National Repository of Grey Literature 15 records found  1 - 10next  jump to record: Search took 0.00 seconds. 
Analysis of the impact of selected car manufacturers on Slovak economy between years 2003 and 2016
Seman, Šimon ; Štípek, Vladimír (advisor) ; Zamrazilová, Eva (referee)
The object of this bachelor thesis is to carry out an analysis of the automotive industry in Slovak economy and to analyse direct and indirect effects that the arrival of Kia Motors Slovakia and PSA Slovakia had on Slovak economy between 2003 and 2016. Contribution of the thesis is a comprehensive and updated view of the automotive industry position in Slovak economy and of the situation of the selected car manufacturers. Theoretical part describes historical development of industry in Slovakia and preconditions of the arrival of car manufacturers in Slovakia from the standpoint of economic theory and in political and economic context. Practical part analyses the position of automotive industry in Slovak economy. Furthermore, it analyses production, financial development, impact on the labour market and legitimacy of investment incentives in selected car manufacturers. The practical part ends with predictions and recommendations for improvement of the current state of the automotive industry in Slovakia.
Business cycle and monetary policy: a modern Austrian approach
Komrska, Martin ; Chytil, Zdeněk (advisor) ; Zamrazilová, Eva (referee) ; Kadrmas, Tomáš (referee)
This dissertation presents the results of research focused on the Austrian business cycle theory (ABCT). The main part of the thesis is an econometrical test of five predictions based on ABCT. I used data on the US economy for period 1967 - 2016, which is the longest time period covered in the Austrian empirical literature so far. Since one of the most important variables for ABCT is so called interest rate gap (the difference between market interest rate and natural interest rate), I use three alternative models of this variable. The results of my empirical tests predominantly confirm theoretical predictions of ABCT. It can be shown that the interest rate gap influenced the relative structure of economic activity and resource allocation in a way predicted by ABCT. I also investigate whether the interest rate gap does have a significant impact on stock market valuations (in terms of aggregate level or relative structure), although the results are mostly statistically insignificant. In addition I also described several possible new distortions which may emerge due to unconventional monetary policy. I argue that these distortions should be of primary interest for researchers engaged in the Austrian research program. I devoted special attention to the specifics of monetary policy regime in Japan, where the Bank of Japan regularly intervenes on the stock market. Another theoretical contribution can be found in the second chapter where I respond to the White's (1999) claim that Hayek implicitly repudiated his own version of ABCT in later part of his career, when proposing free competition in money production. I attempt to show that White's conclusion stems from an inadequate interpretation of Hayek's writings. Finally I provide an alternative interpretation of Hayek's work that reveals the compatibility of his early and late theoretical contributions.
Foreign direct investment impact on selected macroeconomic indicators of the economy of the Czech Republic from 1993 to 2013
Švec, Petr ; Czesaný, Slavoj (advisor) ; Zamrazilová, Eva (referee)
Subject of this diploma thesis is to provide an overview of economic theories on why companies tend to invest at foreign markets directly and thus to determine the foreign direct investment (FDI) itself. Covered areas include a foreign direct investment typology, motivation to invest, localisation factors, attractiveness and measurement of a host country business environment. Various types of FDI, methodology and forms of FDI statistical coverage analysis is included in the thesis. Three frameworks influencing all the segments of the FDI are covered in depth. These include the foreign policy factors, domestic policy factors and a process of economic transformation in the Czech Republic. Corresponding analytics map a development between a FDI and selected macroeconomic indicators of the Czech Republic. The analysis shows that foreign investment has a certain influence over selected macroeconomic indicators, however it is not always possible to quantify it as well as to predict its trend. On the other side it is often difficult to prove an influence of macroeconomic development on intensity of the FDI inflow to the Czech Republic. Keywords: foreign investment, determinants of the foreign direct investment inflow, foreign direct investment macroeconomic indicators
Terms of trade: impact on the czech international trade and economic growth in 2005 - 2015
Dulovec, Adam ; Zamrazilová, Eva (advisor) ; Šimíček, Petr (referee)
The thesis is focused on the changes in the terms of trade in Czech international trade in the term of from 2005 to 2015, as the period after the Czech Republic joined the European Union. The terms of trade are an important indicator of the benefits and loses of international trade. The main aim is to analyze the changes of terms of trade, the causes of their changes, and the impact on the real economy. The direction of the overall terms of trade index was highly unsettled, and did not actually generated additional gains in the economy not over the reporting period. The overall terms of trades were most influenced by the price development of two groups of the Standard International Trade Classification, Crude materials and lubricants, and machinery and transport equipment. The prices of Crude materials and lubricants are determined mainly by changes in the oil prices. These were very volatile in the reporting period, the especially the collapse of the prices in both 2009 and 2014-2015, had a significant impact on the import prices of the Czech economy. The thesis also analyzes the impact of exchange rate on the international trade prices, in the period since November 2013, i.e. after the Czech National Bank has committed to maintain the rate of Czech koruna against the Euro above the level of 27 CZK/EUR, which helped to protect the economy from deflations and enhance the economic growth. The effect of the weak crown, that favored the Czech exporters, however a faded over time.
