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Quantitative easing in Japan
Pavlíček, Adam ; Brůna, Karel (advisor) ; Titze, Miroslav (referee)
The diploma thesis focuses on quantitative easing in Japanese economy. In the first part the problematic is set into a theoretical frame and then is connected with the development of the modern Japanese economy. The thesis describes the progress of the both waves of quantitative easing which have been implemented so far as well as the circumstances of their start and their so far known impacts. The application part presents an evaluation of the impacts of the current wave of quantitative easing. The evaluation is based on the impulse-response analysis.
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Consequences of foreign exchange intervention on the economy of the Czech Republic
Košická, Monika ; Titze, Miroslav (advisor) ; Štěpánek, Pavel (referee)
Czech Republic is currently struggling with the threat of deflation, therefore the CNB has used the foreign exchange interventions to prevent this. The thesis examines the current state of the economy and aims to answer the question whether the depreciation of the crown truly prevent deflation and a possible deflationary spiral. To achieve the objective are used comparison methods, descriptions, observations and analysis, including relational analysis. The theoretical part focuses on the theoretical impacts of depreciation of the crown from a macroeconomic point of view. Furthermore, solves the problem of deflation and for example describes the deflation in Japan. In the practical part I compare the views of the CNB and other alternative views on this situation. In the final part I analyse GDP, export and import, terms of trade, consumption and inflation. Based on this analysis, I conclude that although that there was an improvement of some macroeconomic indicators, we can't ascribe the improvement to the foreign-exchange interventions.
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DOT.COM BUBBLE, CAUSES, CONSEQUENCES, PRESENT
Cakl, Martin ; Titze, Miroslav (advisor) ; Pfeifer, Lukáš (referee)
Topic of this thesis is crisis which has developed in year 2000. Thesis is divided into two main fractions and then into multiple sub chapters. First part is focused on theoretical basis on which thesis later develops. Second part analyzes causes and implications dot.com crisis had and finally uses the same analysis for current situation at internet market segment. Thesis argues that main causes of the bubble were analytics, speculation, monetary policy and overall positive environment towards investing into internet companies. Furthermore thesis implies, that there might be another bubble arising as internet companies, especially so called social media companies, have highly overvalued stock prices and thus might cause downfall upon eventual correction.
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Relationship between credit and business cycle
Jůza, Jaromír ; Czesaný, Slavoj (advisor) ; Titze, Miroslav (referee)
Excessive lending activity of banks is considered to be one of the causes of the recent financial and economic crisis. The theme of this thesis is to evaluate the relation of credit and the business cycle in the euro area countries and explore the differences which have been among these countries recorded. The primary objective of this work is the analysis of the credit cycle in these countries and its develoment from 2000 to the present. The paper will address further the question of whether financial markets can create for themselves economic imbalances through endogenous credit "booms". First part will deal with the theory off business cycles, then with alternative approaches, namely the Financial Instability Hypothesis of Hyman Minsky and followed by the latest theoretical knowledge on the issue of credit cycles. The next part will focus on identifying and analysing factors playing the significant role in the development of the economy in the pre-crisis period. The following section will be devoted to the international comparison of the credit and business cycles in the euro area (selection of those states that were more resistant to crisis and those sensitive to the crisis). The conclusion will address some recommendations for the policies of central banks, which may in turn reduce the pro-cyclical effects of developing leverage.
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Analysis of financing public universities in the Czech Republic and Slovakia in the context of economic crisis
Stankovič, František ; Titze, Miroslav (advisor) ; Vebrová, Ludmila (referee)
Higher education is irreplaceable in today's society. It represents the highest level of the education system and contributes to the development of a society based on knowledge. Effective system of financing higher education is crucial. Higher education in the Czech Republic and Slovakia is underfunded and although it is characterized as multi-source, public funding remains as the primary source. Role of qualitative indicators is increasing. Unlike the performance indicators, it motivates universities to improve the quality of education and the development of science and research, which has been proved during the crisis to be essential.
