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Rating the Sovereigns: Does It Work?
Mošnová, Alžběta ; Janský, Petr (advisor) ; Lopušník, Ondřej (referee)
The sovereign rating business has developed very fast in the last two decades. The recent economic turmoil proved how important it is to set up sovereign ratings in a correct, objective, transparent way and at the right time. The goal of this thesis is to look under the surface of Rating Agencies and analyze their sovereign rating methodologies from the economic perspective. I describe the individual indicators of the sovereign rating assessment, as well as the differences in the sovereign rating methodologies of the three biggest Rating Agencies. The empirical section tries to verify the ability of sovereign ratings to predict sovereign default as well as it explores the possibility that one of the three biggest Rating Agencies would provide systematically higher or lower sovereign ratings.
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Endogeneity of credit or nominal rigidities?
Franče, Václav ; Mertlík, Pavel (advisor) ; Lopušník, Ondřej (referee)
This thesis presents a theoretical model which tries to explain causes of business cycles fluctuations and which has its roots in the Post Keynesian stream of economic thought. According to this model, investment shocks together with endogeneity of money causes business cycles fluctuations. This model is compared with existing New Keynesian models which assert that causes of business cycles fluctuations are monetary policy shocks together with various nominal and real rigidities. Author uses econometric techniques (impulse-response functions and forecast error variance decomposition) to investigate which phenomenon contributes more to business cycles fluctuations. Unfortunately, results do not enable to draw a straightforward conclusion. It seems that both phenomena play a certain role.
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Income inequality and redistribution in Europe
Tóthová, Simona ; Gregor, Martin (advisor) ; Lopušník, Ondřej (referee)
This thesis is an empirical investigation of the relationship between income inequality and redistribution and their impact on the poorest segment of population. It is examined by two models in which we use transformed Gini coefficient as a measure of income inequality and sharegain (difference between disposable and factor income share of given decile) as a measure of redistribution. Relationships are tested on a sample consisting of 24 European countries in the period 1990 -2005. This sample is deeply analyzed with special emphasis put on post-communist countries. First model points out that redistribution can be a luxury social good. Second model shows the inverse process and supports the hypothesis of positive relationship between redistribution and overall income equality. Keywords income inequality, redistribution, factor income, disposable income, Gini coefficient, sharegain
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Trust - a neglected aspect of economic life
Macek, Petr ; Mlčoch, Lubomír (advisor) ; Lopušník, Ondřej (referee)
This thesis aims to contribute to the developing theme of economics of trust and justify its importance in the economic theory. The main emphasis is stressed on defining the terms trust and reputation using practical case of the association of collective investment UNIS ČR. The first part is dedicated to the concept of trust in economics as one of the main notions that ensures economic prosperity. The second part is about reputation and reputation capital, defining the terms and introducing the institution Underwriters Laboratories and the concept of Trusters and Promisors, which belongs to the phenomena. In the fourth part I look into Czech economic transformation and the last part I dedicate to the practical example from the area of collective investment. In the conclusion I am summarizing the findings of my work and discussing possible future direction of research in this field.
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Nonperforming Loans in China: Do We (Still) Need to Worry?
Sočuvková, Alžbeta ; Geršl, Adam (advisor) ; Lopušník, Ondřej (referee)
This thesis discusses the issue of nonperforming loans in China, and the financial sector developments from the beginning of Deng Xiaoping's reform era in 1978. The focus is put on the underlying institutional framework as it is found to be one of the key contributing factors of the NPLs. Utilizing a sample of 23 countries over the period 2000-2009, we estimate the impact of macroeconomic determinants on NPLs. One of the regressors, output gap, is estimated via Kalman filtering technique based on the multivariate unobserved component (MUC) method. Consequently, out-of-sample method forecasts for five subgroups of countries, which thus provide different benchmarks for China, are compared with official data. The conclusion argues the NPLs ratio to be understated in official statistics, especially towards the end of the series, which might be a sign of increasing macroeconomic instability in China. Finally, the independence of the China's central bank to report the true NPLs ratio is inferred from a monetary policy study which utilizes the Havrilesky method.
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Impact of European Liberalization on Development of Gas Storage Prices in Europe
Zámečník, Ján ; Klimešová, Andrea (advisor) ; Lopušník, Ondřej (referee)
Gas storages are the main topic of this thesis and their development as a result of European gas liberalization. The beginning of this work is dedicated to the liberalization itself and to the instruments it uses. History of liberalization is mentions and also their consequences for gas storage market. The second part concerns to the gas storages. Different types of facilities are characterized based on their properties. Thesis is interested in relation between gas storages and forward markets with gas, which developed in Europe in last decade. The final part looks into the future of gas storages and their role in import-dependent Europe.
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Income inequality and redistribution in Europe
Tóthová, Simona ; Gregor, Martin (advisor) ; Lopušník, Ondřej (referee)
This thesis is an empirical investigation of the relationship between income inequality and redistribution and their impact on the poorest segment of population. It is examined by two models in which we use transformed Gini coefficient as a measure of income inequality and sharegain (difference between disposable and factor income share of given decile) as a measure of redistribution. Relationships are tested on a sample consisting of 24 European countries in the period 1990 -2005. This sample is deeply analyzed with special emphasis put on post-communist countries. First model points out that redistribution can be a luxury social good. Second model shows the inverse process and supports the hypothesis of positive relationship between redistribution and overall income equality. Keywords income inequality, redistribution, factor income, disposable income, Gini coefficient, sharegain
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Customer Loyalty Benefits: Three Views
Kuš, Martin ; Koubek, Ivo (advisor) ; Lopušník, Ondřej (referee)
UNIVERZITA KARLOVA V PRAZE FAKULTA SOCIÁLNÍCH VĚD Institut ekonomických studií Martin Kuš Trojí pohled na zákaznické věrnostní programy Bakalářská práce Praha 2011 Abstract This thesis describes the mechanism of customer loyalty programmes from several views. We have defined few main objectives. The first objective is to introduce reader to loyalty programmes from the marketing perspective. The next aim is to describe the impact of customer loyalty programmes on firms and customers from the perspective of microeconomic theory. The third objective is to compare conclusions of theoretical models with the results of relevant empirical analyses. The last aim is to depict customer loyalty programmes as a principal-agent problem and draw the conclusions.
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