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Globalization and Small Countries - Unique Challenges, Universal Solutions
Petkovska, Katerina ; Cahlík, Tomáš (advisor) ; Benáček, Vladimír (referee)
This work focuses on globalization, more closely on the economic aspects of this process. Small countries, especially developing ones are in the spotlight, as they face unique challenges that have been addressed by the international community for decades at least. The success rate of the intervention is very questionable and leaves room for improvement, which may be a platform to elevate millions out of poverty, solve crippling problems, provide access to technology and improve the global economic system. The uniting hypothesis is that that small developing nations are functioning in a hostile environment when it comes to trade, intellectual property protection and debt, which makes it extremely difficult for them to globalize competitively. Economic history, trade and technology are the main filters of this research. Conventional economic theory like market fundamentalism, and international trade theories will be discussed. A holistic literature review, will try to depict the many sides of the argument. The data used will be from the World Competitiveness Report, World Bank's World Development Indicators, other World Bank data, apropriatiate statistical offices. A case study is implemented to conclude the thesis and in this case to evaluate the hypothesis as only partly true, since small...
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Specifics of Economic Development in Modern Russia
Glebova, Margarita ; Cahlík, Tomáš (advisor) ; Hollmannová, Monika (referee)
This master thesis is dedicated to Russian development and determinants of its growth. Just two decades ago Russia experienced a total change in the political and economic structure of the country. USSR fall, together will all its successes and failures. Russia went to the path of building a market economy, while the rest of the developed world was already living in such economy and using its benefits. With the heritage of the USSR, Russia had a huge potential to be successful in that road. The goal of this work is to answer the question, whether or not we were able to use it. In order to answer this question two-stage analysis was performed, combining theoretical and quantitative parts. Theoretical part contains the overall analysis of the areas of economic and social development. Quantitative part contains analysis of the main GDP drivers and endogenous powers of industrial production. Powered by TCPDF (www.tcpdf.org)
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The Consumer Choice in the E-Commerce Environment
Pražáková, Hana ; Cahlík, Tomáš (advisor) ; Jánský, Ivo (referee)
The bachelor thesis The Consumer Choice in the E-Commerce Environment analyzes factors influencing the loyalty of e-commerce customers. The first part of the thesis describes the current situation of the e-commerce market in the Czech Republic. The second part introduces concepts that are connected to the theory of the consumer choice and CRM in the e-commerce environment. The third empirical part uses the theoretical concepts to create an empirical model which examines how the behaviour loyalty is related to the customer's satisfaction, to the marketing tactics and to the characteristics of e-shops and customers. The satisfaction with the last purchase proved to be an important determinant of the customer's loyalty. The probability of customer's loyalty depends also on the age of the e-shop and on the individual preferences. Customers for whom the price of the product is very important when making a purchasing decision tend to be less loyal. On the other hand, customers that prefer to buy at trustworthy sellers are more probable to be loyal in the future. Contrary, the marketing tactics did not prove to have any influence on the behavioural loyalty. The last part analyzes the influence of the website quality on the customer's satisfaction.
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Equity Premium Puzzle: Literature Review and the Czech Data
Hrachovec, Miloš ; Cahlík, Tomáš (advisor) ; Novák, Jiří (referee)
This thesis focuses on the equity premium puzzle, risk-free rate puzzle and possible solutions of these two quantitative conundrums. Original formulation of both puzzles is introduced and comprehensive literature survey is presented to show the developments regarding this topic. These include risk-based explanations, non-risk based explanations and behavioral finance perspective. Main contribution of this study dwells in estimation of these two puzzles for the Czech Republic. Using consumption-based asset pricing model with time separable preferences, presence of the two puzzles is estimated employing annual Czech data from 1995 to 2011. The equity premium puzzle is not present in the Czech Republic, as the coefficient of risk aversion 5.57 . On the other hand, the risk-free rate puzzle is as severe as in developed economies. Furthermore, the individual time preference parameter is estimated to be larger than one - a counterintuitive result suggesting consumers prefer unit of consumption tomorrow to unit of consumption today. Robustness of the results is confirmed when different proxy for a risk-free rate is used. Results do not change significantly and the risk-free rate puzzle persists. Direction for future research of the financial market puzzles in the Czech Republic is suggested.
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Advertising
Pokorný, Jiří ; Cahlík, Tomáš (advisor) ; Koubek, Ivo (referee)
This thesis defines advertising very broadly - as any information that form consumers such that they change their consumption. Microeconomic models assume that consumers choose their consumption independently, and do not take into account that their wants can be changed due to actions of other market participants, which this thesis criticizes. Advertising is modelled with the Cobb-Douglas function as a good that is complementary to the good that is advertised. The models show that advertising decreases the total welfare only in some cases. If it is profitable for a firm to advertise, its production usually increases the total welfare. 1
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Trade and Economic Relations between Russia and the EU
Mityukova, Ksenia ; Cahlík, Tomáš (advisor) ; Hlaváček, Jiří (referee)
The Master Thesis provides an analysis of the international relations between Russia and the European Union in economic and trade field. The first part of the Master Thesis introduces the European Union as an important integration system. This part also includes the analysis of the EU-Russia policy. In the second part of the Master Thesis there are explained the development of the bilateral trade and economic relations. Partnership of countries is described through the economic relation. Trade is the main form of economic cooperation between Russia and the EU. The estimation of the trade cooperation is performed with the help of data extracted from the Eurostat database, analysis of commodity structure and trend analysis. Relevance of the analysis is determined through the mutual interest in the development of economic cooperation between Russia and the EU. This Master Thesis presents the new practical moment of Russian accession to the WTO, which influenced the economic and trade bilateral cooperation. There are identified the main problems in bilateral relations and proposed the suggestions for its elimination. There is gathered the most relevant information and data in order to reflect the most reliable situation as of today. The last part of the research forecasts directions and prospects of...
