O40 - Economic Growth and Aggregate Productivity: GeneralNávrat zpět

The essence of fiscal decentralization is to increase economic efficiency in the redistribution of resources in the public sector through more effective satisfaction of local public needs by lower levels of government. The article aims to quantify the optimal degree of fiscal decentralization in relation to economic growth in a sample of 29 OECD countries for the years 1975-2018. Empirical research has shown a nonlinear relationship between the degree of fiscal decentralization and economic growth, which takes a parabolic shape. The optimal degree of fiscal decentralization maximizing economic growth reached the level of 31.3656%, or in the case of per capita growth, the level is 31.1309%. In most V4 countries, the degree of fiscal decentralization is at a lower level compared to the optimal one, which is not leading to maximization of economic growth, or economic growth per capita.

The aim of this paper is to find a long-term relationship between the economic growth and the size of government. Four different characteristics are used to measure the government size. Total public expenditures, total tax revenues, fi nal government consumption and share of compensation of public workers to overall spending. There are also added control variables and time dummy variable to prevent biased results. The analysis was performed on data from 30 OECD countries from years 1995-2014. Fixed-eff ects panel regression was used to determine relationship between these individual indicators of government size and the economic growth. Main findings of this paper are that change in all indicators is negatively correlated with the growth. Especially in case of final government consumption which indicated the strongest negative relationship.

In 2014 notable changes in economy measuring have occurred. Primarily, it was caused by the implementation of a new ESA 2010 European standard of accounts subsequent to SNA 2008 an international Standards of accounts. Moreover, European statisticians executed other changes which met the requirements of Eurostat. These changes implemented the latest procedures in statistical models and used the most current data sources (e.g. Cenzus, 2011). The most notable changes represent the capitalization of research and development, the capitalization of government expenditures of military weapons and finally the capitalization of small material products. This paper describes all important details of the changes in economy measuring and shows the impact of the capitalization of new assets (research and development and military equipment) on productivity estimations in the Czech Republic.

The Influence of Fiscal Deficit Creation on Economic Growth The discussion of influence of fiscal consolidation on economic growth is quite interesting and important topic. Consequently, the main aim of the article is to determine differences within the influence of fiscal deficit on the economic growth, which is caused by changes in certain groups of government expenditures and revenues. We focus on two different economic growth indicators. The first is growth rate of real GDP and the second is growth rate of potential output. The panel regression method is used which data covers 13 old EU member states in 1996 to 2013. We employ the omitted fiscal variable approach. There is a hint that every defi cit to revenue substitution has no significant growth effect. The results of expenditures imply, that government should reduce deficit created by debt service. The measure has relatively stronger effect on supply side. Potential output growth can also be supported by the deficit decrease of social expenditures. Lowering government consumption is detrimental to GDP, but it is not to potential output. There are some differences between results of two types of growth. Hence government should decide, if consolidation effect is considered against GDP or potential output at first.

The Impact of Indirect Taxes on Economic Growth The main purpose of this article is to investigate the impact of indirect taxes on economic growth in a long term. The dynamic and static panel regression analysis methods were used to explore the relationship between observed variables. The models are based on neoclassical growth model extended by human capital. The models are verified using data on chosen European countries from time period 1970 to 2011 and from time period 2000 to 2011. Taxes are included into models by indicators of tax burden. It was used TQ, ITR and WTI. The results of empirical analysis revealed that impact of taxes on economic growth is negative in a long term. The most negative impact on economic growth was proven in case of direct taxes. Economic growth is influenced positively by indirect taxes. The statistical significance of corporate tax and property taxes were not proven.

The aim of the paper is to fi nd out what is the effect of different types of government spending and taxes on economic growth in developed economies. The analysis is performed on a sample of 27 OECD countries in the period 1997-2011. It is based on the neoclassic growth model extended with the level of human capital and fi scal variables. Those include particular types of government spending (according to the COFOG classifi cation) and taxes (according to the OECD classifi cation), and state budget defi cit. From a methodological point of view, panel data estimation is used. We support the view that only some types of government spending are growth-enhancing, and only if they are fi nanced through indirect taxes. However, the results show that only expenditure on defense, education and health, and general public services may be labeled as productive. In addition, we show that direct taxes, especially corporate taxes, negatively affect the growth, also in case they are used to fi nance productive spending.

