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FDI and the spillover effect analysis: the case of Ethiopia
Turi, Abeba Nigussie ; Vacek, Pavel (advisor) ; Bauer, Michal (referee)
This thesis presents the spilling over effect resulting from the foreign direct investment with a focus on the manufacturing firms. It covers extensive econometric analysis based the Central Statistics Agency's (CSA) survey on the manufacturing firms and an Input-Output matrix done by the Ethiopian Development Research Institute (EDRI). A pooled, Fixed and Random Effect estimation techniques are employed for estimating the log transferred production function augmented for the spillover proxies: Backward, Forward and Horizontal. Yet, as is stated in a lot of literatures like that of Javorcik (2004), the Cobb-Douglas production function suffers from the endogeneity problem and there is a need for a better estimation technique that can capture and solve this problem. As a result, I also used the Levinsohn-Petrin estimation technique, which used intermediate inputs as a proxy for unobservable shocks and the residuals from this estimate used as a measure of total factor productivity (TFP) of the firm. The TFP analysis from the LP estimation suggests that a one percentage point increase in the foreign presence in the downstream sectors is associated with the 1.1 percent rise in the total output of each supplying industries. Likewise, a one percentage point increase in the weighted share of output in the...
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Family House Market in Europe during the Recent Crisis
Béreš, Adam ; Vacek, Pavel (advisor) ; Maršál, Aleš (referee)
Univerzita Karlova v Praze Fakulta sociálních věd Institut ekonomických studií Název DP v jazyce práce Family House Market in Europe during the Recent Crisis Podnázev práce Překlad názvu DP v angličtině nebo češtině Trh rodinných domov v Európe počas súčasnej krízy. Typ práce diplomová práce Autor/ka: Adam Béreš Rok zpracování 2015 Vedoucí práce PhDr. Pavel Vacek Ph.D. Abstrakt anglicky This thesis analyzes family house market in seven European countries: the Czech Republic, Austria, Belgium, Denmark, Germany, Finland and Slovakia, together with two cities: Bratislava and Prague. The main goal is to compare family house price determinants in transitional countries with developed ones and capture possible effects of the recent economic crisis. In the first part, panel data models are employed to determine price determinants and any housing bubbles. Real GDP growth rate as a proxy for households' income, together with housing loan interest rate proved to be significant price determinant for both groups. Housing market in transitional countries is influenced only by demand side factors like unemployment. Housing market in developed countries is led by demand and supply side factors represented by labor cost index. In the second part of the analysis, VAR model is employed, for each country separately, to detect...
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Determinants of Residential Development Prices in Prague
Mazáček, David ; Streblov, Pavel (advisor) ; Vacek, Pavel (referee)
III Title: Determinants of Residential Development Prices in Prague Author: David Mazáček Department: Institute of economic studies Diploma Theises Supervisor: PhDr. Pavel Streblov, MSc. Supervisor's e-mail address: streblov@pentainvestmens.cz Abstract: This thesis analyzes the progression and current situation on the Prague new residential development market. The beggining of the thesis is focused on performance of new residential development market in Prague and its comparison with other cities in European union including different housing standards and its economical severity. Performance analysis and current situation on the market indicate the presence of real estate bubble in past years on Prague market. This bubble has even deepened the problems on the market caused by the European economic crisis, however currently there is slow upsarge on the residential real estate market in Prague. Remaining two chapters are focused on relations between performance of residential development price per sqm in Prague and the performance of macroeconomic determinants in the range of income, financing or subsitutionary housing solution. This relation is explored through the econometric model, that explains the average aggregate price per sqm of new residential development in Prague through its macroeconomic...
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The Role of Innovation and Competitive Pressure: A Case Study of Czech and Slovak Firms
Pallan, Hayley ; Vacek, Pavel (advisor) ; Svoboda, Karel (referee) ; Yoruk, Esin (referee)
This thesis examines the role of competition and innovation for firm performance, particularly during financial crises, through empirical analysis. The thesis first reviews the literature related to competition, innovation and financial crises. It next provides context of the economic legacies the transition economies in Central Europe have shared and how these legacies meant a lack of an environment for competitive firms (to operate most efficiently) and innovation (defined as new product development). Similarities and differences between the economies of the Czech Republic and Slovakia (which have a shared history over seventy years as Czechoslovakia) during the transition period and leading up to the 2009 financial crisis are reviewed, with attention to factors affecting the competitive and innovative environment in each country. Using cross-sectional regression analysis and comparing results for Czech and Slovak firms, this thesis confirms the positive influence of innovation and competition. Two variables for competition types are used in the regression - one for foreign pressure and one for domestic pressure. Both sets of firms indicate a positive influence of foreign competitive pressure to develop new products on firm performance (which is represented by firm sales in this analysis),...
