Vývozci komodit a fiskální politika: komparativní analýza Norska a Chile v letech 2000 až 2023

The thesis focuses on examining the role of natural resources in the economies of Norway and Chile between 2000 and 2023 along with an analysis of the potential cyclicality of their fiscal policies. The theoretical part introduces the main conclusions on the impact of natural resources on the economic performance of countries, the political transmission mechanisms of „The Resource Curse," and recommended fiscal policy strategies to mitigate these negative effects. Unlike other studies that focus on a specific aspect of the impact of natural resources on commodity exporters, the empirical part of this thesis adopts a comprehensive approach to studying both countries. From the conducted research and subsequent comparative analysis, macroeconomic recommendations are derived. While the influence of fossil fuel exports in Norway is evident, the country has managed to almost entirely neutralize the impact of volatile oil prices, with minimal evidence of political transmission mechanisms. This success is primarily attributed to Norway's compact fiscal framework, strict adherence to fiscal rules, and the management of its sovereign wealth fund. In contrast, the negative effects of natural resources in Chile were observed in certain areas, primarily due to the absence of a clear long-term strategy and inconsistencies in the objectives of its fiscal rules.