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The Domestic value added of Czech exports, its increasing and the role of the state in this process
Král, Ondřej ; Hnát, Pavel (advisor) ; Neumann, Pavel (referee)
This thesis deals with the topic of The Domestic value added of Czech exports, its increasing and the role of the state in this process. The main focus is on the low domestic value added of the crucial Czech export industries that represent the core of the Czech economy. We examine the data based on TiVA methodology which is the joint OECD-WTO initiative coping with changing global trade relations. It captures not only the domestic value added but also the origin of the foreign value added embedded in domestic exports. In this context, we critically examine the low level of territorial diversification of Czech exports and outdated policies in these areas. According to the outcomes of the analysis, the Czech economy is pursuing the path from the status of a transition economy that follows foreign markets to an innovation-driven economy that shapes industries, creates new ones and specializes on activities with high value added in GVCs. The Czech Republic can become one of these innovative economies only if it reviews its comparative advantages and adopts sound policies.
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Trouble at the horizon: the 'new' twin crisis.
Durlinger, Koen ; Hnát, Pavel (advisor) ; Žamberský, Pavel (referee)
This research aims to explain mechanisms of the new twin crisis, the influence of such a crisis on European integration, and identify indicators that can predict such a twin crisis. First, the old and the new twin crisis will be explained and the necessity of this research will be elaborated upon. Hereafter, the main mechanisms of the new twin crisis will be identified based on a literature review. From this literature review a set of indicators, accompanied by certain thresholds, will be created that can indicate that a twin crisis is about to happen. These indicators will be used to analyse data from 1970 until 2015 to asses whether this new twin crisis has occured in the past and what its political consequences were. The constructed mechanism to explain the new twin crisis and the list of indicators will be put to the test by conducting an indepth case study of Italy and its risk of encountering a new twin crisis. Based on the model that links the new twin crisis to political consequences, the case study attempts to link the new twin crisis to the European integration project. This research will lay the foundation for the creation of predictive models for the new twin crisis and provide insights in one of the main destabilisers for European integration. It therefore establishes a set-up and lay-out for future research in this specific field.
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Development of competitiveness in Germany and Italy in the context of the monetary union membership
Kabelka, Petr ; Bič, Josef (advisor) ; Hnát, Pavel (referee)
The master thesis examines the development of competitiveness in Germany and Italy in the context of common currency and outlines the implications of this development. The theoretical part focuses on the perception of competitiveness on national level and the impact of the Economic and Monetary Union membership on the economies and their competitiveness in general. Subsequently, the most commonly observed indicators concerning national competitiveness from a narrower and broader point of view are introduced. In the practical part, broader economic and historical context is presented, followed by an assessment of the competitiveness of both economies on the basis of selected indicators: unit labour costs, the labour market situation, productivity, export performance and structure, nominal and real exchange rate developments and current account developments. The final part analyses the development of competitiveness according to the multi-criteria assessments of the World Economic Forum and the International Institute for Management Development.
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Consumer protection in the European Union
Vyleťalová, Tereza ; Němcová, Ingeborg (advisor) ; Hnát, Pavel (referee)
This thesis is focused on consumer protection in the European Union with a special emphasis on online shopping. The first section defines the term 'consumer protection', its development, institutional support, instruments and financing. Also, this part describes the digital market of the European Union, hindrances to the growth of online shopping as well as strategies which are created in order to form a digital single market in the European Union. The second section focuses on protection of personal data, alternative dispute resolutions, current legislation regarding consumers rights on internet and new proposals from the European Commission. The new proposals dominate the second part of this thesis and are discussed with an expert. A survey has been conducted to find out more about the Czech experience with problem solving when shopping online. Moreover, this thesis does not leave out court orders from the European Union´s Court of Justice which have led to the uniform application and interpretation of the consumer protection in the European Union.
