|
|
An empirical analysis of macroeconomic resilience: the case of the great recession in the European Union
Brůha, Jan ; Babecká Kucharčuková, Oxana
In this paper, we analyse macroeconomic developments in European economies since the Great Recession. We present evidence that macroeconomic developments in the EU countries can be classified into latent classes. Countries in a given class exhibit a similar pattern of economic and labour market developments during and after the crisis. We then present evidence that the latent classes of countries differ in terms of quality of institutions and regulation. Based on this, we conclude that quality of institutions and regulation are crucial for the resilience of countries to shocks. The most important country characteristics associated with a quick recovery after the initial shock are low protection of temporary contracts, political stability, regulatory quality and pre-crisis fiscal space. On the other hand, other types of employment protection and generosity of unemployment benefits seem to not influence resilience.
Fulltext:  PDF
|
|
|
Understanding rating movements in euro area countries
Brůha, Jan ; Karber, Moritz ; Pierluigi, Beatrice ; Setzer, Ralph
This paper investigates the link between sovereign ratings and macroeconomic fundamentals for a group of euro area countries that recorded rating downgrades during the euro area sovereign debt crisis. We apply an elaborated econometric estimation technique, based on a Bayesian ordered probit model, to understand how the decisions of rating agencies can be explained by economic developments. The estimated model reproduces historical ratings by using a small number of economic and institutional variables which seem to effectively summarize the large number of criteria used by Moody’s, Standard and Poor’s and Fitch in their assignment of sovereign ratings. Our results suggest that the size of the downgrades observed since the start of the sovereign crisis has been broadly in line with the deterioration of economic fundamentals for most countries.
Fulltext: PDF
|
|
|
Revealed preferences for outdoor recreation in natural areas - Czech and European perspective
Kaprová, Kateřina ; Melichar, Jan (advisor) ; Brůha, Jan (referee) ; Šauer, Petr (referee)
K. Kaprová (2019): Revealed preferences for outdoor recreation in natural areas - Czech and European perspective Abstract of the Doctoral Dissertation The dissertation thesis focuses on the investigation and synthesis of recreation welfare benefits associated with natural areas in the Czech Republic and in Europe. The dissertation thesis consists of five case studies. These represent various geographic levels of analysis: the level of one single recreation locality, the national level that takes into account large natural recreation sites in the Czech Republic (including protected areas), and a synthesis of results of studies on the European level. The methodological approach is based on the theory of environmental economics and employs non-market valuation techniques based on methods of revealed preferences, namely the hedonic pricing method and two types of travel cost modelling. In Study I, we examine how the presence and characteristics of urban greenery affect property prices in Prague. The results confirm that proximity to greenery and its area are important determinants of housing prices in Prague, which means that residents realize the positive values provided by urban greenery, including recreational ecosystem service. Benefits to residents differ with the type of greenery. Urban forests have the...
|
|
|
Relevance of Tumor Infiltrating Lymphocytes as a Prognostic Factors at Patients With Portal Vein Embolisation (PVE) and Patinets With PVE and Administration of Autologous Stem Cells
Brůha, Jan ; Třeška, Vladislav (advisor) ; Gürlich, Robert (referee) ; Šubrt, Zdeněk (referee)
Relevance of tumor infiltrating lymphocytes as a prognostic factors in patients with portal vein embolisation (PVE) and patients with PVE and administration of autologous stem cells Background: low future liver remnant volume (FLRV) is the cause of why 75% of patients with colorectal liver metastases (CLM) are primarily inoperable. Portal vein embolisation (PVE) helps to increase FLRV and so increase the operability. But PVE fails in almost 40 % of patients. Usage of stem cells (SCs) could be the way how to support the effect of PVE. Currently, there are studies of interactions of the immune system and malignancies. We do not know about papers focused on relations of the immune system and CLM in patients treated by PVE. There were not described interactions of ABC transporters and CLM at patients after PVE was performed too. Aims: the aim of this dissertation was to verify the effect of PVE and intraportal administration of SCs on the growth of FLRV and progression of the CLM. Other aims were to evaluate the tumor infiltrating lymphocytes, ABCC10 and ABCC11 transportes in patients treated by surgery for CLM after PVE and their clinical relevances. Methods: intraportal administration of SCs after PVE and their effect was explored in a group of 63 patients (43 patients with PVE alone, 20 in the group PVE with...
