National Repository of Grey Literature 98 records found  1 - 10nextend  jump to record: Search took 0.00 seconds. 
Do markets believe in austerity? Did they ever believe?
Švéda, Josef ; Baxa, Jaromír (advisor) ; Hlaváček, Michal (referee)
We assess the effects of austerity announcements on investors' perception of the government's solvency across the financial cycle. To do so, we construct a unique news dataset utilizing a newswire database which consists of governmental and parliamentary approvals of austerity measures for 11 European countries. We also follow more regular statements of governmental representatives towards austerity measures. The effects are studied on 10-year sovereign bond yield spreads vis-à-vis Germany during the period 01:2000-12:2019. Implementing pooled OLS regressions, we find significant decreasing effects in the pre-crisis period especially for the GIIPSH group (Greece, Ireland, Italy, Portugal, Spain, and Hungary) and decreasing although not significant effects in the post-crisis period. The crisis period manifests itself with increased surprise effects of announcements. The markets adopted announcements of the GIIPSH group as signals of deteriorating solvency which led to further increases of yield spreads. On the other hand, prudent countries (Czechia, France, Netherlands, Poland, and Slovakia) enjoyed a low sensitivity to their announcements across the cycle. Finally, we find that markets react rather on final announcements of austerity measures than to comments expressed by national representatives....
The Effects of Electronic Records of Sales: A Synthetic Control Method Analysis
Besedová, Monika ; Havránek, Tomáš (advisor) ; Baxa, Jaromír (referee)
The objective of this thesis is to analyze the impact of the electronic records of sales (ERS) implemented on December 1, 2016, in the Czech Republic. The ERS orders given entrepreneurs to use special cash boxes and to send data about single sales to the Financial Authority immediately after each transaction. Experience shows that the ERS reduced tax evasion and the shadow economy. This thesis fills a gap in literature as no study has yet examined the impact of ERS on macroeconomic variables - gross domestic product (GDP) per capita, unemployment rate and harmonized consumer price index (HCPI). To analyze it, I apply SCM by Abadie and Gardeazabal (2003), Abadie et al. (2010) and Abadie et al. (2015) that proposes the way how to evaluate the impact of political interventions using a quantitative approach. Using data from the Eurostat and OECD databases from Q1 2004-Q3 2019, the method allows me to construct a counterfactual outcome for GDP per capita, unemployment rate and HCPI in the absence of the implementation of the ERS. I also apply the extension of original SCM - generalize synthetic control method by Xu (2017) and augmented synthetic control method by Ben-Michael et al. (2018) as robustness checks. Moreover, the interference procedures include the modified confidence interval by Firpo and Possebom...
The Impact of International Sanctions on The Economy of Iran
Kraváček, Tomáš ; Baxa, Jaromír (advisor) ; Palanský, Miroslav (referee)
The pursue of Iran's regional ambitions since the very existence of the Islamic republic has commonly collided with the interests of other regional players such as Saudi Arabia and Israel supported by the U.S. Consequently, Iran has been often a target of various U.S. sanctions. Later, after the continuing Iranian reluctance to abide by the international rules concerning its nuclear programme, the EU joined the U.S. in sanctioning Iran. In 2012, the oil embargo was imposed by the former which dramatically reduced the value of Iranian exports. In this thesis, we apply the synthetic control method to estimate the effect of international sanctions on the economy of Iran. We estimate the possible development of Iranian GDP per capita during the 2010-2015 period had it not been for the international sanctions. Our results show a steady growth of the GDP per capita in the absence of the sanctions. In 2015, the last year of the sanctions, the difference between our estimated GDP per capita and the actual one is 1,911 U.S. dollars. Keywords synthetic control method, nuclear programme, GDP per capita, Iran, sanctions, trade, oil
How long does it take until the positive effects of structural reforms do materialize?
Hanzal, Jan ; Baxa, Jaromír (advisor) ; Macháček, Vít (referee)
This thesis studies the topic of the effects of structural reforms over time. The research performed until now has suggested that the dynamic effects of reforms are clear, with neutral effects or costs in the short term, and important benefits in the medium to long term. In order to verify this seemingly settled view, this thesis tests the robustness of a well-established research paper on this topic by using an extended dataset and performing modifications to the measurement of several variables in the underlying model. Our results do not confirm the usual hypotheses, showing effects that are mostly not statistically or practically significant.
