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Is import of goods from european countries to Czech republic more or less influenced by changes in nominal and real exchange rates than in non european countries?
Vereš, Jan ; Stroukal, Dominik (advisor) ; Slaný, Martin (referee)
This bachelor thesis analyses the connection between import of goods from foreign countries to Czech Republic and the exchange rate changes. The initial hypothesis of this paper is to prove that the depreciation of domestic currency has positive influence on balance of trade balance. For this purpose there is eight econometric models which were created by using time series from years 2003 to 2016. These models are divided in pairs among four chosen countries. For each country two models were created that follow the development of trade balance between Czech Republic and one of the countries in two different time frames. All the models always use the real effective exchange rate, growth rate of GDP for Czech Republic and growth rate of GDP for one of the countries as explanatory variable. It is connected with the second task of this thesis, which is the analysis of the differences in the behaviour of the models that belong to the countries which are members of the EU and these that are not. The aim is to find out whether the existence of tariffs on imported goods from countries out of the EU causes visible differences in the behaviour of the variables that were included in the models. Based on the outcomes of all eight models the main hypothesis has been proved right for three out of four countries. In the models for Germany, China and France the relation of real exchange rate and trade balance came out as positive in long term, in short term the outcome was ambiguous. The second question of this thesis has been answered, but its added value is questionable. The final models for each state do show some noticeable differences and they can be used to determine if the influence of the change of exchange rates on trade balance is smaller or bigger in the countries where tariffs are used. On the other hand, from the results we can learn that the sample of only four countries is insufficient for the deduction of any conclusions.
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Index ekonomické svobody, případ České republiky
Shrbený, Filip ; Stroukal, Dominik (advisor) ; Máslo, Lukáš (referee)
We have identified number of possible advices for the Czech Republic to improve its rating for both Heritage Foundation and Fraser Institute Economic Freedom Index, which often leads to top 10 countries in the world. These advices range from cuts in government spending, betterment in judicial system, to the establishing healthier environment for startups and advices to combat corruption. We further noticed some divergence between above mentioned indexes and managed to evaluate those indexes, which showed the simplicity yet usefulness of Heritage EFI and flexibility and sensitivity of the Fraser EFI. Weak sides of the research were noted and ideas for further research were given.
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Influence of social politics on fertility rate in specific regions of Czech republic
Dvořák, Josef ; Melzochová, Jitka (advisor) ; Babin, Jan (referee)
Thesis is focused on relationship between fertility rate and tools of state support. The goal is to reveal relationship between these two factors. Partial goal is to discover specific effects of tools of state support in specific regions of Czech republic. I have aimed on research at national level and also specific regions between years 1993-2014. In order to find these relationships I used method that compares differences in development of the fertility rate. After that, I set up regression model solved by method called fixed effects. For specific regions analysis was used OLS method. Model was able to explain more than 80 % of variability. This results can be used for predicting of citizens behavior, when some changes in family allowances occurs. Main finding is, that most motivating tools are parenting allowances and child benefits.
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Sustainable tourism development of Vysocina Region
Veselá, Markéta ; Macháček, Jaroslav (advisor) ; Vondráková, Zuzana (referee)
The diploma thesis deals with the topic of sustainable tourism development at the regional level. This phenomenon is elaborated on the example of Vysocina Region. To evaluate sustainability of its development, the potential of this touristic destination is researched regarding various areas, including key products. These are subjected to comparisons with recommendations of significant tourism organization for the purpose of assessing the sustainability of tourism. The diploma thesis also includes a comparison with other Czech regions experience as a touristic destination. Vysocina Region has favourable initial conditions for its sustainable development, especially regarding supply of key products, which include both environmentally friendly goods and cultural attractiveness contributing to the personal development of individuals and promoting intercultural tolerance. The main issue appears to be the spatial imbalance of its development in the region, caused mainly by the concentration of tourist activities to certain areas and low local initiative in the less attractive areas. The diploma thesis proposes a number of solutions, such as utilization of geocaching and products of gastroturism, supporting the foundation of local destination management organisations, promoting cycling tourism and the foundation of highly visited tourist destinations.
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Social housing - comparison of Concept of Social Housing in the Czech Republic 2015-2025 and Austrian social model
Hejduk, Radim ; Krebs, Vojtěch (advisor) ; Barák, Vladimír (referee)
The thesis is focused on social housing - public policy, that is applied in many countries of the EU. Czech Republic is currently trying its implementation. Due to rising household's costs of housing, rising expenses on demand-oriented housing policy in form of housing benefits and difficult to solve social exclusion, social housing appears to be one of the more accessible ways of solution. The goal of the thesis is at first to analyze and evaluate known forms of social housing and its application from the economic perspective, then to form reccomendations for the Conception of Social Housing for the Czech Republic in the period 2015-2025 using comparison to already-existing Austrian model. This text answers the main research question how does functioning model of social housing look like and what are the economic impacts of it on households.