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The system of crude oil transportation in Czech Republic and Slovakia, its efficiency and potential diversification
Rakovská, Zuzana ; Hrubý, Zdeněk (advisor) ; Cahlík, Tomáš (referee)
This bachelor thesis focuses on the analyses of the efficiency of crude oil transportation system in the Czech Republic and Slovakia. Several aspects are included from which the amount of transportation tariff and the rate of the diversification of pipeline infrastructure are the most important. Its aim is to determine the oil delivery conditions through Druzhba and IKL pipelines during the years 2008, 2009 and 2010, the development of storage capacity and also the development of attempts to diverse the sources in both states. Firstly, I will outline the history of the formation of oil contractors in order to show the conditions of oil market in the Czech Republic and Slovakia. Secondly, I will analyze the efficiency of the crude oil transportation and compare the Czech and Slovak refineries' costs for crude oil delivery trough this countries. Finally, this bachelor thesis tries to evaluate the potential sources diversification and measures the position of Druzhba pipeline by means of crude-oil-flows importance.
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The world turned upside down
Nettwallová, Dominika ; Cahlík, Tomáš (advisor) ; Krištoufek, Ladislav (referee)
1 Bibliographic record NETTWALLOVÁ, Dominika. The World Turned Upside Down. Prague, 2013. 56 pg. Bachelor thesis (Bc.) Charles University in Prague, Faculty of Social Sciences, Institute of Economic studies. Supervisor: doc. Ing. Tomáš Cahlík, CSc. Abstract This bachelor thesis is dedicated to China and to the determinants of its GDP growth. During 20th century, this formerly developing country has earned a place among economic giants. The following report, quietly admiring such achievement, is focused on analysis of individual growth factors and causes of their development; and followed by quantitative estimation of their size. The main topic, then, is a triad of factors - R&D, education and human capital - projected on the Chinese economy via several chosen econometric methods. JEL Classification C33, I25, J01, O15, O32, O40, O53 Keywords China, economic growth, R&D, labour force, education, panel data analysis Author's e-mail d.nettwall@gmail.com Supervisor's e-mail cahlik@fsv.cuni.cz
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Impact of ICT Investments on Different Levels of an Economy
Andoková, Senta ; Cahlík, Tomáš (advisor) ; Benčík, Daniel (referee)
This work analyzes the impact of investments in information and communication technologies (ICT) at the level of states, firms and households. Its contribution lies in the transparency of theoretical views of the role of ICT at the respective levels of the economy and also in the form of an econometric model studying the impact of ICT investments on GDP. The work describes some causes of ambiguous impact of ICT on statistical tables and then uses the Cobb-Douglas production function to define the components of economic growth (represented by GDP). The numerical contribution of each factor is compared between the USA and the EU throughout the periods 1980-1995 and 1995-2001. The look on companies is focused mainly on the role of ICT use in work process and its impact on the economic operation of the companies. To what extent are these firms affecting employment and wages is the main theme of the section related to households. The work showed that very similar procedures are necessary for all of the aforementioned levels of the economy for the desired result of ICT investments. An empirical analysis of 20 European countries during the period 2003-2008 proved positive impact of ICT investments on GDP. The results of the model, however, served more evidence of the significance of the ICT sector. The...
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Digital currencies: Analysis of Bitcoin demand
Janota, Martin ; Skuhrovec, Jiří (advisor) ; Cahlík, Tomáš (referee)
This thesis examines motives of demand for digital currency Bitcoin. We estimate transaction and speculative motives of Bitcoin users and their impact on the emerging digital currency. We analyze Bitcoin data and argue that external Bitcoin trading is mostly influenced by speculative motive. Speculative trade volume on average appreciates Bitcoin exchange rate. However internal Bitcoin transactions are driven mostly by transaction motive and are largely independent on Bitcoin trading. Speculative and non-speculative motived users thus coexist in separate circuits, interacting mostly indirectly through exchange rate and acceptability of Bitcoin. In the last part we argue that quantity theory of money is well applicable on transaction-based data, which Bitcoin provides, and use it to estimate money velocity and output index. We show that growth of Bitcoin accounts brings significant network effect and along with number of transactions largely explains growth of output index. Author: Martin Janota Thesis name: Digital currencies: Analysis of Bitcoin demand
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