Aplication of financial engineering instruments in urban policy of the Czech Republic

The diploma thesis deals with the topic of financial engineering instruments focusing on their utilization in the urban policy of the Czech Republic. The first part concentrates on theoretical background steaming from the concept of public expenditure programmes and urban dimension. It tries to find the reasons to use revolving instruments in urban policy on the EU level accompanying the beginnings of the JESSICA initiative. To understand the complex financial mechanism and its advantages, the implementation background has been described. The other part evaluates and analyses the contemporary experience with the financial engineering instruments within the JESSICA initiative on the EU and the Czech Republic level. The added value of the thesis consists mainly in the evaluation of the Czech experience both from the previous programme period 2007 – 2013 and the current period. Besides the evaluation of the financial engineering instruments potential, the thesis tries to reflect the pittfalls hidden in the FEI implementation. It proposes solutions and recommendations leading to potential enhancement of the implementation environment. The thesis brings a unique set of methods based on the meta analysis of the available evaluation studies, whose outputs are presented in the matrix of the Evidence Gap Map method. The current stage of the FEI implementation for the urban development is commented upon based on half-structured expert interviews.