Perspectives of Transatlantic Trade and Investment Partnership: benefits and potential risks
Bednář, Milan ; Ševčíková, Michaela (advisor) ; Zamrazilová, Eva (referee)
It is possible that the economic condition of Europe after the global financial crisis of 2008-2009 prompted idea of trade liberalization. This diploma thesis deals with the Transatlantic Trade and Investment Partnership (TTIP), a proposed free trade agreement between the European Union and the United States of America. Main goal of the thesis is to provide economic evaluation of the deal, and to assess the claim that TTIP would be beneficial for the European Union member states. Main used method is a theoretical analysis supplemented by regression analysis. The theoretical part is focused on basic economic principles of international trade and related concepts. Main tools used to assess this agreement are described in more detail as well. The analytical part deals with economic linkages between the two regions, with emphasis on the development and current status of non-tariff barriers to trade. The thesis also contains a summary of potential benefits and risks. Finally, a potential impact of TTIP on the Czech Republic and the issue of Brexit is presented. The European Union and the United States of America are linked by strong economic ties. However, trade barriers between those two entities still exist and hamper international trade. The analysis indicates that if the contract was to be impactful and significant, it must focus on a substantial reduction of bilateral non-tariff barriers to trade. This implies that TTIP could interfere with sectoral regulations. In addition, it is not certain that achieved revenues would be automatically higher than costs given the number of perceived risks. Panel data gravity models are used to quantify the potential impact of trade liberalization on export of goods of the EU28 countries to the USA. Significant elimination of trade barriers could increase EU exports to the USA by more than 20%.
Were CNB's foreign-exchange interventions from November 2013 necessary?
Volf, Matěj ; Vostrovská, Zdenka (advisor) ; Zamrazilová, Eva (referee)
This thesis deals with CNB foreign-exchange intervention from November 2013 in context of assumptions and impacts on the Czech economy. The theoretical part presents important monetary policy aspects, from conventional and unconventional tools to inflation targeting and deflation, to understand theoretical framework of analysis. Analytic part takes a look on Czech economy condition before interventions, especially inflation. Intervention impacts and exit strategies are examined further. Based on the analyzed data this thesis concludes that foreign-exchange interventions by Czech National Bank were not necessary and inevitable action.
Analysis of real and nominal convergence of the Visegrad Group in the years 2000-2015
Wikturna, Jan ; Strejček, Ivo (advisor) ; Zamrazilová, Eva (referee)
This Bachelor thesis is focused on a macroeconomic analysis of the process of the real and nominal convergence of the Visegrad Group countries to the old member states of the European Union, called EU-15 during the period of 2000-2015. The objective of the analysis is to confirm or disprove the hypothesis that in the selected period there is a convergence of the economically backward V4 countries with the advanced EU-15 countries and to highlight the factors that are behind the narrowing of the gap in economics and price levels. The theoretical part deals with the ways in which we measure and compare the economic performance and economic level, and explains the different approaches of the problem of economic growth and the subsequent catching up effect. The practical part is focused on a comparison of elected macroeconomic indicators and reference is made to the selected factors to determine whether, and for what reasons, the economic convergence of these selected countries made towards the developed countries of the EU-15. The analytical part confirms the ongoing process of the real and nominal convergence throughout the period, but its course is varied during different times of the period. In conclusion, it is found that the rate varied by the convergence processes and in fact positively affected the V4 countries, that joined the European Union. The incoming dynamics of the convergence, especially the prices, were significantly disrupted by the economic crisis.
