Alternativní přístup ke kvantifikaci strukturálního salda veřejných rozpočtů

Our analysis considers an alternative estimation of the cyclically adjusted budget balance in the Czech Republic using the methodology of the European Central Bank. Compared with the European Commission’s methodology, the ECB takes account composition effects and their impact on the cyclical budget balance. Moreover, the ECB’s method avoids some asymmetry in calculating structural balance, which is present in the EC’s approach. On the other hand, the ECB’s method entails certain data requirements and limitations which the EC methodology does not. We found that the composition effect played some role in the Czech Republic’s 1995 and 1997 budget balances; nevertheless, the overall results of our exercise are fully in line with the findings of previous analyses: the Czech Republic’s fiscal balance has been sharply deteriorating due to rising structural deficits.