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Lecturer(s)
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Jílek Milan, doc. Ing. Ph.D.
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Course content
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1. Public and General government sector. Government financial statistics (GFSM IMF). 2. Information Asymmetry. Principle and agent problem in politics. Rent seeking. The Economic Theory of Bureaucracy. 3. Public goods. Voluntary payments on public goods, information asymmetry, prisoner's dilemma, Lindahl's solution, Clarks tax, user charges. 4. Efficiency and equity in taxation. Distortionary versus lump-sum taxes. Tax incidence of unit and ad-valorem taxation in partial equilibrium model. Benefit principle and ability to pay principle in taxation. 5. Political markets and Political equilibrium. Median voter and majority voting. 6. Debt financing of government expenditure. Debt finance and benefit principle in taxation. Overlapping generations' model. Fiscal illusion. Government budget surplus. 7. Deficit bias of public finances. Tax smoothing approach to government finance (Barro). Factors of deficit bias. 8. Fiscal institutions. Ex-ante numerical fiscal rules. Medium term budgetary frameworks. Independent fiscal institutions. 9. Stability and growth pact. European legislation of fiscal frameworks. 10. Stabilizations and dynamics of government debt.
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Learning activities and teaching methods
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Monologic (reading, lecture, briefing), Work with text (with textbook, with book), Written action (comprehensive tests, clauses), E-learning, Individual preparation for exam
- Class attendance
- 15 hours per semester
- Preparation for exam
- 25 hours per semester
- Semestral paper
- 10 hours per semester
- Preparation for classes
- 34 hours per semester
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Learning outcomes
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The aim of the course is to deepen the understanding of topics from bachelor course of Public Finance from both theoretical and policy point of view.
Student understands the main issues and developments of public finance.
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Prerequisites
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Bachelor level Macroeconomics and Microeconomics reqiured. Bachelor level Public finance recommended.
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Assessment methods and criteria
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Oral examination, Test, Seminar work
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Recommended literature
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Alesina, A., § Passalacqua, A. The Political Economy of Government Debt. In. National Bureau of Economic Research. NBER Working Papers:21821. 2015.
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BALDWIN, R. WYPLOSZ, CH. The Economics of European Integration (4nd edition).. McGraw Hill, 2012.
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Hillman, A. L. Public Finance and Public Policy. Cambridge University Press, 2009. ISBN 9780521494267.
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Hyman, D. N. Public Finance: A Contemporary Application of Theory to Policy.. 10th ed. Harcourt Publishing, 2010.
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