Vytěsňovací efekt v České republice

Abstract

The aim of this thesis is to find out, whether the Crowding-out effect exists in the Czech Republic. The first part deals with the perspective of various economic schools on the Crowding-out effect and the fiscal policy. The chapter also includes a research of empirical studies. The second part focuses on macroeconomic indicators (from the first quarter of 2002 to the third quarter of 2014), which are related to the Crowding-out effect. The last part deals with a creation of regression equations and with an own analysis of the Crowding-out effect in the Czech Republic. On the basis of the resulting regressive equations it was shown that the public investments really crowd out the private investments in the Czech Republic and that the Crowding-out effect is stronger in times of higher economic growth. On the basis of the results some recommendations to the economic policy makers were formulated, in order that the public funds are spent as efficiently as possible. The government should postpone public investments from the times of higher economic growth to time of economic recession, in order to balance economic cycles it should use only public deficits and in time of economic recession it should focus on a reducing of real interest rates.