Evolution of monetary policy regimes and it is suitable in present
Frýbová, Kateřina ; Řežábek, Pavel (advisor) ; Zamrazilová, Eva (referee)
The current monetary policy has been a widely discussed topic. The main focus has been given to the inflation targeting and whether it is suitable in situations with low inflation and low interests rates. The present study is addressing the monetary policy regimes and evolution of targeting aggregates under inflation targeting. The goal of my thesis is to verify whether the interests rates close to technical zero don t cause systematically larger deviations of forecasts of inflation from reality. Having compared most monetary regimes, their advantages and disadvantages in the current situation, I have come to the conclusion that although inflation targeting is not absolutely perfect, the shortcomings and the pitfalls of other regimes are considerably less favourable. Although the inflation deviation is increasing, this is most likely attributable to the error of model and the overtly optimistic forecast of the Czech National Bank than to the possibility that the errors directly relate to the level of interests rates.
The Global Financial Crisis and Steps of the Fed and the ECB during its Solution in the Period of 2008–2015
Jetmar, Jan ; Vostrovská, Zdenka (advisor) ; Zamrazilová, Eva (referee)
This thesis comprehensively summarizes the global financial crisis. Its main causes consist of government support for home ownership, artificially set interest rates, and the conduct of economic actors in the context of financial innovation. Thus, this thesis considers external interventions into the economy as the primary causes of the crisis. Furthermore, chronologically summarized are the steps taken by the Federal Reserve System (Fed) and the European Central Bank (ECB) during the crisis itself. In a short period of time, these central banks exhausted the standard tools of monetary policy, which led to the use of unconventional measures. The Fed mainly used quantitative easing, while the ECB used a set of various tools available to help solve problems on multiple fronts - especially the debt crisis in the Eurozone countries. With the exception of a description of the chain of events leading to the financial and economic crisis, the main contribution of this thesis lies in mediation and confrontation of views by selected economists from various spectrum of opinions in regards to the steps of the Fed and the ECB in their solutions to the crisis. This discussion reveals that the biggest concerns associated with these interventions consist of price bubbles, inflation, distortion in market mechanisms, Europe's unsustainable integration at the monetary level, and the inexorable rise of the another crisis caused by the failure to solve the real causes of the last crisis. Finally, the opinions of the author of this thesis match with the conclusions and recommendations that arise from this discussion.
The importance of audits of banks with respect to the Czech national economy within years 1993 – 2014
Rott, Michal ; Zamrazilová, Eva (advisor) ; Štěpánek, Pavel (referee)
The aim of this master thesis is to evaluate the importance of audits of banks with respect to the Czech national economy within years 1993 - 2014. The primary purpose of this study is to determine the value of both external and internal audits as well as of internal control systems and of bank supervision in order to maintain a long-term stability of banks on the Czech financial market. In the light of knowledge gathered from the Czech banking crisis (late nineties of the 20th century) and from the latest widely-spread economic and financial crisis (2008), it has been proved that low-quality audits may consequently contagiously affect a great deal of financial institutions. As for the economies, a collapse of a larger number of banks in the short run may cause higher social costs (mainly due to government budget deficit when bailing out affected banks and to economic downturn). Analyses suggest that these crises have been a result of a confluence of many factors. In particular, a poor a management of banks and its interest in short-term profit-maximizing goals, trades with highly risky financial instruments (especially in the US and in the EU), likewise failures of both auditors and bank supervisors, account for some of the main factors. Moreover, it has been concluded that an institutional background (a weak law system in the Czech Republic) played an important role, too. The quality of audits was also influenced by an everlasting conflict of interest of statutory auditors who have been paid by the audited banks. This probably resulted in an unethical behavior of auditors. Furthermore, auditors were lacking the state-of-the-art knowledge in terms of rapidly developing financial instruments. As a matter of fact, auditors did not address all the risks the banks were facing to the stakeholders. This study indicates that both external and internal audits along with a bank supervision are important, nonetheless, not sufficient conditions assuring a long-term stability on financial markets.

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