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Does monetary policy reinforce the effects of macroprudential policy?
Livorová, Barbara ; Geršl, Adam (advisor) ; Ehrenbergerová, Dominika (referee)
This thesis examines whether the efects of macroprudential policy on credit and house price growth difer across diverse phases of the monetary policy cycle. The dataset covers 33 advanced and 39 emerging market countries in the period 1990-2019. Using the GMM estimation method, the results for individual types of macroprudential policy instruments and their cumula- tive efect represented by macroprudential policy index show that tightening of monetary policy does on average reinforce the efects of macropruden- tial policy on credit and house price growth. Furthermore, the efects of various types of macroprudential policies on credit and house price growth difer depending on the monetary policy cycle phase. The results suggest that macroprudential policies are efective in curbing house price growth in advanced countries but less so in emerging markets. The efects of macropru- dential policy tools on credit growth are somewhat larger in emerging market economies than in advanced economies. The thesis contributes to the growing literature on the efectiveness of macroprudential policy on credit and housing markets and on the interaction between macroprudential and monetary poli- cies. JEL Classifcation E52, E58, G21, G28, E32 Keywords Macroprudential Policy, Monetary Policy, Credit Growth,...
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Prospects of Monetary Integration in the ASEAN
Juhás, Šimon ; Holub, Tomáš (advisor) ; Ehrenbergerová, Dominika (referee)
The thesis examines the suitability of the ASEAN region for a currency union. The evaluation is conducted primarily through a model developed by Bayoumi and Eichengreen (1996b), used by them originally to assess the prospects of European currency integration. The equation of this model is first estimated anew using a sample focused on Asia containing data from the last decade. The resulting equation, despite problems linked with certain coefficients, is used to construct the OCA indexes, which in turn serve as the basis for assessing the preparedness of the ASEAN for a single currency. The discussion of the results concludes overall rather against the idea of a monetary union in Southeast Asia. Malaysia and Singapore are identified as having notably better chances of forming a successful currency union according to the value of the corresponding index. Besides this analysis, commentaries on several factors crucially linked with the issue of monetary integration are provided. This includes an overview of Southeast Asia's developments concerning the factors, which are used for evaluating adherence to the Maastricht criteria in Europe. Throughout the thesis, numerous indicators are found, which suggest that a monetary union in the ASEAN might currently not be considered a desirable option.
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Trends and Patterns of Meat Consumption in The European Union
Teiml, Matěj ; Pleticha, Petr (advisor) ; Ehrenbergerová, Dominika (referee)
The goal of this thesis is to research the consumption of meat in the European Union and to look for trends and patterns regarding the consumption. We will take advantage of the panel data structure and use our own balanced panel data set to properly verify and quantify the relationship of macroeconomic, and country specific variables with annual meat consumption per capita. We used data covering the consumption of meat in the European Union member countries in the year of 2018, with data ranging from 2000 to 2018. All data in our thesis are annual and aggregated at the level of single European Union member countries. We used standard panel data analysis tools to reach statistically significant results to recognize and estimate the important determinants of meat consumption in the European Union
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Trends and Patterns of Meat Consumption in The European Union
Teiml, Matěj ; Pleticha, Petr (advisor) ; Ehrenbergerová, Dominika (referee)
The goal of this thesis is to research the consumption of meat in the European Union and to look for trends and patterns regarding it's consumption. We will take advantage of the panel data structure and use our own balanced panel data set to properly verify and quantify the relationship of macroeconomic, microeconomic, and country specific variables with annual meat consumption per capita. We used data covering the consumption of meat in the European Union member countries in the year of 2018, with data ranging from 2000 to 2018. All data in our thesis are annual and aggregated at the level of single European Union member countries. We used standard panel data analysis tools to reach statistically significant results and concluded that individual propensity to consume meat varies between countries of the European Union and found evidence suggesting that urbanization and labour force participation impact meat consumption significantly.
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