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Analysis of the dependence of the Czech economy on the German economy
Chrstoš, Tomáš ; Rybáček, Václav (advisor) ; Pícl, Michal (referee)
This work is engaged with dependence of the Czech economy on the development of the German economy. At first, it describes the theoretical basis for the balance of payments, its elements and factors affecting the balance of payments. The practical part consists of a comparative analysis of Czech and German balance of payments, which is followed by a regression analysis, which purpose is to determine the dependence of the Czech economy to German one. The work also deals with the dependence of individual sectors of these economies to each other and outlines the resultant benefits and risks.
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Euro Area and its imbalances
Veselý, Miloslav ; Rybáček, Václav (advisor) ; Ševčíková, Michaela (referee)
This thesis deals with economical development of Euro Area and related structural imbalances and systemic weaknesses. As a region with common monetary policy Euro Area serves as a prime example of consequences of not fulfilling theoretical conditions which are needed for proper functioning of Optimal Currency Area concept. Current economical crisis fully revealed these imperfections and divergence process which deepened dtrucvtural differences between core and peripheral countries. My thesis will describe concept of Optimal Currency Area and international adjustment processes. Cardinal part of thesis will contain description and analysis of economical development of core and peripheral countries within Euro Area since its establishment to present with focus on revealed macroeconomical imbalances. Main aim is to show and analyze major economical causes of present crisis. In the end of thesis possible solutions and reforms designed to prevent similar development in the future will be presented.
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Fiscal Union: A Solution for the Euro Area Crisis?
Šatavová, Eva ; Ševčík, Miroslav (advisor) ; Rybáček, Václav (referee)
The goal of this work is an assessment of the hypothesis whether the fiscal union in euro area can cope with the consequences and causes of the debt crisis. Categorized proposals leading to fiscal union are presented. These proposals are facing problems of moral hazard, perverse incentives, new taxes, inefficient allocation of scarce resources, and general issues of fiscal policy. New steps towards fiscal union will be accepted at the supranational level, some of these steps are more likely than others. The tighter rules, fiscal oversight and regulation the fiscal union will provide, the longer and more successful will be preventing of the crisis in the euro area. Because the euro area cannot be considered an optimal currency area and because the tragedy of the commons problem is observed here, then fiscal union in the long run, along with all the problems of the new proposals will only lead to a deepening of the crisis, or creating a new and much stronger one.
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May the creation of a fund center help to increase a country's competitiveness?
Kubínová, Pavla ; Rybáček, Václav (advisor) ; Urban, Luděk (referee)
A high concentration of automotive industry in the Czech economy and its dependence on exports to Germany could be compared to a poorly diversified investment portfolio. At the time when the manual-labor-intensive industries move to countries with a lower labor costs and even stable German economy is losing pace of growth, it is necessary to consider how to support the competitiveness of the Czech economy and ensure sustainable economic growth. The work deals with the question whether a greater focus on the financial sector and with a strong collective investment market may be a possible solution. Author seeks to find the answer thru analysis of this industry and its impact on the domestic economy of the countries with the largest collective investment fund market. The analysis did not prove the initial assumption that the intensive development of the collective investment market in the country will significantly help to grow HPD. However, given the strong correlation between the volume of assets under management and HPD some kind of connection cannot be excluded. A multiplying effect on the other industries is only average, on the other hand the analysis of the competitiveness indicators showed the strength of the industry.
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The development and current state of public budgets
Pinlová, Veronika ; Vostrovská, Zdenka (advisor) ; Rybáček, Václav (referee)
In the introductory part of the thesis, I focus on familiarization with the development of public budgets in the Czech Republic in the early 90's of the 20th century to the present. The second part focuses on the characteristics of the system of public budgets, which describes the individual components of the budget system. After familiarization with the basic issues of the public finance system and public budgets, the thesis focuses on analyzing the government deficit and public debt, where the goal is to define the basic factors affecting the achievement of better relative weight of the public debt, in the context of the adoption of the stabilization of public budgets, which should stop the negative trend in public finances of the Czech Republic and the total government debt.
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The Causes of the Mortgage Crisis in the USA
Fiala, Petr ; Šíma, Josef (advisor) ; Rybáček, Václav (referee)
The diploma thesis investigates causes and progression of the mortgage crisis beginning in 2006 in the United States. Theoretical part of the thesis explains general causes of economic crises in accordance with the Austrian theory of the business cycle. Some of the basic problems of nonmonetary business cycle theories are mentioned and the most common ABCT attacks refuted. Analytical part of the thesis tries to explain why the current business cycle appeared primarily in the form of mortgage crisis. For this reason institutions playing the main role in the American mortgage market are being analysed including Federal Reserve System, government-sponsored enterprises, and three biggest rating agencies Moody's, Standard & Poor's and Fitch Ratings. Thesis conclusion should answer the question why and how the mortgage crisis originated in the United States.
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Price perception vs. measured inflation and its influence and impact on economics and political vote
Marková, Lenka ; Šíma, Josef (advisor) ; Rybáček, Václav (referee)
Measurement of price level with consumer price indices forms some gap between measured inflation and perceived inflation. The graduation theses is concerned with quantification of gap in particular group of individuals and shows on measuring data, how this gap influents individuals, if growth of cost of living according to consumer price index copies price perception. It illustrates influence the incorrect construction of indices as important orientation point in economy, which redistribution of recourses, in context with usage of indices for income indexation and suggests more appropriate approach for constructing aggregate price index. It investigates what factors influence price perception and comes into gain and loses calculation which people are confronted. Price perception is influenced both socio-economic and political environment. The end of theses overlaps into political vote and investigates if there is causal of relationship between price perception and political vote.
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System of national accounts and business cycle
Rybáček, Václav ; Zemplinerová, Alena (advisor) ; Šíma, Josef (referee) ; Ondruš, Vítězslav (referee)
Thesis deals with system of national accounts providing information for economic policy institutions. Relation of the system to economic theory is examined with focus on disposable income. We try to answer the question if SNA follows theory originally used for construction the system or if SNA constitutes separated stream of economic theory. Then, crucial concepts of GDP calculation as definition of economic activity, value added concept or concept of derived demand are discussed. Key problem is the relation of GDP to business cycle anylsis, thus, we use alternative indicator of economic activity for analysis of Czech economy.
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