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Porovnání nekonvenční měnové politiky ECB a FED
Bohůnek, Matěj ; Hnát, Pavel (advisor) ; Marcel Bluhm, Eric Pentecost and (referee)
The monetary policy of the Fed and the ECB has greatly change as a result of the global crisis. The goal of the thesis is to analyse the evolution of unconventional monetary instruments in the USA and the EU after the outbreak of the global crisis and nowadays with the help of pivotal economic models; namely, the IS-LM-BP model and the quantity theory of money. In addition, the paper should assess the impacts of adopted instruments and programs and draw conclusions about their success. The theoretical part explains the IS-LM-BP framework and the quantity theory of money and describes the unconventional monetary tools that the central banks can use when the interest rates reach the zero lower bound. The practical part analyses EU and US economy with the explained models. Furthermore, the implemented instruments of the Fed and the ECB are described and compared. The thesis should be concluded with the claim that the transmission mechanism was restored with the help of the non-standard measures, however, the desirable price level stabilization has not been reached.
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Global value chains in the coffee industry focused on Vietnam
Klumparová, Adéla ; Vlčková, Jana (advisor) ; Hnát, Pavel (referee)
Aim of this diploma thesis is to describe functioning of global coffee value chains and this knowledge then apply to the coffee industry in Vietnam which serves as a case study. The introductory chapter focuses firstly on institutional background of value chains, processes and management processes used in the agricultural industry. The thesis also contains analysis of global coffee value chain, including the identification of entities engaged in the chain and their contribution to the creation of added value. Next chapter describes the development of the world coffee market and production of the world's major producers and exporters of coffee. The thesis also deals with the topic of economic and social sustainability and the impact of global value chains on the environment. Final part of the thesis concentrates on the position of the coffee industry in Vietnam, its structure and development over the past 40 years. Attention is paid also to a problematic position of small growers or to the opportunities of the development of the local coffee industry.
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WTO and regionalism - TTIP case study
Hammerbauer, Martin ; Hnát, Pavel (advisor) ; Hasík, Gabriel (referee)
This paper describes current trends in regional integration and their mutual relationship with multilateral integration represented by the WTO. A special attention is given to the Transatlantic Trade and Investment Partnership (TTIP), an emerging agreement between the European Union and the United States. The first chapter provides an introduction to the topic of new regionalism and factors, which influence its development. The second chapter concentrates on how regional agreements are handled by the WTO and also on the relationship between multilateral and regional integration. The subject of the third chapter is a TTIP case study as an example of the so called mega-regionalism and possible impact of this agreement on the world trading system.
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Exchange rate policy of People's Bank of China under pressure of yuan internationalization
Randl, Tomáš ; Hnát, Pavel (advisor) ; Jedlinský, Jakub (referee)
Chinese economy has reached its export limits and is located in an era of transformation process into new economic model based on domestic consumption and sector of services. Under pressure from foreign entities which require internationalization of yuan as an implementation of free floating exhange rate regime, China must deal with number of problems arising from the process of economic transformation. This thesis examines possible solutions to current problems from the perspective of exchange rate policy of the People's Bank of China.
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Unconventional monetary tools adopted by ECB and FED from 2008 until 2014
Šetková, Lenka ; Hnát, Pavel (advisor) ; Clayes, Peter (referee)
Both the ECB and the Fed implemented various unconventional measures in response to the last crisis. While the ECB's policies were based on direct lending to banks, the FED adopted large-scale asset purchases. According to the empirical evidence these policies had economically beneficial effects in the US and the Eurozone but these measures have also certain spillovers which scope and exact impacts are quite difficult to estimate. There have been already many papers focusing on cross-border impacts of the FED's policies, but far less studied the spillovers of the ECB's policies. This work provides a theoretical background concerning the unconventional monetary policies implemented by the ECB and the FED after 2008 and analyse the impacts of ECB's policies on six particular countries outside euro area. The Impulse Responses of output, inflation, domestic interest rate and exchange rate are analyzed via block-restricted VAR model. My results confirm that euro area monetary policy does have an impact on non-euro area countries, although the response of macroeconomic variables in analysed countries are heterogeneous and also differ in the period before and after September 2008. Countries seem to be indeed affected more by conventional monetary policies until September 2008, but the euro-area monetary policy spills over via unconventional policies after September 2008. Overall, the ECB's policies affect economic activity outside euro area, but does not have significant impact on inflation. Furthermore, the exchange rate just initially drops in response to monetary tightening, but this reaction usually does not last for more than four months.
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