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How Smart will be Europe 2020? A Panel Data Analysis.
Marková, Veronika ; Cahlík, Tomáš (advisor) ; Moravcová, Michala (referee)
This thesis analyses the targets for education under Europe 2020 strategy - early leavers from education and tertiary education attainment. The main objective is to predict the future development for these indicators up to 2020 and answer the question whether these targets will be fulfilled. From the empirical perspective, it applies econometric analysis of panel data based on human capital theory, that relates the education level of an individual with the parental education and the labour market conditions.
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Macroprudential regulation of the housing market
Petrouš, Michal ; Hlaváček, Michal (advisor) ; Moravcová, Michala (referee)
Housing market has a considerable impact on the macroeconomic stability. There is an attempt to regulate housing market using a set of macroprudential tools. The first aim of this thesis is to describe and compare macroprudential regulation aiming at the contract between lenders and borrowers in the European Union and Norway. The second aim is to assess the influence of central banks in macroprudential policy-making on the probability that these instruments are implemented. The probability is estimated using a probit model. The comparison shows that there are considerable differences in implemented regulation between individual countries and that countries with high proportion of foreign currency denominated loans use macroprudential measures to mitigate borrowing in foreign currencies. Using the data from the European union and Norway, statistically significant influence of central bank involvement was not identified. The effect of central bank became significant when using larger dataset including non-European countries. In this dataset, the leading role of central bank is associated with lower probability that instruments targeting borrowers are implemented.
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Three Essays on Central European Foreign Exchange Markets
Moravcová, Michala ; Horváth, Roman (advisor) ; Komárek, Luboš (referee) ; Baumohl, Eduard (referee) ; Pappas, Vasileios (referee)
This dissertation thesis consists of three essays on new EU foreign exchange markets (FX), i.e. the Czech koruna, Polish zloty and Hungarian forint. In the first two essays, the impact of foreign macroeconomic news announcements and central banks' monetary policy settings on the value and volatility of examined exchange rates is analyzed. In the third chapter, the conditional comovements and volatility spillovers on new EU FX markets is examined. The aim of this thesis is to contribute to the existing empirical literature by providing new evidence of the examined currencies during periods, which have not been examined yet (after the Global financial crisis (GFC), during the EU debt crisis and during currency interventions in the Czech Republic). The first essay (Chapter 2) examines the impact of Eurozone/Germany and US macroeconomic news announcements and monetary policy settings of the ECB and the Fed on the value of new EU member states' currencies. It is a complex analysis of 1-minute intraday dataset performed by event study methodology (ESM). We observe different reactions of exchange rates in pair with the US dollar on the US macroeconomic announcements and Euro-expressed FX rates on Germany macro news during the EU debt crisis and after it. We also provide evidence of leaking news, showing...
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Sustainable Development Goal 7: Affordable and Clean Energy Panel Data Analysis
Křížková, Alžběta ; Cahlík, Tomáš (advisor) ; Moravcová, Michala (referee)
This thesis analyses the seventh Sustainable Development Goal: Affordable and Clean Energy. Four empirical models are built, each for one indicator. They are then evaluated using panel data analysis for all member states of the UN. The research question it seeks to answer is: "What characteristics have major impact on providing electric energy and other energy related benefits?" We found that in most of the cases, the proportion of urban population and the Human Development Index have a major impact on the indicators. Unlike any previous study dealing with similar topics, this paper analyses the whole goal with its four indicators, not just one particular energy aspect. That allows us to look for interconnection and common features between indicators and their influences.
