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Dopad demografického vývoje ČR na stav veřejných financí ČR
Vaverka, Vojtěch ; Kalabiška, Roman (advisor) ; Švarcová, Natálie (referee)
The bachelor thesis deals with the impact of population ageing on the pension system in the Czech Republic. Population ageing increases the number of pensioners per working person. Since the pension system in the Czech Republic operates on the pay-as-you-go principle, which means that workers pay pensions to people who are currently receiving pensions. This population change is leading to a deterioration in the state of the pension system. In this paper, the development and sustainability of the pension system is predicted on the basis of historical figures. Although the results of the forecast show that the pension system will be stable in the coming years, once the strong generations retire, the pension system will start to face problems. The evolution of the pension system reflects events in the recent past, in particular the war conflict in Ukraine. Events from the more distant past are also reflected in the fact that when the generation of the so-called Husák children retire the balance of the pension system will deteriorate significantly. On the contrary, when the generation born in the 1990s, after the fall of the communist regime, when fertility was low, retires, the pension system will improve.
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Are elderly internet users healthier?
Hozová, Karolína ; Votápková, Jana (advisor) ; Švarcová, Natálie (referee)
This thesis examines how internet usage impacts health outcomes of elderly aged 50 and above living in European countries using data from Survey of Health, Aging and Retirement in Europe (SHARE) Wave 8. Since bi-directional relationship between health and internet usage is expected, a two-stage least square model (2SLS) is used. Self-assessed health condition as the response variable is tested. Internet usage proved to be endogenous with respect to the health among seniors aged 65 and older by employing Wu-Hausman test. Robustness check, in the form of respondent's self-rated limitations in activities because of health, confirms the endogeneity, direction and significance of the relationship. Results show that internet usage positively affects health outcomes of seniors in the retirement age and decreases odds of poor health condition among the pre-retirement population (adults 50 to 64 years old). When accounted for socioeconomic factors in the pre-retirement age, significance of IT literacy diminishes. Other characteristics which affected health outcomes of elderly in our model are age, behavioral risks, life satisfaction, satisfaction with health care system and health literacy. Keywords: elderly, internet usage, health status, SHARE Title: Are elderly internet users healthier? Author's email:...
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Spatial Pattern of Subsidies from the Structural Funds: The Case of Czech Municipalities
Pumprlová, Magda ; Šťastná, Lenka (advisor) ; Švarcová, Natálie (referee)
The thesis aims to uncover spatial patterns of subsidies from the European Union funds while focusing on the 2007-2013 programming period in the Czech Republic. We take into account demographic, economic and political charac- teristics of municipalities with the extended power to determine their relevance on the size of the obtained subsidy. Furthermore, subsidies may be clustered in the space due to some common regional characteristics that cannot be easily measured, or due to cooperation/competitiveness of the municipalities. Our results from the models estimated by the Ordinary Least Squares sug- gest that municipality's population, the number of businesses, the debt of pre- vious periods, and the mayor's affiliation to the political party are significant in explaining the size of the subsidy. Based on following tests, Moran's I and Lagrange Multiplier test, we incorporate the spatial models estimated by the Maximum Likelihood Estimator. We find that the subsidies managed by the regional council disperse across the given region, indicating a hidden common characteristic or regional council's endogenous interventions. JEL Classification C21, H54, H77, R11, R58 Keywords spatial allocation, European Funds, Cohesion, local government, Czech Republic Author's e-mail pumprlovamagda@gmail.com Supervisor's...
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Pension Systems in a World with Stagnant Population and Market Inefficiencies: A Comparison
Štěpánek, Martin ; Baxa, Jaromír (advisor) ; Švarcová, Natálie (referee)
Financial unsustainability of pension systems in developed economies looms large on the horizon due to increasing life expectancy and continuous drop in fertility. In spite of a broad discussion, there has been but a little consensus on appropriate remedy. Besides, the theoretical arguments supporting funded pension systems often build upon the unrealistic assumption of stable financial markets and fair transformation of saved funds into retirement benefits. This work provides an insight into performance of various pension systems in real- world conditions using large-scale simulations of an overlapping generations model based on existing pension schemes in the Czech Republic, Sweden, and Chile. Specifically, my model assumes adverse demographics, individual un- certainty, volatile financial markets' returns, and administrative costs to affect social security systems and estimates magnitude of the effects. According to the results, each pension system seems to be partially advantageous - in pro- motion of economic growth, level of retirement benefits, or protection against market risks - but no scheme is dominant or dominated overall. JEL Classification E27, C68, H55 Keywords pension, OLG, simulation Author's e-mail Stepanek.Martin@hotmail.com Supervisor's e-mail Jaromir.Baxa@centrum.cz
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Do public R&D subsidies boost competitiveness of supported companies in the Czech Republic?
