member states over the period 1995- 2012. We suppose that the conditionality of the PBC depends on the credibility and transparency of the fi scal policy. The dynamic panel linear regression model is used in this article. Generalized method of moments (GMM) with instrumental variables (IV) is used for estimating arameters in this model. Three important results emerge: First, there is a PBC in the OECD countries. Second, the PBC in OECD countries strongly depends on credibility and transparency of fi scal policy. Third, the shape of the PBC in the OECD countries indicates that there is an immediate fi scal restriction after the elections.