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Electronic Records of Sales and Their Implementation in the Czech Republic
Mach, Petr ; Chytilová, Julie (advisor) ; Moravcová, Michala (referee)
The subject of this thesis is electronic records of sales and its implementation in the Czech Republic. Because one of the main goals is to improve tax collection the first part of the theoretical section of the thesis is devoted to a brief introduction to taxes and specifically the value-added tax. The second part of the theoretical section is describing the specifics of the Czech version of electronic records of sales. First, a few models of records of sales are described and which of them was chosen and why. Then this model is described in detail, including who has to abide by it, what sales they have to record and some of the technical aspects of the system. A part is also dedicated to the associated receipt lottery. The practical section of the thesis is devoted to answering the question if the introduction of electronic records of sales in the Czech Republic was justified, based on fulfillment of its initial goals. The main goals were to increase the tax revenue and lowering the size of the shadow economy. Apart from these goals, the practical section is also evaluating the costs of the whole project and also some public concerns are addressed. The thesis ends with a brief look at the future of records of sales in the Czech Republic.
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Econometric Analysis of Inequality
Munduch, Pavel ; Cahlík, Tomáš (advisor) ; Moravcová, Michala (referee)
This bachelor thesis aims to explore the contemporary issue of income inequali- ty/equality in European context. Exploring the already existing literature and looking at unbalanced panel data from 41 European countries and observa- tions from the 1992-2014 period, this works seeks for anysystematic evidence of causal determinants in regards to incresing or reducing income inequality. Variables such economic growth, education, religion, tax, democracy or corrup- tion are included in the analysis. After carrying out the process of choosing fitting model, testing for serial correlation or heteroskedasticity and applying robust errors, the significant effects turned to be present in trade, taxes, cor- ruption and democracy areas. Implying that increase in trade to GDP ratio, improvingdemocracy,fightingcorruptionandincreasedtaxincomesresultin lower income inequality. JEL Classification Keywords income inequality, Gini coefficient, econometrics Author's e-mail pavelmunduch@gmail.com Supervisor's e-mail cahlik@fsv.cuni.cz
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How Smart will be Europe 2020? A Panel Data Analysis.
Marková, Veronika ; Cahlík, Tomáš (advisor) ; Moravcová, Michala (referee)
This thesis analyses the targets for education under Europe 2020 strategy - early leavers from education and tertiary education attainment. The main objective is to predict the future development for these indicators up to 2020 and answer the question whether these targets will be fulfilled. From the empirical perspective, it applies econometric analysis of panel data based on human capital theory, that relates the education level of an individual with the parental education and the labour market conditions.
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The impact of ECB communication on selected financial markets in eurozone
Luková, Veronika ; Moravcová, Michala (advisor) ; Hauzr, Marek (referee)
This thesis investigates the impact of the European central bank communication and macroeconomic news announcements on the price and volatility of selected financial markets. We examine the stock markets of Germany and countries of PIGS (Portugal, Italy, Greece, Spain), we selected the stock indices as the financial assets, we employed the GARCH (1,1) and EGARCH (1,1) models. Main result was that the communication of ECB has significant impact on the volatility of all examined stock markets. Volatilities of German and Italian stock markets are the most influenced ones. Volatility of Portugal stock market is the least influenced one. The ECB's communication affects also the level of examined stock markets except Portugal stock market. Our re sults also confirmed that the macroeconomic announcements have significant impact on the volatility, but they have no fundamental impact on the level of these stock markets. 1
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Scrutinizing Parametric Value-at-Risk Measure under Real-World Assumptions
Rusá, Zuzana ; Parrák, Radovan (advisor) ; Moravcová, Michala (referee)
The thesis compares an industry-standard parametric Value-at-Risk estimate with alternative approaches. The intention of the thesis is to find out, whether, or to what extent can the inappropriate assumption of normally distributed returns influence the Value-at-Risk estimate. We used the exceedance rate as a back-testing procedure in order to test the accuracy of parametric Value-at-Risk estimate. We look whether the exceedance rate of the estimates approaches the given confidence level or not. We contrasted the parametric measure to its historical and Monte Carlo counterparts. The latter assumes Student's t-distribution as an example of a fat-tailed distribution, because the estimate of tails is crucial for the accuracy of Value-at-Risk estimate.
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