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The Czech Republic's Debt Financing: Causes and Risks of the Current Situation on the Bond Markets
Švadleňák, Michal ; Pavelek, Petr (advisor) ; Pekárek, Štěpán (referee)
This thesis is focused on the comparison of methods of financing budget deficits and national debt management in the Czech Republic with other OECD countries in the context of the current situation on the global financial market. The first part describes the methods of financing budget deficits in the Czech Republic which are compared with selected OECD countries. The second part is aimed at the impact of foreign exchange interventions of the Czech National Bank on the domestic bond market and it is compared with negative interest rates policy. The last part analyses the impact of the Public Sector Purchase Programme on the Czech Republic's bond market. The thesis implies that besides other factors, foreign exchange intervention of the Czech National Bank have an impact on the current situation on the bond market. While the impact of the programme PSPP has not yet proved.
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Analýza vplyvu bail-out úverov na ekonomiku v Španielsku a Portugalsku od roku 2008 do súčasnosti
Surgent, Roman ; Šimíček, Petr (advisor) ; Pavelek, Petr (referee)
The objective of this bachelor thesis is to analyze the impact of receiving financial aid on the economy of selected countries -- Portugal and Spain, with the context of the economic crisis. The first part is focused on the process of monetary integration in Europe and the circumstances of the economic crisis. The second part describes the rescue mechanisms used for stabilization. The third and fourth sections examine the activities and impact of bail-out loans in selected countries on national economic variables such as GDP growth, unemployment, inflation, budget deficits, etc.
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Impact of fiscal and monetary policy on the economy of Japan in the years 2008-2014
Marinkovič, Filip ; Procházka, Pavel (advisor) ; Pavelek, Petr (referee)
Since the beginning of the 90th Japan has struggled with economic stagnation and low performance. The consequence was the so called Lost decade , which gradually stretched over two decades. In 2012 Shinzo Abe became a new Prime Minister, who introduced a set of reforms aimed at reversing the current development . This bechelor thesis deals with Shinzo Abe's new policy so-called Abenomics . It analyzes the problematic aspects of Japan and their effects on the economy. Further it examines the approach of the new government to these problems and its reform . In conclusion, the data and partial conclusions are compared and analyzed in an attempt to answer the question whether the new policy of Shinzo Abe is effective in comparison with previous governments .
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The current decision-making process of SNB as a possible way for CNB
Hořáková, Gabriela ; Vostrovská, Zdenka (advisor) ; Pavelek, Petr (referee)
The aim of this bachelor thesis is to compare the reasons that encouraged SNB to abandon its peg against the euro in January 2015 with potential decision-making process of ČNB in conjunction with the current situation of currency interventions in the Czech Republic. The subject is chosen considering its high topicality and macroeconomic importance. The basis of the empirical research is the theoretical grounding of central banking and the issue of price level changes with focus on monetary policy and deflation. Based on the observed macroeconomic indicators, the text continues by the analysis of the Czech economy 1,5 years after currency interventions and the Swiss currency interventions since 2009. With reference to the reasons of their abandonment by SNB the thesis is completed with the application on the current situation in the Czech Republic. According to the paper's findings, it was concluded that the situation in the Czech Republic does not indicate similar decision-making process of ČNB.
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Analýza trhu poštovních služeb v České republice se zaměřením na Českou poštu, s.p. od roku 1993 do současnosti
Jestříbek, Jan ; Chmelová, Pavla (advisor) ; Pavelek, Petr (referee)
This Bachelor thesis describes the development of Česká pošta at the postal services market. It compares its development with that of Deutsche Post and offers recommendations for future development. The theoretical part of this thesis analyzes the public utilities problematic including possibilities of liberalization. Economic theories present individual components of public utilities and help to understand them. In addition to that, the transformation process and its development in the Czech Republic are described. Initially, the empirical part of the thesis focuses on the development of the legislative as well as the institutional framework in the postal services area. Later on it developed into a full liberalization of this market. Building on that, the development of Česká pošta's economic activities is described, which shows a steady decrease in the income of postal commissions combined with an increase in expenses on maintaining the current network. Investigation of the Deutsche Post's system reveals a different approach of providing postal services and running their subsidiaries. The final part discusses a potential future development of Česká pošta and suggests a shift in how they run their subsidiaries to provide additional financial reserves to the company. Furthermore, an amendment of the Postal Law is examined, that should allow Česká pošta to gain financial support by the government.
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Banking industry analysis of V4 countries and it's role in national economies from 1990 to today
Šobotník, Dan ; Klepek, Cyril (advisor) ; Pavelek, Petr (referee)
Banking. Industry which affects most of us and which has a significant impact on financial sector and economy in general. The aim of this thesis is to assess trends and development of banking sector within the countries of the Visegrad Group with main focus on falls, profits, credit policies and regulation. These will be analyzed on the background of recent financial crisis which has affected most of the world economies. By analysis of the financial reports, we can see differences in various fields of banking, for example credit policy or market concentration.
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Economic Analysis of system of selling state retail bonds
Špaček, Lukáš ; Pavelek, Petr (advisor) ; Schwarz, Jiří (referee)
The goal of this paper is to analyze alternative instrument for financing of government debt, the system of selling retail government bonds. These would be intended solely for individuals. In this work I try to characterize and quantify revenues and costs of implementation and operation of the system, also I mention the possible risks, which the system could bring. In conclusion, I appraise the latest variant of the system presented by the Ministry of Finance of the Czech Republic and introduce my own proposal of the system, which is based on previous economic analysis.
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Dluhová teorie a politika centrální vlády
Bělková, Veronika ; Pavelek, Petr (advisor) ; Paneš, Patrik (referee)
Tato práce se soustředí na problematiku dluhové teorie a politiky centrální vlády. Práce je rozdělena do tří kapitol. První kapitola se zabývá různými přístupy ekonomických škol ke kreaci dluhu a jeho složení. Součástí je i osvětlení pojmů vztahujících se k dluhové problematice. Druhá kapitola je zaměřena na definici metodických přístupů, jež jsou v České republice používány. Pozornost je dbána především na vztah přístupu k dluhu z hlediska ESA 95 a EDP. Třetí kapitola se již soustředí na samotné časové řady vládního dluhu i vládního deficitu v letech 1995 - 2006. Zmíněn je i vliv podmíněných závazků státu a transformačních institucí na vládní dluh i na vývoj v ČR vůbec. Kapitola je uzavřena krátkým srovnáním vládních dluhů i deficitů v rámci EU.
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