F34 - International Lending and Debt ProblemsReturn

Our paper is a reaction to changes made in the structure and construction of balance of payments introduced by the sixth edition of International Monetary Fund´s (IMF) Balance of Payments and International Investment Position Manual (BMP6). The first part of our paper provides a brief historical account of the methodological development of individual IMF´s manuals. The main changes are analysed and compared with the preceding manual, the BPM5, which was released in 1993. The new manual emphasises both the stock as well as the flow variables. For this reason, a detailed analysis of evolution of the international investment position that records, at a point in time, the value and composition of financial assets and liabilities of residents of an economy to non-residents is provided. Various factors as well as the impact of BMP6 new methodology that influence the development of international investment position of the Czech Republic between 2008 to 2015 are discussed. The attention has also been drawn to the evolution of external debt in relation to GDP and particular sectors. We conclude our paper with a discussion of factors that affect the value of external debt.

Part of the representation of the European Union chose a tax on financial transactions from a range of possible tax burden on the financial market, which began to discuss in relating to the effects the financial crisis. The aim of the article was to deal with the financial transaction tax in the context of selected theorists view as well as representatives of practice. Furthermore, the article presents a range of possible approaches with the intention to focus on the solution chosen and its risks in detail. The objectives that its supporters connect with the application of tax are evaluated in the conclusion of the article. A financial transaction tax does not include stabilizing factors. On the contrary, due to its introduction can be expected to strengthen the elements of instability in selected countries of the European Union.

Presented article deals with a theoretical analysis of dynamics of both net international investment position to GDP ratio and net costs of negative investment position in terms of its main determinants. It also analyzes a special case of a link between negative net investment position and positive net revenues. Next it is discussed how far is this case possible in transitive countries. The article points out important differences between a position of large advanced and small transitive economies in case of costs of net investment position. With respect to this main factors as country's position of FDI lender/debtor, country's currency position of investment/invoicing currency, exogeneity of foreign assets and liabilities interest yields and last but not least role of FX reserves accumulation by central bank and position of foreign currency denominated loans on foreign liabilities side are discussed