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Bitcoin: Pyramid-scheme Wildfire, New Online Payment Medium, or Future Alternative Currency?
Vozak, Hugo ; Dědek, Oldřich (advisor) ; Polák, Petr (referee)
This thesis explores the price determinants of Bitcoin using a macroeconomic model based on the economic equation of exchange presented by Joseph Wang (2014). The thesis provides a concise and structured introduction to Bitcoin and a comprehensive literature review on Bitcoin. The analysis begins with the application of the functions of money to Bitcoin, arguing that while Bitcoin does fulfill the three classical functions of money to a certain extent, its use remains mainly as a speculative instrument. Wang's model is criticized and amended to reflect the realities of empirically analyzing the Bitcoin market. Using the daily number of transactions and Bitcoin days destroyed as proxies for economic activity and inactivity - to measure Bitcoin's velocity on the block chain - vector autoregression modelling is used to determine if there is Granger causality between the price of bitcoin and the two proxies. The results demonstrate that there is a bidirectional Granger-causal relationship between Bitcoin days destroyed and the price of bitcoin and that there is none between the daily number of transactions and the price of bitcoin; proving Wang's two main assumptions. Impulse- response functions are provided to illustrate and discuss this bidirectional relationship. The results are in line with the...
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The Impact of Euro Adoption on Competitiveness: The Comparison of Czech Republic and Slovakia
Polyák, Oliver ; Dědek, Oldřich (advisor) ; Martišková, Monika (referee)
Bibliographic citation POLYÁK, Oliver (2012). The impact of Euro Adoption on Competitiveness: The comparison of Czech Republic and Slovakia. Prague, 2012. 71 p. Master thesis (Mgr.) Charles University in Prague, Faculty of Social Sciences, Institute of Economic Studies. Master thesis supervisor prof. Ing. Oldřich Dědek, CSc. Abstract The present master's thesis is focused on the impact of introducing the common European currency on competitiveness of a country. There has been a lot written about the possible effects of euro adoption on economies of the first eurozone participants. The contribution of this thesis is that we explore the impact of euro introduction on competitiveness of Slovakia, in comparison to the Czech Republic which still uses its own national currency. Our findings suggest that most of the analyzed competitiveness indicators evolved largely in parallel in both countries. Positive trade effects brought about by the introduction of the euro are rather moderate - up to 5%. Slovak credit development was more favorable during the crisis, reflecting lower interest rates in eurozone. On the other hand, high contributions to European stabilization funds may hamper Slovak economic growth and negatively influence country's competitiveness in future. JEL Classification F14, F15 Keywords...
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Inflation targeting in emerging market economies
Mašková, Veronika ; Holub, Tomáš (advisor) ; Dědek, Oldřich (referee)
The main objective of the thesis is to analyse the suitability of inflation targeting, a monetary policy regime which focuses on the achievement of the price stability, for the emerging market economies. The performance of inflation targeting countries is compared to the performance of non-inflation targeting countries which use other monetary policies such as the monetary aggregate target or exchange rate anchor. Regressions, using the difference-in-differences estimation approach, are run to assess the contribution of the inflation targeting framework to the development of economic variables such as the CPI, GDP, national interest rate etc. Economic outcomes of the financial crisis period (2007- 2010) are crucial part of the thesis. The convenience of the inflation targeting framework for the emerging market economies is derived. This holds also for the severe situations such as the crisis since it lowers the volatility of the main variables of the interest. Keywords: inflation targeting, monetary economics, monetary policy, emerging market economies, difference in differences estimation, financial crisis
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Stability and Growth Pact as an element of economic and monetary union
Zábrahová, Linda ; Urban, Luděk (advisor) ; Dědek, Oldřich (referee)
This diploma thesis analyses Stability and Growth Pact. It examines, if SGP is the appropriate guard of fiscal discipline of EMU member states. It explains how SGP works, what the basic elements are and how constituent procedures behave. This thesis investigates favorable and also negative features of Stability and Growth Pact in its former version. It analyses, how have member states respected and met requirements of SGP. In particular, it pays attention to states, which couldn't fulfill these fiscal conditions. Then it devotes to critics of SGP and academic reform proposals on its reform. It cites debate on the level of member states and European Union institutions, their opinions and reform proposals too. On the basis of this discussion it has been created a new alteration of Stability and Growth Pact - it is also described and evaluated in this thesis. However, this reformed version of SGP is more flexible, but it will probably leads to loosening of fiscal rules and here is a risk, that in this form, it will never work well. Powered by TCPDF (www.tcpdf.org)
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The Relation Between the Euro Cash Changeover and the Perceived Inflation in the Baltic Countries
Orosz, Előd ; Dědek, Oldřich (advisor) ; Turnovec, František (referee)
The relation between the euro cash changeover and the perceived inflation in the Baltic countries Abstract This thesis focuses on the effect of euro cash changeover on inflation perception, and its relation to the inflation measured by central banks or by national statistical offices. We present an analyses of inflation gap in Estonia, Latvia and Lithuania at the euro introduction and detect its determinants by econometric methods. We use Ordinary Least Squares, Random Effects Generalized Least Squares and Fixed Effects estimator. The thesis is divided into two main parts. The first part examines the theoretical background of perceived inflation and focuses at the phenomenon of increased inflation gap at the euro introduction. Second part contains an empirical study on inflation gap. We find out that perceived inflation in Baltic countries does not show such a divergence, as it was presented at the establishment of the Eurozone. Moreover, we find out that education and available income in general has a small, but evincible effect on inflation gap observed at euro introduction.
