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Household Debt in the Czech Republic: Focus on Mortgage Amount Determinants
Mittigová, Patricie ; Cahlík, Tomáš (advisor) ; Princ, Michael (referee)
The growth of household indebtedness in the last decade led to more attention paid to this issue since it could threaten the stability of financial system in the future. In the Czech Republic, this rise is mainly caused by the increased number of mortgage loans, which are usually the largest financial burden that debtors have to repay. For that reason, I focus on mortgages since their growth has been the most significant in comparison with other loan types. The aim of this thesis is to analyse how personal characteristics affect one's decision on the amount they choose to borrow in order to finance their housing needs. For this purpose, I performed a multiple regression analysis applying several estimation methods. By examining a random sample of ČSOB clients who have taken out a mortgage, I discovered that person's income, age, marital status, education and region a person lives in are significant factors affecting debtor's choice about how much they borrow. Conversely, the number of children affects the amount borrowed only at higher quantiles of the distribution, whereas it is not a significant factor at lower quantiles. This thesis complements rather a limited number of studies about the Czech household debt as it provides new findings about a borrower's decision. Powered by TCPDF (www.tcpdf.org)
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Czech Health Care in the International Context
Cieslar, Jakub ; Cahlík, Tomáš (advisor) ; Votápková, Jana (referee)
Finance flowing to health care forms a significant part of total expenses in developed countries. This fact is closely related to efficiency of allocating health care resources. This thesis aims to estimate and compare efficiency of Czech health care system as well as 132 member states of World Health Organization in 2012, their development since the year 2000 and comparison and description of other papers focused on related topics. To acquire relative efficiency estimates (efficiency with respect to the sample), output oriented Data Envelopment Analysis specified with variable returns to scale is used. Obtained results can help with choosing role-model systems and to reduce ineffectiveness. Results also suggest which systems succeeded in improvement of the efficiency in allocating of resources.
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Millennium Development Goal on Education: An empirical analysis of the determinants of primary school enrolment
Topinka, Michal ; Cahlík, Tomáš (advisor) ; Břízová, Pavla (referee)
This bachelor thesis examines the relationship between country-level development indicators and the major indicator of the second Millennium Development Goal on education, the net enrolment ratio in primary education, using econometric analysis of panel data. Given that majority of studies analyzing the determinants of primary school enrolment use data from household surveys containing information about individuals, the study presented in this bachelor thesis investigates, whether variation in primary school net enrolment ratios can be explained using aggregate country-level data on adjusted net enrolment ratios and factors measuring development of particular economies. This study uses data on 192 countries for the period 1999-2012. The findings suggest that data on development are definitely useful in analyzing the determinants of school enrolment, but more detailed data containing information about individuals are needed to assess the causes of different levels of enrolment in individual countries in order to design policies to achieve universal primary education. Keywords Millennium Development Goals, MDGs, Education, Net enrolment ratio in primary educa- tion.
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An Analysis of the Chinese Labor Market
Shin, Eunyoung ; Cahlík, Tomáš (advisor) ; Chytilová, Julie (referee)
An Analysis of the Chinese Labor Market Eunyoung Shin Abstract The purpose of this thesis is to analyze China's labor market. Before main analysis, we examine modern history of China. Based on the history, we discover background of China's economic growth and side effects which are represented as inequality. While China pursues uneven regional development policy, regional disparity problems have been emerged. To meet our goal, we have three factors: employment, average wage, and tertiary education attainment. First, we provide overall labor market situation from various angles: urban-rural, sector, and ownership type. Second, we examine our three factors by province. Finally, we summarize results of analysis and make a comparison about provinces. All data employed in this paper are extracted from National Bureau of Statistics of China and reference year is 2005, 2010, and 2014.