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LIQUIDITY MANAGEMENT PROBLEMS OF FED DURING BANKING PANIC 1929 - 1933
Titze, Miroslav ; Brůna, Karel (advisor) ; Jakl, Jakub (referee)
Main goal of the diploma thesis is to research liquidity management problems of the Federal Reserve System during banking crisis 1929 -- 1933. Monetary policy implementation based on the implicit reserve targeting was not convenient in times of sharp expansion of the demand for reserves. FED was misled by Real-bills and Riefler-Burgess doctrine and considers monetary condition to be easy. Money interest rates responded very moderately to the shortage of the banking system's liquidity. We can find origin of the first quantitative easing in 1932 when FED first bought larger quantities of the government securities. Expansionary monetary policy during the banking crisis 1929 -- 1933 was also potentially limited by the conflict among U.S. financial stability and sustainability of the gold standard.
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Analysis of the investment cycle in the Czech Republic in the years 2000 - 2012
Faltus, Milan ; Czesaný, Slavoj (advisor) ; Titze, Miroslav (referee)
The theme of this thesis is to analyze the development of the investment cycle in the Czech Republic in the years 2000-2012 and clarify the impact of defined development determinants of the investment. In the thesis, the investment environment in, which investors make decisions, is described and which the economic policy of the state affects. After the contribution analysis of individual growth components of GDP, the following statistically oriented section examines the level of investment, investment determinants and their mutual connection with GFCF. The work also contains an alternative view on the investment in the production sector, with the help of G. Reisman's GDR indicator. Finally, there are introduced others, not so well quantifiable factors that may also influence the formation and development of the investment cycle.
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Analysis of labor market during the Great Depression in Czechoslovakia“
Janout, Daniel ; Procházka, Pavel (advisor) ; Titze, Miroslav (referee)
The aim of this Bachelor's dissertation is to find an answer for a question whether the chosen policy was adequate and if it helped to at least partly eliminate unemployment and social issues. This hypothesis proved to be wrong since most of the plans the state came up with to restart the economy and to deal with low employment failed. In other cases the results even contradicted. Those facts were concluded from comparison of selected economic indicators, which were demonstrated in various graphs. The sources for that were mainly statistic yearbooks and contemporary literature. The work itself aims to define the practical economic policy, backed by comparison of selected indicators and evaluates the suitability of offered proposals. Furthermore, part of the analysis also focuses on how the state dealt with Great Depression and global financial crisis and effectiveness of those methods. Lastly it mentions opinions of chosen economists on the theory of crisis.
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German trade surplus within the context of the eurozone crisis
Morong, Martin ; Titze, Miroslav (advisor) ; Řežábek, Pavel (referee)
The thesis examines specific factors that influence the German trade surplus and how this surplus affected other European economies. The conclusions drawn from this thesis are that these funds are what primarily financed the current PIIGS account and amplify imbalances in the euro area which reflected in the balance of payments crisis. After Europe was swept by crisis, these capital flows suddenly ceased, causing insolvency of peripheral economies. The solution for the latter situation was an inflow of public capital, especially through the payment system TARGET2. The affected economies are currently undergoing internal devaluation while Germany continues to have a permanently high trade surplus. Attention is paid to the consequences and risks that arise from the persistent imbalance between Germany and other members of the EMU.
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Macroeconomic analysis of France and configuration of economic policy during years 2000-2012 with respect to economic cycle
Novotný, Michal ; Czesaný, Slavoj (advisor) ; Titze, Miroslav (referee)
The aim of this thesis is analysis and assessment of macroeconomic development of France depending upon setup of particular segments of economic policy between year 2000 and 2012, eventually 2013. Recommendations for setup of economic policy will be made based on particular findings. Theoretical part, consisting of section one to five, consists of description of economic policy and its particular segments, economic growth and cycle, macroeconomic analysis and particular examined variables. Practical part, which is fractionated to four sections, consists of description of starting position and analysis of particular variables and economic policy within core examined period. Last section of practical part consists of particular recommendations for economic policy.
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