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Information and Communication Technologies in the Czech Republic
Honsa, Viktor ; Mičúch, Marek (advisor) ; Kovanda, Lukáš (referee)
Development of information and communication technologies (ICT) has recently increasing importance. ICT has therefore become one of the effective tools in process of optimization and increase of competitiveness on the market. As a result of this trend, there are already some studies, having ambitions to explicitly formulate their importance. The application of ICT in the Czech Republic is similar, but there are not many studies with such ambitions. This thesis analyzes (i) the relations between, the use of ICT, total factor productivity and growth of gross added value in the Czech Republic in 1997-2007 based on growth accounting and (ii) based on econometric analysis of panel data for the Czech Republic, also estimates the importance of selected determinants influencing adoption of ICT. The output of the thesis consists of (i) determining the contribution of each input and discussion of possible synergies of ICT capital deepening and total factor productivity and (ii) specification of variables that are, based on the formulated model, shown to be statistically significant and they may affect the adoption of ICT.
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Čínská měna RENMINBI, skutečně podhodnocená?
Štembera, Jaroslav ; Mičúch, Marek (advisor) ; Chytilová, Helena (referee)
The thesis focuses on the question of undervaluation of the renminbi exchange rate to the U.S. dollar from the perspective of three selected alternative methods of calculating long term equilibrium exchange rate. In the case of calculations of behavioral equilibrium exchange rate and the natural real exchange rate, I performed calculations by using vector error correction model. In the case of fundamental equilibrium exchange rate I used error correction model. The input data used in the models are ranging from 1980 to 2010. Those are primarily value of nominal exchange rates, price levels and foreign trade. According to my results behavioural and fundamental equilibirum exchange rate show undervaluation of the renminbi to the year 2010, while the natural real exchange rate indicates a slight overvaluation of the renminbi to the year 2010.
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Effects of Insider Trading Regulation
Zelenka, Jaroslav ; Bolcha, Peter (advisor) ; Mičúch, Marek (referee)
This thesis analyses the relationship between insider trading regulation (broadly interpreted) and equity costs of firms on data from the Chinese, South African and Russian capital markets covering the years from 1995 to 2011. Time series analysis showed -- as expected -- that stock markets in each of the countries react in specific ways: E.g. none of the regulatory measures proved effective in decreasing the equity costs in the case of South Africa. Analysis of the Chinses and Russian data showed, however, a possible common feature of the participants on the two markets. It seems that these markets react to mere signals of upcoming regulatory measures rather than on these measures themselves. This interpretation of the results is thus in line with the rational expectations hypothesis.
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Je Taylorovo pravidlo příliš jednoduché pro praktické využití v malé otevřené ekonomice jako je Česká republika?
Juračka, Tomáš ; Mičúch, Marek (advisor) ; Potužák, Pavel (referee)
The Taylor rule and its variants played a prominent role in the monetary policy discussion among theoreticians and practitioners for more almost two decades. The purpose of this thesis is to assess on the applicability of the simple instrument rules such as a classic Taylor's rule to the Czech economic environment which can be described as a small open economy with banking market specifically skewed by excess liquidity. The applicability is evaluated based on the variants of the Taylor rule and their effectiveness in describing the monetary policy of the central bank. The results of the models presented in this thesis are ambiguous. Traditional specification of the Taylor's rule is clearly unsuccessful in describing the behaviour of the Czech National Bank. However, if the models are altered to their historical variants containing only the information accessible at the time of decision making, their robustness and explanatory value increase significantly. Taking interest rate smoothing and exchange rate into consideration further improves the models. The policy behaviour of the Czech National Bank can be best described by the historical model with the one-year-ahead inflation prognosis, output gap, exchange rate and lagged target interest rate as explanatory variables. One of interesting results of this model is that the output gap does not play important role in the Czech National Bank decision making which is consistent with the opinions presented in the Czech National Bank Board Minutes.
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Lokální měny - pro či proticyklické?
Tomány, Lubomír ; Mičúch, Marek (advisor) ; Svoboda, Miroslav (referee)
This work focuses on local (complementary) currencies. Their usage and appearance throughout history indicate counter-cyclicity with Great Depression and Argentine recession in 2002 as leading examples. Also previous research of Stodder (2009) proved counter-cyclicity in usage of Swiss complementary currency WIR. However, USA at the beginning of 90' and Germany after year 2000 experienced new wave of local currencies without being accompanied by any severe crisis. Have they become pro-cyclical? I tried to answer this question empirically with simple econometric model using macroeconomic indicators as explanatory variables. Results showed that number of new local currencies is in Germany pro-cyclical which supports previous works about regional distribution of currencies in Germany. Results from USA are inconclusive but indicate rather counter-cyclicity. In both countries was proved positive correlation with amount of already working currencies.
