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Support of Consumption Through Economic Transfers Viewed by Optic of Austrian School and Its Consequences for Example of Current Crisis in the U.S.
Šolc, Jan ; Pfeifer, Lukáš (advisor) ; Štěpánek, Pavel (referee)
This bachelor thesis deals with the relation between the growth of transfers and economic performance during the crisis. By means of the Austrian School looks at the issue of state intervention in the economy and on the example of America's recent financial crisis (2007 - 2010) questions the government actions taken to stimulate the economy. Recommendations of the Austrian School economists are constantly overlooked and during the crisis period the word gets Keynesian economics, whose validity has been questioned many times. The thesis deals with the macroeconomic indicator of GDP, which sees not inadequate for drawing conclusions on economic performance. This indicator on the contrary, due to more than 70 % weight of consumption, complies with policy makers in promoting stimulus packages to support the economy and other interventions to increase consumption. As a result of these interventions finds work, not sustainable economic growth, but growth of government itself. The growing volume of transfer payments, which should support the performance of the economy, especially led to a tightening of government power and its growth.
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Application of austrian bussiness cycle theory to japanese economy in the 80's
Šerý, Rostislav ; Pfeifer, Lukáš (advisor) ; Urban, Luděk (referee)
The aim of this thesis is application of the Austrian Bussiness cycle theory on the real economy. The ability of this theory to explain the causes of the crisis will be researched on the Japanese economy during the economic boom in the 80's which preceded the "Lost decade". I will try to find out the real cause of this historical event. In theoretical part I will focus on the assumptions of this theory which has clearly defined causes, process and consequences of trade cycle. In the practical part i will confront these assumptions with the real data. In this part will be analysed development of relative prices in particular sectors of economy. The output of this part confirmed the hypotesis of theory in principle. The objective of thesis is to find the causes of contraction in the japanese economy at the end of 80's with using Austrian business cycle theory.
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Application of the Austrian business cycle theory on the Asian crisis in the 90s of 20th century
Berka, Jan ; Pfeifer, Lukáš (advisor) ; Czesaný, Slavoj (referee)
The goal of this bachelor thesis is to verify the hypothesis that the Austrian business cycle theory can explain the emergence of Asian economic crisis in the 90s of 20th century. The theoretical part is focused on presenting the Austrian methodology and also the Austrian business cycle theory. The practical part describes the view of mainstream economics on the issue of the Asian economic crisis, together with the emergency measures by the International Monetary Fund. In application section of the practical part, the Austrian business cycle theory is used as a model that can explain the emergence of an economic decline in Southeast Asian countries in comparison to real data. A conclusion confirming the investigated hypothesis is interpreted based on this analysis.
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Compraration of Czech and EU labour markets with respect to untypical development in 2005 - 2010
Vykydalová, Hana ; Pfeifer, Lukáš (advisor) ; Kotýnková, Magdalena (referee)
This bachelor thesis engages in the labour market of the Czech Republic, its institutional structure and labour market development which is compared with four countries of European Union. Theoretical part is focused on market labour equilibrium, which is influenced by economic cycles. The subsequent comparison of GDP growth rate and unemployment rate proves the effect of Okun's law. General development of whole European Union is described in the next step. I have chosen four countries against its GDP growth rate and unemployment rate, in which I describe law settings of their labour markets. Institutional settings have great importance on the market flexibility. Differentiation of Czech regions and industry sectors is discussed in the final part of this thesis.
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Impacts of monetary policy of the ECB on the financial stability of individual eurozone countries
Bohatec, Martin ; Pfeifer, Lukáš (advisor) ; Štěpánek, Pavel (referee)
This work makes an effort to find main causes of recent crisis in the countries of Eurozone with regard to Austrian Business Cycle Theory. This work stands critical towards integrated monetary policy of the European Central Bank which through unitary interest rate for heterogenous economics facilitated excessive amount of loans for countries like Spain or Irleand, which according to Austrian theory led into economic recession. Chosen countries are subjected to closer analysis of economic indicators for entire period in the monetary union.
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Heterogenous economic positions of eurozone members and common policy of ECB
Pekárek, Štěpán ; Pfeifer, Lukáš (advisor) ; Urban, Luděk (referee)
One of the core economic questions of present Europe is european debt crisis. This work focuses on analysis of situation of the Economic and Monetary Union of the EU using Taylor rule model. Outcome of the analysis is confirmation of hypotesis about a heterogeneity among member states concerning monetary policy. Optimal interest rates of individual states according to Taylor rule are not homogeneous and diverge from interest rate of European Central Bank. This signifies an heterogeneity in demands on common monetary policy. There are two groups of countries identified according to the extent of heterogeneity - periphery and core countries. Further this work builds up on the findings of model and discusses in depth their connections with current problems of monetary union. There are chosen three main areas: credit expansion, public finance and single currency.
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Analysis of the relationship of education and economic growth with the focus on tertiary education
Pantovič, Nikola ; Vostrovská, Zdenka (advisor) ; Pfeifer, Lukáš (referee)
The thesis verifies the relationship between education and economic growth using economic theory and current data about education in the Czech Republic. After verifying this relationship the current state and the form of Czech education are analyzed. Demonstration of declining results of Czech primary and secondary education with the usage of international comparative investigations follows together with the detection of the absence of similar data in tertiary education. These findings direct the main goal of the thesis to ascertain the causes of the declining results of primary and secondary schools and their impact on the quality of higher education. Subsequent analysis of the Czech tertiary education identifies the strengths and weaknesses of the higher education system and also positive and negative trends in this area during the last decade. Final identification of the causes determining the current level and quality of tertiary education leads to the submission of recommendations to improve the quality and increase the competitiveness of Czech universities in international comparisons. Providing top quality education is one of the decisive factors influencing the competitiveness and future economic growth of the country.
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Slovensko v EMÚ a ich spoločná budúcnost'
Turčáni, Peter ; Ježek, Tomáš (advisor) ; Pfeifer, Lukáš (referee)
The task was to show on an example of Slovakia, which has accepted the euro, in comparison with V4 countries, which have kept their own currencies, that common currency does not necessarily bring only negatives. Current EMU problems don't come from the nature of euro but the key problem comes from the public finance and irresponsibility of politicians. On the base of this knowledge, the work suggests an alternative approach to solve debt crisis on the example of Greece, meaning a fiscal rent of Greek touristic islands. The work also deals with the vision of EMU in future to avoid this kind of problems and to change the overall approach to fiscal policy. I see a solution in monetary-fiscal union, which is based on the new fiscal rule derived from Okun's law and also on common supervision institution over national government budgets with the right to arbitrarily intervene in case of need.
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Monetary policy in liquidity trap in Japan
Titze, Miroslav ; Janáček, Kamil (advisor) ; Pfeifer, Lukáš (referee)
Monetary policy in Japan is in a luquidity trap under convential monetary policy. Main source of deflation and stagnation of japanese economy is endogenous credit crunch. BoJ is not able to influence price level and economy by zero interest rate policy. Main cause of credit crunch is demand for credit because of high leverage of all sectors in economy. Credit crunch support financial problems on the supply side of the credit. Diploma thesis propose to use expansion fiscal policy as a convenient tool for resolution of japanese deflation and great stagnation. Expansion fiscal policy is effecient to overcome credit crunch and support economy and demand inflation throught restructuralization of balance sheets. Work considering current world debt crisis argue that expansion fiscal policy is the best solution to overcome debt crise.
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