|
|
Chinese Economic System: Market Economy or State Capitalism?
Bejkovský, Jan ; Jiránková, Martina (advisor) ; Stuchlíková, Zuzana (referee) ; Fárek, Jiří (referee) ; Kříž, Martin (referee)
This dissertation deals with the nature of the Chinese economic system. The first chapter focuses on the global economy and seeks to define the main economic systems prevailing in it, ie. Anglo-Saxon, Continental and Asian-developmental. Compared to these systems defined as market economies, the dissertation consequently analyses and defines a system of state capitalism and the main elements of it. The following part of the dissertation is focused on the historical Chinese approaches to economic governance of the country and attempts to identify those historical approaches that are still relevant and influential in modern Chinese economy. The third chapter analyses the Chinese economic system and the role of the state in it; it also examines the government's approach to the ownership of state enterprises and the overall extent of state ownership in the Chinese economy. The final chapter examines the different types of state subsidies to domestic, often state, enterprises in China. As an example of the various subsidies a case study on the automotive industry is used.
|
|
|
Determinants of Industrialization in sub-Saharan Africa and Possibilities for their Development
Sejkora, Jiří ; Jiránková, Martina (advisor) ; Šaroch, Stanislav (referee) ; Fárek, Jiří (referee) ; Adamcová, Lenka (referee)
Sub-Saharan economies need structural changes that would enhance their productivity, increase economic growth and development. In this regard, industrialization plays a key role. Using regression analysis, the aim of this dissertation thesis is to identify main factors (determinants) of industrialization in sub-Saharan Africa. The results indicate that infrastructure and economy size (measured by population size) represent main determinants of industrialization in the region. The thesis also deals with possibilities for development of those determinants. Case study of infrastructure development in Mauritius emphasizes privatization, cooperation with external subjects etc. Negative consequences of small economy size can be overcome by preferential trade agreements (under certain circumstances), as shown by analysis of the three smallest economies in the region.
|
|
|
Real Estate IPOs. Theory and Analysis focused on the Polish market
Makovec, Martin ; Marek, Petr (advisor) ; Musílek, Petr (referee) ; Fárek, Jiří (referee)
The doctoral thesis examines real estate IPOs and consists of a theoretical part and an empirical part focused on Polish market. The theoretical part offers an overview of theories concerning IPO and the three well-known phenomena related to initial public offerings, i.e. short term underpricing, long term overpricing and occurrence of IPO in waves. In case of short term underpricing and long term overpricing the theories presented are namely the theories based on information asymmetry, institutional theories, agency theories and behavioral theories. In case of IPO waves the theories presented are capital demand hypothesis, information asymmetry hypothesis and investor sentiment hypothesis. Some of the theories, namely the information asymmetry theory, are then applied to the specific case of real estate IPOs. The starting-point for the empirical part is an assumption that valuation of real estate IPOs is less complex than valuation of other companies and therefore information asymmetry among issuers and investors should be presented to a lesser extent. The valuation of real estate IPOs via their Net Asset Value ("NAV") requires less inputs and parameters compared to the corporate valuations with sophisticated financial modelling of the generators of value. Such lower complexity of valuation should be reflected in better ability of the investors to value the emission of the real estate company shares. Subsequently a lower underpricing of the IPOs should be reached and worse long term performance of the IPOs should be eliminated. In relation to the occurrence of the real estate IPOs the existence of IPO waves is assumed. In addition, subject to the assumption that the economical cycles on the real estate markets are longer than on the other markets, longer periods with higher occurrence of IPOs and longer periods with lower or no occurrence of IPOs are expected. The analysis investigates real estate IPOs which in USA means IPOs of so called REIT -- "Real Estate Investment Trusts". REIT is a special institute that guarantees to the companies that adopt this statute, obviously upon meeting several conditions, exemption from the corporate income tax. The REIT are regularly dividend into so called equity REIT, investing in real properties, mortgage REIT, investing in mortgage loans and hybrid REIT, investing in both. With regard to the fact that the analogy of the REIT institute does not exist in Poland, the analysis investigates real estate companies of similar characteristics to the equity REIT. The analyzed markets are polish capital market and real estate market, which both could have been until very recently called emerging markets. It is assumed that the emerging market environment could have impacted the result of the analysis significantly. The analyzed period is basically identical with the modern period of functioning of the Warsaw Stock Exchange, meaning years 1992 -- 2012. The size of the analyzed sample has reached limited but acceptable size of 22 titles. The subject of the analysis are all three major phenomena related to IPOs -- IPO waves, initial underpricing and long term underperformance. The analysis confirmed occurence of a real estate IPO wave on the Polish market in the year 2007 as the market was featuring characteristics of a "hot" market and investors were overly optimistic about real estate titles. In addition, the analysis supported the assumption of a positive correlation between IPO occurence and GDP growth and also between IPO occurence and the volume of real estate investment on the market. Further, the hypothesis test confirmed existence of initial underpricing in case of the real estate IPOs, however to a smaller extent compared to the other corporate IPOs. Subsequent tests were looking to find correlation between the rate of initial underpricing and several factors of the emission such as size, segment of the real estate market etc. In case of long term underperformance, based on the gather evidence, the test could not reject the null hypothesis about the same of better performance of the real estate IPOs compared to the WIG stock indice. Long term underperfomance was thus not confirmed in case of real estate IPOs. Subsequent tests were again investigating impact of several characteristics of the offerings on their long term performance.