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The impact of dividend policy on firm value
Říhová, Jana ; Dědek, Oldřich (advisor) ; Janda, Karel (referee)
This thesis is focused on the dividend policy in the Czech Republic. We describe the basic about dividends as types of dividends, process of declaration and payments, dividend-paying methods, determinants which can influence the dividends and so on. The main part is devoted to the issue of dividend policy in the Czech Republic and its impact on the firm value. We use the event studies, based on observing the abnormal returns to shareholders around the record date. Then we apply regression of abnormal returns on relevant explanatory variables. And we also make an analysis of some of explanatory variables, as volume and dividend yield. Finally, we also shortly mention the share repurchase, the alternative to the dividend payout.
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Mergers and Acquisitions: Do They Create Value?
Hanzlík, Viktor ; Dědek, Oldřich (advisor) ; Blaha, Zdeněk Sid (referee)
This thesis is a contribution to the discussion about value creation in mergers and acquisitions. The first section is dedicated to theoretical explanations of why mergers and acquisitions can lead to the creation of economic value and also considers the most common fallacious merger justifications. In the second section, we outline the methodologies that can be used to measure value effects of takeovers and then survey the results of relevant past studies. We focus both on their results and the methodology. In two case studies we practically demonstrate the use of the methodologies. We shall argue that the presence of multiple events, rumours and information leaks, uncertainty and the limitations of the market model pose a serious challenge to the precision of the estimates of value creation in mergers and acquisitions. To alleviate this concern, we recommend a more carefulexamination and interpretation of the events leading to the merger.
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Option pricing. The methodological retrospection and the ampirical tests of the Black-Scholes pricing formula and feed-forward networks
Vlasáková Baruníková, Michaela ; Žikeš, Filip (advisor) ; Dědek, Oldřich (referee)
Since the famous Black, Scholes, Merton formula substantial progress has been made in the option pricing theory. We recapitulate this development in the first part of the work to provide the reader with the comprehensive methodological review of the option pricing techniques and we describe the most common issues one has to deal with in empirical application. The aim of the empirical part is to evaluate the difference between the rather simple but revolutionary Black- Scholes model and one of the more complex techniques (neural networks) on the European-style S&P Index call and put options over the period of 1.6.2006 till 8.6.2007. Our results on call options show that generally Black-Scholes model with historical and at-the-money implied volatility performs better than simple generalized feed-forward networks. On the other hand neural networks performance is improving as the option goes deep in the money and as days to expiration increase, compared to the worsening performance of the BS models. Neural networks seem to correct for the well-known Black-Scholes model moneyness and maturity biases. All models have much lower explanatory power for put options compared to calls. Since options are real indicators of the market movements we assign this fact to the expectations of the market participants...
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Baking sector consolidation in the context of European Integration
Brejníková, Markéta ; Dědek, Oldřich (advisor) ; Urban, Luděk (referee)
The structure of the banking sector has changed significantly in recent years. The number of banking organizations has been reducing, the concentration of the market has been growing, mergers and acquisitions have been a global phenomenon that crosses borders of the banking industry. This thesis focuses on searching both reasons and consequences of this restructuralization. Even though we have been dealing with a worldwide trend, associated with technology development and deregulation of financial markets, European integration has had a deep impact on the development of banking sector. Introduction of a single market and creation of a monetary union together with elimination of other barriers have led to the connection of banking systems. On the other hand this process has not been finished yet and there have been plenty of obstacles, given primarily by the different developments in individual EU member states that need to be overcome. I try to show how the real situation of the EU banking sector looks like and whether it corresponds to the theoretic assumptions. Analysis of consequences of these changes represents an important part of my thesis: What advantages and negatives will the restructuralization bring along? We can answer this question from many different views. I concentrate only on some...
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Financing of the small and medium enterprises
Hrbáček, Jan ; Dědek, Oldřich (advisor) ; Janda, Karel (referee)
Small and medium enterprises (SME) create significant part of every single world economy. Firstly, this diploma thesis summarizes both theoretical and empirical findings about their characteristics and importance. Furthermore, I describe their financing in the context of the business environment and SME-support and development market-oriented strategy in particular. The main scope is aimed at the development of the SME sector in the Czech Republic, its contemporary problems, future challenges and financing possibilities.
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