This aim of the article is to determine the optimal tax policy horizon, and thus its strongest impact on economic growth in OECD countries. From a methodological point of view, the empirical analysis is based on a dynamic panel model, in which the data for the OECD countries in the period of 2000-2011 are used. The results confirm the economic theory about the negative impact of taxes on growth and show that the tax policy infl uences the growth the strongest with the 2-3 years lag. The analysis also confi rms that permanent tax changes in sense of increased taxation may not be as negative for growth if they are accompanied by effective tax collection and increase of tax revenues.

The article is focused on the mutual relationship among effective tax burden, size of government spending and economic growth. Its aim is to verify the effect of taxation and government spending on economic growth, but also to verify the effect of taxation and economic growth on the size of government spending. The analysis is methodologically based on a panel VAR model where taxation is approximated by standard Tax Quota as well as an alternative World Tax Index (WTI), which was compiled by the authors. The data cover the period of 2005 - 2010 for the OECD countries. The results of empirical analyzes show that economic growth is positively influenced by government spending, while the effect of taxation is negative for all types of taxes. Government expenditures are negatively influenced by both economic growth and the size of the taxation. We come also to the conclusion that WTI is preferable approximator of the tax burden than the Tax Quota, and may be used in further empirical analyzes.

The aim of this paper is to evaluate the impact of taxation on long-term economic growth with special emphasis on corporate taxation using alternative indicator of tax burden which is called World Tax Index (WTI). The WTI was constructed by authors using hard data as well as soft data expressing qualified expert opinion gained from a questionnaire survey conducted among tax specialist from OECD countries. It is a multi-criteria index consisting of several sub-indices that deal with different groups of taxes, which are basically consistent with the classification according to the OECD. All the parts are used in further regression analysis to approximate the tax burden in growth model. As an alternative, also the tax quota is used, being the most applied indicator of tax burden. Results show that tax quota is not suitable for tax burden approximation, especially in case of corporate taxes or VAT. Corporate tax burden negatively influence long-term economic growth, as suggested by economic theory.

Currently, if speaking about the theoretical background of the environmental policy, most of environmental economists have neoclassical economics in their minds. State regulation of private activities by means of restrictions, commands, taxes and fees is usually seen as the only one way to reach the high quality of the environment. It is believed, that due to market failures market forces are not able to solve the environmental problems. Actually, these are the main arguments for state interventions into the private negotiations about environmental issues. But are these assumptions correct from the methodological point of view? Is the state regulation really the only one way to solve the environmental problems? In this paper we try to signify the main methodological problems of neoclassical economics and to identify, how to solve environmental problems from the point of view of other economic school of thoughts. The development of theoretical aspects of environmental issues was not fetched up in 60's. and 70's with neoclassical conclusions, but it continued in 80's and 90's with free-market-environmentalism. This theoretical background contains the methodology of Austrian school of thoughts, Public Choice theory and new institutional economics. In the present environmental policy, theoretical conclusions of these school of thoughts are (intentionally) marginalized. At the end of this paper we discuss the interdependence between environmental degradation and economic growth. Is the economic growth bad or good for environmental protection? To answer this question we follow the modeling approach.

The article deals with political risk, its definition, assessment and measuring. In the theoretical part different approaches to the definition of political risk are discussed and methodical approaches to its measuring and assessment are explained. The practical part is focused on the analysis of political risk assessment in transition countries of Europe and in countries of former Soviet Union compared to political risks in EU countries. The conclusions indicate that transition economies lag behind substantially in the areas of corruption, law observance and bureaucracy quality. For economic policy it is urgent to improve the quality of the institutional environment.