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The capital controls and their impact in the short and long term
Papežík, Ondřej ; Šíma, Ondřej (advisor) ; Pour, Jiří (referee)
The present thesis analyzes the application of capital controls and their impact on the economy in the short and long term. These regulatory measures have gone through many periods and opinions in which they were considered as both positive and negative instrument not only of monetary policy. Global financial crisis of 2008 has again raised a lot of questions dealing with this topic. Capital controls may help ease the acute problems associated with inflows or outflows in the short term but they will not solve the issue of the country's susceptibility to movements of primarily debt capital. Long-term capital closeness (whether in terms of export or import) may causes, inter alia, the excessive accumulation of savings in the domestic closed economy or lack of capital for economic development. Therefore, when applying capital controls it is also necessary to improve the country's institutional quality which proved to be an important determinant of capital flows.
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Influence of BASEL III regulation on risk management in banking
Havlíček, Radek ; Blahová, Naďa (advisor) ; Pour, Jiří (referee)
The diploma thesis focuses on the regulatory framework of the BASEL III in coherence with risk management and measurement of market and credit risks. The accent is focused upon methodology of calculation and determination of the capital requirements of above mentioned risks. In the introductory part of the thesis are mentioned basic procedures regarding risk management as well as theoretical methodology and development of calculation of the capital requirements in coherence with current standard BASEL III. In the practical part of the thesis are presented capital management policies with regards to BASEL III in Deutsche Bank AG, globally presented institution and Komerční banka, a.s., operating on the Czech market. Accented are mainly the expositions of the institutions and the size of the capital required by the regulatory framework.
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International capital flows during Federal Reserve's monetary policy normalization
Hrabánek, Tomáš ; Brůna, Karel (advisor) ; Pour, Jiří (referee)
The text deals with monetary policy normalization in USA and its influence on cross-border capital flows to emerging markets. The first chapter provides basic economic theory of capital flows. Federal Reserve's monetary policy normalization is discussed in the second chapter, including its relation to international flows of capital. The last chapter analyzes monetary policy normalization influence on capital flows to three developing countries.
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Financial cycle and its indicators
Lešková, Michaela ; Blahová, Naděžda (advisor) ; Pour, Jiří (referee)
Subject of the diploma thesis is a broad analysis of financial cycles that are often behind other financial topics and their clear and precise understanding is still not sufficient, despite their high significance, and indeed a critical issue for financial stability. The paper will discuss indicators of financial cycles, we can ask ourselves how each financial cycles, meaning equity, credit and real estate prices, are synchronized with each other, but also toward the economic cycle, and what consequences this synchronization brings looking at different scenarios. The turning point in the boom phase is often triggered by the financial crisis, so we look if it is possible to predict these breaks in time. We discuss the recommended adaptations of policies to the financial cycle and in the final phase of diploma work will focus on the analysis of financial cycle in the Czech Republic.
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The theory of optimal currency areas: regional aspects
Ubry, Michael ; Šíma, Ondřej (advisor) ; Pour, Jiří (referee)
This bachelor thesis is concerned with the theory of optimal currency areas which was used to analyse regions in Czech Republic. This analysis is based on three criteria: mobility of production factors, economic openness and diversification of production. The main goal of this thesis was to find out whether there are regions of the Czech Republic which are prepared for monetary integration concerning the acceptance of the euro and whether they can create an optimal currency area with other regions. Results of analysis show that Czech Republic is not an optimal currency area. However, it is still beneficial to have one single currency in this territory because of the lower transaction costs and sovereignty of a country. Assuming only economic and theoretical view, existence of regional currencies would bring more costs than benefits for certain regions. Results of thesis also indicate that not every single region will be an appropriate candidate for joining Eurozone.
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Correlation Analysis of various Asset Classes
Urbanová, Sabína ; Brůna, Karel (advisor) ; Pour, Jiří (referee)
Bachelor thesis focuses on correlation analysis of various assets and construction of effective border and optimal portfolio. The thesis consists of four parts. First part describes main theories of portfolio selection and international investing. Second part is characterization of assets chosen for correlation analysis, concretely shares, bonds, gold, silver, crude oil, natural gas and property. In the third part I present correlation coefficients between assets. The last, forth, part is a practical application of correlation coefficients used for portfolio selection.