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Virtual currencies in real economy: Bitcoin
Šafka, Jiří ; Vacek, Pavel (advisor) ; Polák, Petr (referee)
This paper examines the relationship between virtual currency, the Bitcoin, and the real economy. In the first part the description of the term virtual currency is provided with special focus on Bitcoin. Also the legal and taxation issues are discussed. In the main part the volatility of Bitcoin is inspected using various models from Autoregressive heteroskedasticity models family. We found that the volatility of Bitcoin differs significantly through time and that this relation is captured best by T-GARCH (1,1) model. Finally the relationship between Bitcoin and real economy indicators is observed to be inconsistent and mostly insignificant in time. Thus we conclude that the independency of Bitcoin cannot be rejected. Powered by TCPDF (www.tcpdf.org)
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Spectrum Auctions in Telecommunications
Wolfová, Veronika ; Vacek, Pavel (advisor) ; Korbel, Václav (referee)
Telecommunication sector is one of the most developing in last 20 years. The speed of the progress in inventing new technologies has to be balanced by proper radio spectrum management since radio spectrum is a scarce resource. The methods of assignment used in past such as beauty contests or lotteries are no longer those that rule the sector. To keep pace with new technologies, spectrum auctions were presented as a new method that ensures the best results for state. Since the companies are competing for the licenses, final price is getting higher and thereby higher revenues go to the state treasury. In this thesis the behavior of final price in the spectrum auctions was examined. In the end of the work, recommendations to NRAs were presented to conclude the results of the empirical examination. Powered by TCPDF (www.tcpdf.org)
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Global IT Outsourcing - Analysis of Trends, Contracts, Decisions and Their Results
Osipova, Anna ; Vacek, Pavel (advisor) ; Čornanič, Aleš (referee)
Informational technology outsourcing has been increasing in popularity over the last decades. It became a trend to transfer IT related processes and activities to an external provider, often located not only in a different country, but on a different continent. Outsourcing IT porcesses to an external provider is an appealing prospect, since the firm can transfer the resources from IT to more important processes. Moreover, since provider can be chosen from virtually anywhere in the world, there is a valid chance of significant IT costs reduction. All those benefits, however, are far from guaranteed. This thesis briefly describes the theory of IT ousourcing, presents current trends in outsourcing of information technologies, lists the common dangers by the decision making process concerning IT outsourcing, presents particular examples of large IT outsourcing contracts and finally introduces analysis of various aspects of IT outsourcing decisions and their results followed by econometric analysis, which examines possible patterns between the particular decisions and their results.
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Central Bank Interventions and Their Influences on Exchange rates: The Case of TURKEY
Ucar, Ferit ; Vacek, Pavel (advisor) ; Benáček, Vladimír (referee)
This study attempts to analyze the efficiency of intervention policy in Turkey during the period between 4.1.2005 and 31.12.2012 with a sub period which is between 4.1.2007 and 31.12.2010. For our study purpose, therefore we investigated how interventions with pre-announced auctions as a whole influence the exchange rates. Further, we analyze whether there is an asymmetric effect among the buying and selling transactions with respect to their impact on the exchange rates. In the study, the E-GARCH model is employed to find the asymmetric effect. The final object of this study is whether buying auctions which are conducted to serve for only purpose of increasing international reserves influence the exchange rates. We evaluate the efficiency of transactions in the same direction of central bank statements. In conclusion, the findings did not amount to any significant impact of total transaction on exchange rates. The study findings also suggest that there is asymmetric effect among the selling and buying transactions. The amounts of selling transaction have a negative impact on both level and volatility while buying auctions did not have any significant effect on them. As a new research result, we found that buying auctions served well with respect to their contributions to reserves while they do not...
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Post-crisis Re-regulation of Financial Markets
Filipec, Petr ; Kudrna, Zdeněk (advisor) ; Vacek, Pavel (referee)
This paper analyzes the causes of financial crises, and on this basis it proposes possible changes in financial regulation. Throughout the paper we work with a hypothesis that the major roots of financial distress are excess credit growth and substantial capital inflows. We test this hypothesis on a dataset comprising entries from Australia, Japan, the UK, and US over the approximate period 1970-2010. The results confirm that there is a consistent relation of credit development to financial crisis incidences and a somewhat less consistent effect of capital inflows. Furthermore, since we find a robust positive effect of past credit growth on the probability of a crisis occurrence, we propose a change in interest rate policy. Our suggestion implies a consideration of credit to GDP ratio during the execution of the monetary policy decisions on interest rates.
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Implementation of Ethic Education as a Supplementary Educational Subject in the Czech Republic
Motyčka, Pavel ; Stará, Jana (advisor) ; Vacek, Pavel (referee) ; Smékal, Vladimír (referee)
In this work we have been researching how Ethic Education influences the pupils behaviour and the social climate in the classroom. For this research we have used a mixed quantitative and a qualitative methodology. In the quantitative part we have realized our research through the natural experiment with one observed independent variable which applicated the programme of Ethic Education for basic school pupils and secondary school students. We have observed these dependant variables of pupils behaviour: the amount of the prosocial behavior, the amount of anxiety and the amount of the behavioural problems. In a group we have observed: the quality of the social climate and the amount of the trust. In the qualitative part we have tried to examine how pupils and teachers perceive Ethic Education and what principles they use for it. We have used these methods of collecting information: a nomination technigue, a questionary About Your Fellowstudents, a questionary About Your Emotions, a questionary CES, a questionary SDQ. In the qualitative part we have used a questionary with this open question. We think that we can make a conclusion about this research that in the quantitative part the hypothese proved that Ethic Education reduces the amount of the anxiety and the other emocional aspects within the pupils...
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