COMPARISON BETWEEN FISCAL POLICIES AS A RESPONSE TO THE FINANCIAL CRISIS IN THE USA, GERMANY AND SLOVENIA AND THEIR EFFECT ON THE COMPANIES

Osnovna tema diplomskega dela je svetovna gospodarska kriza, ki se je začela leta 2007 v ZDA in se po okužbenih kanalih prenesla na številne države po svetu. Glavni cilji naloge so spoznati vladne davčne ukrepe v ZDA, Nemčiji in Sloveniji v boju proti gospodarski krizi, jih medsebojno primerjati in najti povezave med ukrepi omenjenih držav v sodobni gospodarski krizi z gospodarskimi krizami v preteklosti. Poseben poudarek je na preučevanju posledic davčnih ukrepov na podjetja v posameznih državah. Glavne ugotovitve naloge so naslednje: vlade držav se z recesijo spopadajo vsaka po svoje, individualno, glede na makroekonomske gospodarske razmere v državi. Kljub različnim pristopom pa najdemo med njimi mnoge podobnosti, kar lahko pripišemo podobnim gospodarskim pogojem v državah, sledenju napotkom kreditabilnih mednarodnih organizacij in neposrednemu ter posrednemu učenju držav in kriz v preteklosti. Davčna politika v vseh treh preučevanih državah uporablja ukrepe za znižanje davčne obveznosti in povečanje državne potrošnje z namenom povečevanja agregatne potrošnje, kar naj bi posledično povečalo agregatno ponudbo in ponovno zagnalo gospodarstvo. Naslednja pomembna ugotovitev je, da so davčne oaze eden izmed pomembni krivcev za nastanek svetovne gospodarske krize, njihovo uničenje pa bi pripomoglo k reševanju globalne krize zaradi povečevanja finančne transparentnosti, povečevanja zaupanja v finančni sistem in zaradi preprečevanja gospodarskega kriminala. Ugotovili smo tudi, da se vse izmed preučevanih držav zavedajo pomembnosti obstoja in nemotenega delovanja podjetij, ki so temelj učinkovitega delovanja gospodarstva. Mnogi davčni ukrepi so tako usmerjeni na podjetja, večinoma so zasnovani tako, da povečujejo likvidnost podjetij, kar je med posojilnimi krizami zelo pomembno. Davčna obveznost v obdobju krize se zmanjšuje, tako da podjetjem ostanejo potrebna sredstva za nemoteno poslovanje, kar pripomore k ohranjanju delovnih mest. Višanje brezposelnosti namreč dodatno prispeva k začaranemu krogu — nižji osebni dohodki prebivalstva pomenijo nižjo osebno porabo, ta znižuje agregatno povpraševanje, kar se kaže v nadaljnjem padcu gospodarske aktivnosti.The main subject of the diploma thesis is the global financial crisis, which began in the year 2007 in the USA and has spread trough contagion over various countries worldwide. The main goal of the paper is to analyze and compare government fiscal measures taken as the response to crisis in USA, Germany and Slovenia and to compare them with fiscal measures taken in previous financial crisis in history. Special emphasis lies on the research of consequences that fiscal measures have on the companies in each country that we examine. The main findings of the research are the following: governments in different countries have to deal with the recession. They use different fiscal measures depending on the macro economical conditions in their country. However there are no significant differences between them, which can be explained by similar economy conditions in the countries, by following of the guidelines given by the international monetary institutions and by learning trough experience in the previous financial crisis in history. In all of the examined countries we see the trend of rise in tax cuts and government spending going up, which contributes to the aggregate demand, what should consequently give boost to the aggregate supply and revitalize the economy. Important finding of the research is also that tax heavens are one of the main causes of the global crisis. Fighting tax haven means contributing to the greater financial transparency, returning trust in the financial markets and preventing fiscal criminal. We also came to the conclusion that all of the examined countries are well aware of the importance of the companies which are the main pillars of the healthy economy. Many of the fiscal measures consider companies by increasing their financial abilities, which is especially important in current times of the credit crunch. Fiscal measures involve tax cuts that help companies to run normally without cutting working places. Greater unemployment namely contributes to the crisis by lowering the aggregate consumption, which even worsens the conditions in economy