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Analysis of the balance of payments of the Kazakhstan in 2005-2015
Toksanbaeva, Toghzan ; Pour, Jiří (advisor) ; Šíma, Ondřej (referee)
This bachelor thesis is based on the analysis of Kazakhstan's balance of payments from 2005 to 2015 due to the availability of data. The aim of thesis is to analyse the balance of payments of Kazakhstan, to investigate the reasons of that development and then define the external economic balance. The work is divided into two parts. The theoretical part describes the concept of balance of payments, its structure and individual accounts. Furthermore, in the first part are characterized external economic balance, individual balances of balance of payments, international investment position and external debt of the country. The practical part is mainly focused on analysing the development of the individual accounts and evaluation of the external economic balance of Kazakhstan.
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Current account sustainability
Joppa, Filip ; Pour, Jiří (advisor) ; Šíma, Ondřej (referee)
This bachelor thesis deals with the analysis of current account sustainability in three selected transition economies that have undergone ana economic transformation about a quarter century ago. Selected economies are Bulgaria, Romania and Croatia. The thesis is divided into three parts. In the first part, the thesis deals with balance of payments, especially on current account. Follows defining of current accoount sustainability and factors that have impact on this. The third key part and at the same time the aim of thesis is assessing of current account sustainability of selected countries with emphasis on the last decade. This period has been associated with important events such as the entry into the European Union and global and financial crisis. For assessment of current account are used main indicators of sustainability supplemented with other macroeconomic indicators and economic countries´ characteristic. As emerged from the result of the thesis, after large current account deficits in the pre-crisis period, in the present the countries run current account surpluses. It contributes to their sustainability.
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BRICS a ti další: PIIGS, BELL, MINT, Fragile five... Proč dochází k agregaci rozdílných ekonomik?
Pivovarník, Karol ; Šíma, Ondřej (advisor) ; Pour, Jiří (referee)
Bachelor thesis is focused on the analysis of different economies connected to one unit based on certain similarly evolving macroeconomic indicators. The aim is to determine the extent to which such bonding is justified. Macroeconomic indicators, based on which various acronyms are formed are subjected to detail analysis and we are looking for the causes of their development. Common feature for developing countries like BRICS and MINT is rapid economic growth therefore we are analyzing especially GDP and its structure. On the other hand, for PIIGS countries suffering from high debt, we are analyzing the structure of the debt or the current account balance of payments. As a result of the analysis we found substantial differences in the structure of the economies of individual countries. Although the short term trend may be similar, in the long term there will be a significant difference. In addition most of the emerging countries find it difficult to achieve unity even within the country due to their size and population.
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The Eurozone and small open economies from the perspective of the Optimum Currency Area Theory
Bodnár, Juraj ; Šíma, Ondřej (advisor) ; Pour, Jiří (referee)
The aim of this thesis is to evaluate the existing knowledge about the theory of optimum currency areas and assess the euro area and selected small open economies in terms of this theory. In addition to traditional forms of OCA theory has profiled endogeneity theory, which allows fulfillment of OCA criteria ex post. The opposite approach is formulated in the hypothesis of specialization by P. Krugman. In the thesis I found out that the Eurozone is not an optimal currency area according the fulfillment of criteria of the OCA theory. Another observation is that a small open economy has limited opportunities to conduct independent monetary policy, what makes its membership in the monetary union in the long term necessary. However, its membership has some drawbacks especially that the exchange rate fluctuates according the fundamentals of the big economies (members of monetary union). Furthermore, I have found out by comparing the macroeconomic indicators of individual countries, that the membership of small open economies in the euro area is appropriate, but it has some risks. In the thesis, I also found out that small countries (especially microstates) should specialized in export of services - tourism, financial and administrative services.
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