|
|
|
Transatlantic Economic Relations in a Changing Global Economy
Antal, Jarolím ; Cihelková, Eva (advisor) ; Neumann, Pavel (referee) ; Fárek, Jiří (referee) ; Dvořáček, Josef (referee)
This thesis focuses on analysis of the shifting role of the state in the context of globalization processes and aims to explain acting of the state in a bilateral cooperation, as an actor who faces these challenges. This framework is afterwards examined on the transatlantic economic cooperation. Main argument is, that in the bilateral cooperation, such shifts can be observed, that are intertwined with greater interactions of components of the states. These transgovernmental networks can be considered inevitable in response to the rising significance of non-tariff barriers and in trade liberalization. In case of the EU-US partnership, the cooperation on this level is focused on harmonizing of regulatory measures what is crucial for further integration of the transatlantic economic relations.
|
|
|
Current Trends within the State Support Credit Insurance System in the Czech Republic
Nakládal, Jiří ; Daňhel, Jaroslav (advisor) ; Fárek, Jiří (referee) ; Procházka, Jan (referee)
This dissertation offers a complex analysis of the state supported export credit market in the Czech Republic. For the most part of the work the author deals with credit insurance market as it represents a key part of the system. Author analyses portfolio specifics of the local export credit insurance agency and searches for the most effective risk mitigation techniques and procedures in order to maintain its long-term non-loss operations while keeping in mind its special supportive mission. Particular attention is given to the export credit insurance agency's business policy that copes with problems of information asymmetry, moral hazard and adverse selection. Author points out the differences between state supported and commercial insurers, analyses European legislation preventing export credit agencies from competition with commercial insurers and outlines more effective endogenous and self-regulating system. Minority of the work deals with less important export credit financing agency that represents a dominant player at the export credit financing market. Author finds almost twenty reasons of its extraordinary position at the market that has no analogy within developed countries worldwide and outlines a system securing its complement role to the commercial banks. Finally the author provides the analysis of the whole state supported export credit system, highlights its main risks in conjunction with each other and concludes that combination of negative circumstances influencing several important features of the system could possibly lead to a long-term instability of the system.
