Abstract of the Lecture

The presentation is focused on a development of fiscal policy in the Czech Republic in the period 1993 - 2003 (so called transformation period). Theoretical characteristics of fiscal policy are briefly mentioned at the beginning of the lecture. Afterwards the theory is applied to development of fiscal policy in the Czech Republic, that is divided into two main periods. The periods are analyzed separately. The fiscal position of the Czech Republic is compared with the Maastricht fiscal criteria at the end of the lecture.

Prepare answers to the following questions for the lecture so we can discuss them.

1. What are the public budgets? Try to define them.

2. What is usually involved in the system of public budgets?

3. Is there any difference between budget policy and fiscal policy?

4. What are the basic fiscal instruments and how do they work?