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Consequences of various emission allowances trading models
Zechmeister, Pavel ; Mičúch, Marek (advisor) ; Schwarz, Jiří (referee)
This paper is based on three economical experiments, which simulate three stages of EU ETS system. The fact, that two stages of this system are almost behind us, gives us chance to confront the results of experiment with data from real market. Market trends in experiment were almost identical as the real market. Concerning the third stage we can, thanks to equality of the results of the first two experiments with market results, outline the continuance this system in its third stage. We can affirm, that implementation of auction will not significantly influence on the price of emission allowances.
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Do price promotions influence the demand for food products?
Koudelka, Tomáš ; Mičúch, Marek (advisor) ; Koubek, Ivo (referee)
The aim of this thesis is to determine the influence of leaflet actions on the marketability of food products. In theoretical part I describe the motives which lead shops in the process of choosing the particular product promoted in the leaflet action. In the empirical part parameters influencing the purchased quantity of goods in the action period are estimated by the ordinary least square method based on real sales data. This estimate is further precised by the heteroskedasticity corrected model. The final results show the rational behaviour of customers purchasing the products mainly during the leaflet actions for better prices.
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Greek debt crisis: Olympic games as an accelerator?
Tůma, Jan ; Mičúch, Marek (advisor) ; Kovanda, Lukáš (referee)
The paper investigates the impact of macroeconomic aggregates in Greece on ability to sustain debt repayment for the years from 1981 to 2009. Theoretical framework is mapping a development of macroeconomic indicators in Greece during last 30 years emphasizing the indirect consequences of fast-growing public debt. The results in empirical part show a positive and significant impact in government's budget deficit and orientation of governing party on the debt repayment. The amount of investments put into organizing Olympic Games in Athens 2004 have not had consequently shown negative effect on public debt accumulation. Some flaws and limitations of analysis are discussed.
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Taylor Rule and Its Macroeconomics Relations
Mičúch, Marek ; Chytil, Zdeněk (advisor) ; Kupka, Martin (referee) ; Sedláček, Petr (referee)
Despite considerable research on the monetary policy rules, little is known about internal relation between policy rules targets. Research approach frequently consists in estimating parameters or identifying variables to make the rule operate accurately. The overall image that emerges from the literature is that there is no contradiction in attaining the targets once set properly. Dissertation switches attention to mutual feasibility of incorporated targets. To contribute to this strikingly overlooked fact hypothesis is tested. Analyzed are variances of inflation and output representing policy rule targets. Time regression processed throughout OLS technique, gap analysis and calculation of variances are applied as principal analytical tools. Examined are data for 14 countries. Countries are divided into two groups according to size of their economy: small economies (Austria, Belgium, Czech Republic, Hungary, Ireland, The Nederlands and Slovak Republic); large economies (Euro zone, France, Germany, Italy, Spain, Sweden and USA). Results of the analysis show that once monetary authority follows policy rule with multiple targets it faces restriction. Rather than achieving both targets at one time it must respect trade off between them. According to data for selected countries hypothesis is accepted. Variances of output consistently proved to be higher than variances of inflation. Whence it follows that authority need to solve constrained optimization problem. It needs to pick out combination of differently large variances contrary to wining with all reaching low levels.
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What factors affect obtaining penalty points by region in ČR?
Farbiak, Marek ; Mičúch, Marek (advisor) ; Janíčko, Martin (referee)
The bachelor thesis define factors which motivate drivers for obtaining points for violations of traffic offense. Factors will be tested by method of fixed effects. The economic theory comes from G. Becker, which serves as basis for the tested hypothesis. The accepted hypothesis tests whether the number of traffic policemen, average wages and density of transport in each region of ČR are statistically significant and if they have direct impact on obtaining points. The hypothesis also predicts presumed impacts of each factor. Calculation proved the real impact and statistical significance of all factors. It was also proved that preferences of would-be criminals is also determined by the economic and social environment formed by public policies. However, due to the opposite impact of the density of transport networks the econometrics indicates that we have to reject part of the hypothesis.
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