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Transport of Dangerous Substances in the Czech Republic
VANDAS, David
The topic of the diploma written assignment is "Transport of Dangerous Substances in the Czech Republic" and it was chosen for elaboration of the wholesome view on the road, train, ship and plane transportation of the hazardous materials and mixtures. These transportations represent a possible risk of damage to life, health, property or environment for the society. Hazardous materials and mixtures nowadays are being transported in large measures and there is an assumption in the future that the volume of the transported hazardous materials and mixtures will increase. For elaboration of this written assignment three hypothesis were given: a) Legal regulations of the European Union and the Czech Republic solve the problematic of the transportation of hazardous materials and mixtures well enough. b) The public has enough information about the transportation of the hazardous chemical substances or mixtures. c) People that work in the field of the transportation of hazardous materials or mixtures are well informed about the transportation of hazardous chemical substances or mixtures. For determining whether the legal regulations solve the problematic of the transportation of hazardous materials and mixtures well enough the literary sources which deal with this issue, legal regulations of the Czech Republic and the European Union and other international agreements were used. After working through these sources it was found out that the international, the EU and Czech legal regulations or agreements solve this issue well enough and emphasis is given on convergence of legal regulations of all transportations. Implementation of international agreements and legal regulations of the European Union into the legal regulations of the Czech Republic happens in the present time very fast and without failures. For figuring out the awareness of the public and awareness of the people working in the field of the transportation of hazardous materials and mixtures for the diploma written assignment on the topic of "The Transportation of Hazardous Materials and Mixtures on the Territory of the Czech Republic" there was a quantitative research made. The quantitative research was made with the help of handed out questionnaires. The public was represented by the employees of the Regional Municipalities of the Czech Republic. Both of the groups were given the same questionnaires. The results of the questionnaire research were evaluated, expressed in percentage and statistically assessed. For the statistical assessment the double selection T-test was used to find out whether the difference between the assessed groups is statistically important. People working in the transportation of hazardous substances and mixtures have sufficient information which was confirmed by the questionnaire research. By the made statistical assessment it was found out that the difference between the groups is statistically significant and so the public does not have sufficient information related to the transportation of hazardous substances and mixtures. Due to the results of the questionnaire research and mainly that the hypothesis b) - The public has enough information about the transportation of hazardous chemical substances or mixtures was not confirmed. In the conclusion of the written assignment there are a couple of suggestions for improvement of the awareness of the public. For example as a part of education at primary and high schools and training schools where this education is already running as a part of The Protection of Human during Incidents. This education has been going on since 2003. And that is why the older people in the public are not well met with this issue and they should be introduced to it by for example a media campaign by means of short TV spots on public television channels or by means of spots that already the Independent BESIP Department of the Ministry of Transportation makes up. These spots are called Besipky.
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Makroekonomický dopad mateřské (a rodičovské) dovolené ve srovnání České Republiky s Brazílií
Kalkusová, Marie ; De Castro, Tereza (advisor) ; Neumann, Pavel (referee)
This thesis aims to estimate the macroeconomic impact of maternity and parental/paternal leave in the Czech Republic and Brazil. In addition, the thesis stresses out the costs of Czech model application to Brazil and vice-versa. The first chapter brings a theoretical framework. It compares the analyzed policies in both countries and introduces the relevant terms. The second chapter estimates the costs of maternity and parental/paternal leave related to public expenditure and GDP for the years 2005-2014 and brings own simulation model for Czech model application to Brazil and vice-versa. The third chapter analyses the inefficiencies and suggest possible mitigation. The results show the costs of 0.71% of GDP and 1.66% of public expenditure in the Czech Republic and 0.50% GDP and 2.27% of public expenditure in Brazil in 2014. The Czech model applied in Brazil would be very costly and the opposite scenario would lead to the decrease of macroeconomic burden in the Czech Republic. The thesis also analyzes the influence of maternal and parental leave in other areas, such as labor market, where the current structure may penalize Czech women in long term. By this analysis, the thesis contributes to the current debate about the impact, the length and costs of maternity and parental leave.