Essays on labour force and its productivity
Štěpánek, Martin ; Baxa, Jaromír (advisor) ; Schneider, Ondřej (referee) ; Dybczak, Kamil (referee) ; Yerushalmi, Erez (referee)
This doctoral thesis presents four articles analysing labour force and its productivity. It utilises simulation modelling to assess the impacts of demographic changes, migration or shifts in productivity determinants on public finances and the economies in the Czech Republic and the USA, as well as statistical modelling to evaluate determinants behind workplace productivity. The first three studies assess the topic from a high-level perspective, providing economy-wide projections for the future decades. They also utilise the same core simulation model, an overlapping generations (OLG) framework coded in MATLAB, which is further developed for the particular use in each study. The fourth study, on the other hand, approaches the topic from the opposite direction, analysing the individual-level factors affecting productivity. Specifically, the first article deals with demographic changes -- population ageing and shrinking -- in the context of the Czech pension system. The findings show that the existing system can provide pensions increasing at the rate of change in nominal wages, be financially sustainable in the long term, or increase the default retirement age by only two years in the next decades -- but only two of these three objectives can be achieved at the same time. On the contrary, a structural change...
Fiscal policy in real-time: Role of growth surprises
Kulichová, Vendula ; Baxa, Jaromír (advisor) ; Hlaváček, Michal (referee)
This thesis explores the reliability of real-time estimates of the cyclically-adjusted primary balances. Using fixed effects and weighted least squares models, we show that the real-time estimates are systematically biased and subsequently revised downwards. Moreover, the most important determinants of the revisions are economic conditions and the cyclically-adjusted primary balance revisions are positively correlated with growth surprises. On the other hand, we do not confirm any significant role of institutions and political environment that has appeared in the previous literature. JEL Classification C23, E62, H68, H87 Keywords Real-time data, fiscal surveillance, Stability and Growth Pact, cyclically-adjusted primary balance Author's e-mail Supervisor's e-mail
International taxation and cross-border mergers and acquisition
Pokorný, Josef ; Janský, Petr (advisor) ; Baxa, Jaromír (referee)
This thesis studies the effects of differences in the international tax system on the location of target companies and potential tax savings leading from international transactions. Using a large sample of M&A transaction data, we develop a target location choice model and estimate it by a multinomial logistic regression. The results show that differences in taxation of target and acquirer country provide opportunities for tax optimization practices that increase the probability of choosing a target location with higher tax difference. We further evaluate these effect using regression on takeover premium which shows that 1 percentage point increase in difference of effective average tax rate may cause up to 0.5 percentage point increase in takeover premium. The found effects are heterogenous for individual companies and correspond to characteristics of tax-inversions and profit shifting practices. i
Asymmetric developments in the EU: Is the Lucas Paradox behind?
Štěpán, Jaroslav ; Baxa, Jaromír (advisor) ; Dědek, Oldřich (referee)
Development in European Union is showing that even despite high amount of effort in economic integration, differences in cross-country development are still at play. Indications about Lucas Paradox can be observed, due to inefficient flow of capital. Aim of this study is to quantify, whether this Lucas paradox is present in EU and how it contributes to convergence or divergence between countries. Comparison of panel VAR impulse-response functions is used for evaluation. Results suggests, that Lucas paradox can be identified between Euro area vs non-Euro area countries and Euro area core vs periphery. Furthermore, capital misallocation regarding these four groups prevents possible short-term economic convergence.
Evaluation of China's FOREX policy: equilibrium exchange rate perspective
Qiriga, ; Semerák, Vilém (advisor) ; Baxa, Jaromír (referee)
Master Thesis: Evaluation of China's FOREX Policy: Equilibrium Exchange Rate Perspective. Author: - Qiriga Supervisor: Ing. Vilém Semerák M.A., PhD. Academic Year: 2018/2019 Abstract This thesis investigated China's foreign exchange policy from the equilibrium exchange rate perspective, using the Fundamental Equilibrium Exchange Rate model with multiregional dimension. The core question is whether Renminbi is misaligned (over- or undervalued) from 2001 to 2017. The result indicated that the bilateral nominal exchange rate of Renminbi against the US dollar was undervalued from 2002 to 2013, reaching a peak of 34.2% in 2007. In the rest of the years, it was overvalued slightly against the US dollar. As to the real effective exchange rate (REER) of Renminbi, it was overvalued in the first three years of the 2000s, then went through the period of undervaluation of 9 years, with a smaller degree compared with the bilateral exchange rate. It is shown that from 2013 the REER of Renminbi had been overvalued for several years until it was undervalued again in 2017 by 2%. Keywords FEER, Renminbi, exchange rate misalignment, multinational model, real effective exchange rate

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