|
|
|
Discourses and practices of the Czech development cooperation
Horký, Ondřej ; Jeníček, Vladimír (advisor) ; Varadzin, František (referee) ; Fárek, Jiří (referee) ; Adamcová, Lenka (referee)
As a part of international economic relations, development cooperation is a relatively new issue area of the Czech foreign policy. In spite of the strong Czechoslovak cooperation with the pro-socialist Third World countries during the Cold War, the country quickly abandoned delegitimized development activities only to restart them in the mid-1990s. This time, the policy was induced mostly externally by the international and EU commitments to provide aid to developing countries. Building on James Ferguson's concept of 'anti-politics machine' and the Bourdieusian concept of illusio, this dissertation argues that (i) the apparatus of the Czech development cooperation deals with development as a technical matter and leads to the depoliticization of the Czech relations with the South; and (ii) the low public awareness of the policy and the dependence of the civil society on government funding tones down their criticism and facilitates the use of the policy for the particular interests of the Czech implementers instead of contributing to poverty reduction in the South. The second chapter justifies the interdisciplinary approach adopted in the dissertation. It argues that in the same way as multidimensional poverty cannot be reduced to mere income, a holistic analysis of development cooperation must extend beyond the neoclassical economic approach and include social, cultural, political and environmental aspects of development. The third and fourth chapters analyze accordingly the discourses (historical and legal sources, political and social context, government strategies) and practices (content of bilateral cooperation, its effectiveness, actors and interrelations between them) of the Czech development cooperation. The following chapters extend from the narrow topic of development cooperation to gender as a cross-cutting issue and further to the problem of policy coherence. While gender has gained serious credit on the international development research and policy agenda, it is reflected in policy and operational documents only formally, making bilateral cooperation projects gender blind, and hence detrimental to women. Finally, the Czech discourses and practices of the formally institutionalized policy coherence for development are analyzed in cases studies on migration, trade and agriculture. The chapter argues that slight changes in other government policies may have greater impact on developing countries than any substantial reforms of development cooperation. Overall, the dissertation advocates for a repoliticization of the development agenda and its return to the public space. So far, it was mostly the European Union funding that incited the civil society to raise new policy issues and question the effectiveness of the Czech development cooperation in reducing global poverty, but it is crucial to involve political parties, civil society at large, media and academia in the process as well. An annex lists a range of detailed policy recommendations for development cooperation generally, in particular its gender dimension, and its coherence with the Czech migration, agriculture and trade policies.
|
|
|
Japanese Economy: Factors of Development and Business Cycles
Stuchlíková, Zuzana ; Cihelková, Eva (advisor) ; Neumann, Pavel (referee) ; Fárek, Jiří (referee) ; Zahradník, Petr (referee)
Cílem disertační práce je nalézt, pojmenovat a vysvětlit hlavní faktory, které vedly k celkovému oslabení a nestabilitě japonské ekonomiky v 90. letech 20. století. Práce vysvětluje základní ekonomické vazby v japonské ekonomice a hledá odpověď na otázku, zda recese v 90. letech způsobily faktory převážně cyklické, nebo spíše faktory dlouhodobějšího charakteru, tedy strukturální a systémové. Práce rovněž vymezuje a hodnotí hlavní rysy, změny a trendy ve vývoji hospodářských cyklů a ve zdrojích růstu japonské ekonomiky z dlouhodobého hlediska. Dále práce hodnotí současný stav japonské ekonomiky a dosud provedené vládní reformy, nastiňuje nové trendy ve vývoji japonské ekonomiky s ohledem na její měnící se postavení v globalizovaném světovém hospodářství. The dissertation focuses on the cyclical development of the Japanese economy, particularly from the beginning of the 1990´s. The objective of the thesis is to find, identify and explain the main factors that have caused stagnation and instability of the economy in this period. The author aims to make clear some basic ties in the Japanese economy and identify specific features of Japanese business cycles and sources of the GDP growth in the 1990´s and today (compared to the previous development and to some other developed countries). She also seeks to assess economic policy measures made by the Japanese governments and the Bank of Japan countering the stagnation and recessions and to sum up briefly the current situation of the economy and possible dangers for its future.
|
|
|
Finanční krize a jejich projevy v některých zemích s tranzitivní ekonomikou
Kolman, Vladimír ; Marková, Jana (advisor) ; Janáček, Kamil (referee) ; Fárek, Jiří (referee)
Doktorská disertační práce je zaměřena na problematiku měnových krizí. Cílem práce je analýza příčin jejich vzniku a jejich projevy ve vybraných zemích s tranzitivní ekonomikou s důrazem na krize v poslední dekádě minulého století. V úvodní části práce je proveden historický přehled měnových krizí a také vymezení měnové krize jako výrazné znehodnocení kurzu měny příslušné země. V teoretické části jsou jednotlivé typy měnových krizí demonstrovány na třech generacích modelů , dále je posuzována možnost předvídání měnových krizí z pohledu jednotlivých ukazatelů, teritoriální riziko jako jejich praktický projev z hlediska obchodníků, věřitelů a investorů. V analytické části jsou rozebrány krize, které propukly od roku 1990 v 7 zemích s tranzitivní ekonomikou se zřetelem na hlavní příčiny a chyby místních autorit. Poslední část práce se zaměřuje na činnost Mezinárodního měnového fondu z hlediska jeho činnosti při řešení měnových krizí, s uvedením hlavních strategických materiálů a dále kritikou chyb, kterých se MMF dopustil.
|
guest ::