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Potential of IoT in Smart City
Pavlíček, Tomáš ; Gála, Libor (advisor) ; Basl, Josef (referee)
The aim of this masters thesis is to identify, in which phase of adoption of Internet of Things (IoT) application areas of concept Smart City are nowadays Czech regional cities, what is their outlook to 2025 and also identify in which dimensions of concept Smart city, supported by IoT technologies, perceive Czech regional cities the greatest potential. Based on information obtained from the studied materials, the concept of Internet of Things (IoT) is described, along with a detailed description of one of its application area, namely Smart City. This area is further divided into specific dimensions, that cover specific application areas which can, through internet technology, support things in a special way. With these insights, the questionnaire (built on identified IoT application areas of smart city) was developed. Thesis should be beneficial for all towns in the Czech Republic, because it provides a comprehensive view of individual IoT application areas of concept Smart City including information on which of these IoT application areas are currently focusing regional cities, and on which they want to focus to the future. On the other hand, the survey results could also be beneficial for commercial entities, which focus on IoT implementation in cities. These entities will be able to recognise which IoT products are currently best for cities.
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Use of Interest Rate Models for Interest Rate Risk Management in the Czech Financial Market Environment
Cíchová Králová, Dana ; Arlt, Josef (advisor) ; Cipra, Tomáš (referee) ; Witzany, Jiří (referee)
The main goal of this thesis is to suggest an appropriate approach to interest rate risk modeling in the Czech financial market environment in various situations. Three distinct periods are analyzed. These periods, which are the period before the global financial crisis, period during the financial crisis and in the aftermath of the global financial crisis and calming subsequent debt crisis in the eurozone, are characterized by different evaluation of liquidity and credit risk, different relationship between financial variables and market participants and different degree of market regulations. Within this goal, an application of the BGM model in the Czech financial market environment is crucial. Use of the BGM model for the purpose of predicting a dynamics of a yield curve is not very common. This is firstly due to the fact that primary use of this model is a valuation of interest rate derivatives while ensuring the absence of arbitrage and secondly its application is relatively difficult. Nevertheless, I apply the BGM model to obtain predictions of the probability distributions of interest rates in the Czech and eurozone market environment, because its complexity, direct modeling of a yield curve based on market rates and especially a possibility of parameter estimation based on current swaptions volatilities quotations may lead to a significant improvement of predictions. This improvement was also confirmed in this thesis. Use of swaptions volatilities market quotations is especially useful in the period of unprecedented mone- tary easing and increased number of central banks and other regulators interventions into financial markets that occur after the financial crisis, because it reflects current market expectations which also include future interventions. As a consequence of underdevelopment of the Czech financial market there are no market quotations of Czech koruna denominated swaptions volatilities. I suggest their approximations based on quotations of euro denominated swaptions volatilities and also using volatilities of koruna and euro forward rates. Use of this approach ensures that predictions of the Czech yield curve dynamics contain current market expectations. To my knowledge, any other author has not presented similar application of the BGM model in the Czech financial market environment. In this thesis I further predict a Czech and Euro area money market yield curve dynamics using the CIR and the GP models as representatives of various types of interest rates models to compare these predictions with BGM predictions. I suggest a comprehensive system of three criteria, based on comparison of predicti- ons with reality, to describe a predictive power of selected models and an appropria- teness of their use in the Czech market environment during different situations in the market. This analysis shows that predictions of the Czech money market yield curve dynamics based on the BGM model demonstrate high predictive power and the best 8 quality in comparison with other models. GP model also produces relatively good qua- lity predictions. Conversely, predictions based on the CIR model as a representative of short rate model family completely failed when describing reality. In a situation when the economy allows negative rates and there is simultaneously a significant likelihood of their implementation, I recommend to obtain predictions of Czech money market yield curve dynamics using GP model which allows existence of negative interest rates. This analysis also contains a statistical test for validating the predictive power of each model and information on other tests. Berkowitz test rejects a hypothesis of accurate predictions for each model. However, this fact is common in real data testing even when using relatively good model. This fact is especially caused by difficult fulfilment of test conditions in real world. To my knowledge, such an analysis of the predictive power of selected interest rate models moreover in the Czech financial market environment has not been published yet. The last goal of this thesis is to suggest an appropriate approach to obtaining pre- dictions of Czech government bonds risk premium dynamics. I define this risk premium as a difference between government bond yields and fixed rate of CZK IRS with the same length. I apply the GP model to describe the dynamics of this indicator of the Czech Republic credit risk. In order to obtain a time series of the risk premium which are necessary for estimation of GP model parameters I firstly estimate yield curves of Czech government bonds using Svensson model for each trading day since 2005. Resulting si- mulations of risk premium show that the GP model predicts the real development of risk premiums of all maturities relatively well. Hence, the proposed approach is suitable for modeling of Czech Republic credit risk based on the use of information extracted from financial markets. I have not registered proposed approach to risk premium modeling moreover in the Czech financial market environment in other publications.
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