Horák, Petr ; Teplý, Petr (advisor) ; Švarcová, Natálie (referee)
The purpose of this thesis is to investigate the impact of government non-investment and applied R&D subsidies on the firm level competitiveness. According to many literature sources the indicators of competitiveness are assumed to be Return on Assets, Return on Equity, Return on Sales and Asset Turnover ratio. The tool used to test the effect is counterfactual analysis. The subsidized companies are compared to a control group drawn by Propensity Score Matching, the effect is tested by Average Treatment Effect on the Treated and the difference in size of other financials is derived by Difference in Differences. The study focuses on two industries NACE C25 (metallurgy) and C28 (manufacture of machines). The subsidized companies show no added significant growth of competitiveness whatsoever. The financials (Total Assets, Equity, Turnover) grew, compared to the control group, only for industry C25. JEL Classification O31, O38, H21 Keywords R&D, Innovation, non-investment, subsidies, applied R&D, competitiveness Author's e-mail petr.rotr@post.cz Supervisor's e-mail petr.teply@fsv.cuni.cz
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Determinants of the Demand for Tax Haven Operations: Empirical Evidence from the Czech Republic
Burianová, Markéta ; Janský, Petr (advisor) ; Švarcová, Natálie (referee)
The aim of this thesis is to explore the firm-specific determinants of the demand for tax haven operations by Czech firms. Our objective is to better understand the firms' incentives for tax haven use, and furthermore whether there exists cross-haven heterogeneity in those incentives. The thesis examines the firms' tax haven investment behaviour by analysing firm-level data for 15,530 Czech firms for year 2013. To the extent of our knowledge, this has been the first research of its kind devoted to Czech firms. The evidence suggests that larger, more profitable firms with larger international presence are most likely to use tax havens. The analysis also indicates that higher firm indebtedness is associated with greater likelihood of establishing tax haven operations. This would suggest Czech firms engage in profit shifting through the use of debt financing. Furthermore, service firms were found to be more likely to use tax havens than manufacturing firms. This contrasts with previous research where R&D intensity was a leading indicator of tax haven use. Additionally, we found significant cross-haven heterogeneity in the determinants, particularly in the sector-specific characteristics. In our sample, service firms favoured Cyprus and the Netherlands, while manufacturing firms preferred Luxembourg...
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Flexibility and Flexicurity in EU labour markets
Beránková, Veronika ; Švarcová, Natálie (advisor) ; Flek, Vladislav (referee)
The thesis deals with two predominant concepts in the European labour markets. The first limits itself to provide for enhanced flexibility, while the second one, known as "flexicurity", combines the promotion of labour flexibility with an ambition to retain certain security for workers. Both of the concepts address the need to adjust the labour markets to the "new social reality", where frequent changes call for fast adaptation and flexibility. The thesis treats both of the concepts as separate strategies and analyses their potential, main challenges and problems.
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The Effect of Exogenous Revenue Shocks on Local Public Spending: The Case of Czech Municipalites
Hrtková, Andrea ; Šťastná, Lenka (advisor) ; Švarcová, Natálie (referee)
This thesis is devoted to an analysis of the impact of exogenous revenue shocks, both positive and negative, on spending in the Czech municipalities. A closer look is also taken into the different reactions of different political affiliations of the mayors to changes in tax revenues. Although there have been written several studies which have focused on reactions of shocks to revenues on local public spending, our research should serve as a starting point in completing existing gaps in this field of study in the Czech Republic. Empirical methods involving the use of dynamic panel data were applied to test the hypotheses. This research shows that changes in tax revenues have a significant impact on the expenditures of the Czech municipalities. However, the results indicate that the extent and direction of this impact differ across different types of expenditures. Keywords Municipalities, exogenous revenue shocks, fiscal stress, tax revenues, current expenditures, capital expenditures, political affiliation
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