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@inproceedings{1218030, author = {Fischer, Jakub and Lipovská, Hana}, address = {Brno}, booktitle = {Current Trends in Public Sector Research - the 19th International Conference}, editor = {Dagmar Špalková, Lenka Matějová}, keywords = {public debt; one-off tax; Net Wealth of Households; Gross Domestic Product; Government Debt/Net Wealth of Households}, howpublished = {tištěná verze "print"}, language = {eng}, location = {Brno}, isbn = {978-80-210-7532-0}, pages = {110-116}, publisher = {Masarykova univerzita}, title = {Novel Government Debt Indicator: Government Debt to Net Wealth of Households}, year = {2015} }
TY - JOUR ID - 1218030 AU - Fischer, Jakub - Lipovská, Hana PY - 2015 TI - Novel Government Debt Indicator: Government Debt to Net Wealth of Households PB - Masarykova univerzita CY - Brno SN - 9788021075320 KW - public debt KW - one-off tax KW - Net Wealth of Households KW - Gross Domestic Product KW - Government Debt/Net Wealth of Households N2 - Government debt is one of the most important variables monitored in the European economies of 21th century. Due to Euro Convergence Criteria, it is most often calculated as a ratio of government debt-to-Gross Domestic Product (D/GDP). However, this ratio does not have clear economic interpretation and is difficult to understand for the common voter. In this paper, we suggest a new, more appropriate indicator – Government debt-to-Net Wealth of Households (D/NWH), which is inspired by the one-off wealth tax. Using high quality data from the Czech Statistical Office, Eurostat and Wiener Institut für Internationale Wirtschaftsvergleiche the debt burden imposed on the every Czech household was computed. While in 1995 the D/NWH was less than 7%, it has more than tripled by the end of 2012. If the Czech Republic was to repay its government debt immediately, it would have to impose a one-off tax of a quarter of the every household’s wealth. While it has been argued that the 60% threshold of D/GDP is an artificial ratio introduced by Maastricht Treaty, D/GDP reaching 182% (which is roughly the recent government debt of Greece) would be the critical insolvency level for the Czech Republic. ER -
FISCHER, Jakub a Hana LIPOVSKÁ. Novel Government Debt Indicator: Government Debt to Net Wealth of Households. In Dagmar Špalková, Lenka Matějová. \textit{Current Trends in Public Sector Research - the 19th International Conference}. Brno: Masarykova univerzita, 2015, s.~110-116. ISBN~978-80-210-7532-0.
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