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(Non)rationality of betting
Hamáček, Filip ; Hlaváček, Jiří (advisor) ; Cahlík, Tomáš (referee)
The subject of this bachelors thesis is nonrationality of betting. The first part of thesis is discussing different instruments of risk evaluation. The second part is about Petersburg paradox. This thesis tries to find alternative solution to Petersburg paradox using two methods, the first method is based on repeating high amount of petersburg games. The second method is maximizing the probability of economic survival, which is based on wealth of the player and on bound of economic survival. In the third part of this thesis, Sportka (Czech lottery) is compared with special tournament of poker. The goal of this part is to compare the expected return of investment on playing Sportka and on playing poker without even basic notion about rules and the game strategy. For the estimation of the expected value of poker tournament, different game scenarios are considered, probability of scenarios are based on players behavior according to the Nash equilibrium. Keywords: Betting, expected value, Petersburg paradox, lottery, poker, Nash equilibrium
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Determinants of pension expenditure in countries of EU
Pinkrová, Tereza ; Cahlík, Tomáš (advisor) ; Rusnák, Marek (referee)
This work analyzes the current state of pension systems in countries of European union. First this work describes the division of pension systems, then captures the EU's objectives to build a sustainable pension systém.The work also describes in detail the pension systems of Czech Republic and selected countries of EU. Finally, this work identify by statistical method using an econometric model important determinants that affect pension costs of European countries. Econometric analysis uses balanced panel data set, which is compiled from annual observations of 28 member states of the European Union in the 2006-2013 time frame. For endogenous variable were used ratios of state spending on pensions as a percentage of GDP and exogenous variables were used together on the 15th. The model was tested on correlation, heteroscedasticity and normality. It was used econometric model with fixed effects with robust standard errors. Another aim of the work was to determine which the pension system is the best for states, if often used defined benefit or defined contribution system. This was solved by using dummy variables in the model. In conclusion, it outlined possible solutions for a sustainable pension system.
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Use of the DHL Index in the Analysis of Globalization
Močička, Jakub ; Cahlík, Tomáš (advisor) ; Kučera, Adam (referee)
In my bachelor thesis is firstly discussed topic of globalisation, where focus point is history, development of globalisation term and varieties of definition of globalisation. Then are introduced globalisation indexes (DHL connectedness index, KOF Index of Globalization, Ernst and Young globalisation index and Maastricht globalisation index) for which indexes or indicators used to create them are discussed as well values corresponding to particular indexes and indicators and scales on which are globalisation index transformed. In the next part indexes are compared, where differences and similarities as well as set of countries on which indexes are reported and magnitudes of respective indexes and indicators are discussed. Main part of thesis is focused on the relationship between globalisation indexes and particular macroeconomic indicators (GDP, inflation and unemployment). For that purpose two methods of estimation are used - one-step Arellano-Bond GMM estimator and fixed effect. Study is focused on a time period between year 2005 and 2013 for which DHL Global Connectedness Index is reported. Dataset consists of panel data of 140 countries for GDP and inflation and 34 countries for unemployment. Final part is focused on evaluation of relationships between globalisation indexes and macroeconomic...
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IKEA : Present and Future
Bogren, Peter ; Cahlík, Tomáš (advisor) ; Hlaváček, Jiří (referee)
My objective of this paper is to analyse how IKEA profits from the higher standard of living. I will compare the economic development of Czech households in the Czech o price benchmark with neighbouring markets in order to get a global perspective of the Czech household economic situation. The prices are the lowest in the Czech Republic rise of the Czech standard of living. The theory should support the claim that higher the incomes of Czech people, the higher revenue IKEA will obtain. Moreover, I will also focus on minimum requirements for environment, social and working conditions when companies and its eventual impact on the local society. The study will investigate if does these requirements affect the competition of the suppliers and sub-suppliers. Data and interviews should support the claim that IWAY and cooperation with IKEA reduces the cost and increases efficiency of the suppliers and sub-suppliers. In addition, IWAY and cooperation of IKEA should also enhance competitiveness among the suppliers and sub-suppliers.
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Evolution of Real Wealth of the Czech republic
Havelka, Jan ; Cahlík, Tomáš (advisor) ; Janotík, Tomáš (referee)
This thesis analyses the development of the inclusive Wealth of the Czech Republic and compares it with twenty other countries. The thesis summarizes the knowledge of categorization of capital assets, shadow prices and their impact on the productive base of a country. For an economy to follow a sustainable development it has to provide at least the same amount of productive base for future generations. The thesis assesses newly created Inclusive Wealth Index and analyses its advantages and drawbacks. Furthermore, it describes used methodology and adjusts the index with other factors that influence the inclusive Wealth of a country. Based on empirical research of data for the Czech Republic and twenty more countries for years 1990 to 2008, stable growth of the Czech Republic, caused by investing into human capital, was confirmed and the problems connected with drawing down natural capital were highlighted. However, due to incompleteness of data and usage of linear interpolation to estimate missing data, the results of the analysis need not be valid. This can be tackled by including and comparing other indicators. On the other hand, used methodology has proven to be useful and brought some beneficial conclusions and advices for the Czech Republic and other countries.
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