Fiskální pravidla ve vybraných zemích EU a jejich efekt na stav veřejného dluhu v posledních dvou dekádách

This thesis examines the influence of implementing fiscal rules on the level of public debt in the last two decades in selected EU countries. The theoretical part consists of four chapters. The first chapter deals with fiscal policy in general and introduces the concept of public debt. The second chapter describes fiscal rules, the third chapter introduces Maastricht criteria and the last chapter showcases the view that the school of public choice has on public expenditure. The practical part first shows the development of public debt in selected countries, which are the Czech republic and Denmark. Reasons for implementing fiscal rules in selected countries are introduced together with their fiscal framework. Specific fiscal rules of selected countries are introduced and an analysis of the influence of implementation of fiscal rules on the level of public debt is conducted. This analysis concludes that implementation of fiscal rules alone is not enough to ensure no further deterioration in the level of public debt. Furthermore, negative correlation between the number of fiscal rules and the level of public debt was not found. Implementation of fiscal rules causing negative growth rate of GDP was refuted in the last part of the analysis. This fulfilled the goal of this thesis. Contribution of this thesis lies in providing information about the development of aforementioned macroeconomic indicators following the implementation of fiscal rules for countries considering implementing fiscal rules, which are afraid of their potential negative impact. Optimal number of fiscal rules is also stated based on the analysis.