|
|
|
The Dynamic CGE Model and Analysis of Impacts of Environmental Policy
Píša, Vítězslav ; Brůha, Jan (advisor) ; Tonner, Jaromir (referee) ; Smeets Křístková, Zuzana (referee)
The thesis evaluates three revenue neutral mixes of political measures aimed at the support of utilization of biofuels in the Czech Republic. The dynamic computable general equilibrium model with three aggregated sectors and two types of households is applied for evaluation of relevant environmental and economic impacts. The hypothetic price subsidy of utilization of energy biomass in production of the first generation biofuels fulfilling sustainability criteria is chosen as the basic supportive tool. The revenue neutrality is satisfied via adequate increase in tax rates in three different alternative scenarios (via labor tax, motor fuel tax, and standard value added tax). The results indicate that at the current price level of crude oil even relatively high level of price subsidy is not sufficient in fulfilling the emission and biofuel share targets presumed by European Commission. Therefore, for attaining the biofuel share target high percentage first generation biofuels and second and third generation biofuels have to be utilized. Furthermore, for the fulfilling of emission targets other alternative fuels have to be utilized as well. The results finally reveal that environmentally most efficient mix is the price subsidy compensated via an increase in the motor fuel tax, economically most...
|
|
|
Four Essays on Macroeconomic Aspects of the Transition Process
Brůha, Jan ; Slobodyan, Sergey (advisor) ; Zamulin, Oleg (referee) ; Cobham, David (referee)
This dissertation is a sample of my research on macroeconomic aspects of the transition process in the Central European countries. During my doctoral studies, I have been especially interested in two issues: (1) environmental regulation and policy and (2) macroeconomic convergence. The first paper The decomposition and econometric analysis of air emissions in a transition country: the case of the Czech Republic is from the field of environmental economics and is empirically oriented. It analyzes air emissions of four classical pollutants in the Czech Republic during the transition period. The next three papers are macroeconomic papers based on theoretical modeling. The paper Real Exchange Rate in Emerging Economies: The Role of Different Investment Margins (written jointly with Jiří Podpiera) inquires about the mechanism of the strong pace of the real exchange rate appreciation observed in Central European transition economies. The paper introduces a quality investment margin and shows that the margin is needed for replicating the observed pace of the real exchange rate appreciation. The paper basically compares the steady state of the model for various levels of development of a converging country. The next paper The Dynamics of Economic Convergence: The Role of Alternative Investment Decisions...
|
|
|
Philosophical, religious and socio-political views Karel Sabina
Brůha, Jan ; Štaif, Jiří (advisor) ; Pokorná, Magdaléna (referee)
Resume When discussing, albeit briefly, Sabina's personality, life and work as an introduction to the following parts of the thesis, reality is confronted with its reflection in his literary work. In this context possible intellectual defenses of his becoming a common informer for the police are being considered, together with certain implementations of related plans in the reports for the police. The reports, especially his exposé for the government dated 1867, Sabina's life and literary works serve as a basis. Attention is paid to their artistic evaluation. The conclusion of some authors regarding Sabina's submission to positivity as well as the decline in the quality of his work from the beginning of his common informer's career is refused. In Sabina's philosophical and theological opinions approximately from the beginning of the second half of the forties, various signs of Romanticism are analyzed: mystical light, especially related theism, his search for a certain analogy of that in the Slavic solar deity of Svetovid, veering towards philosophical skepticism. The then influences of philosophy are identified, especially of Novalss or Schelling In the upcoming years Sabina's defense of empiricism, continued inculcation of the rational side but also the decline of the mystical moment, yet still a steady...
|
|
|
Growth models and the Environmental Kuznets curve
Tvarůžek, Ladislav ; Brůha, Jan (advisor) ; Kolouchová, Petra (referee)
This bachelor thesis focuses on an analysis of the impact of economic growth on the environment. The first part shortly introduces the history of macroeconomic models incorporating environmental constraints to analyse, then, assumptions, behaviour and implications of the three pre-selected models. The following section deals with the theory of the Environmental Kuznets Curve and offers the assessment of current explanations, empirics and possible shortcomings. The final part connects the findings of previous chapters in order to construct computer simulations whose goal is to predict the development of the environment in the given model.
|
|
|
Aggregated Indicators in Ecological Economics
Syrovátka, Miroslav ; Brůha, Jan (advisor) ; Šauer, Petr (referee)
The aim of the thesis is to analyze three aggregated indicators and put them into the context of Ecological Economics. The second chapter points out that different sustainability perspectives imply distinct sustainability policies. Ecological Economics is outlined in contrast to Environmental Economics. Following three chapters analyze selected aggregated indicators. Aggregated indicators can provide quick insight into complex problems; however, their virtue depends to a large extent on the method of aggregation. Therefore, the interpretation of aggregated indicators should always be conditioned by their specific methodology. The Ecological Footprint is called technologically skeptical indicator of sustainability, applicable rather on a global than a national scale. Even on a lower scale the Ecological Footprint can illustrate demands of a given population for renewable natural resources. A major shortcoming of the Index of Sustainable Economic Welfare is the integration of welfare and sustainability into one indicator since it does not allow for a simple interpretation of its results. High correlation between the Human Development Index and the indicators of economic activity limits the usefulness of the former. Yet, it can serve as a basis for further evolution of the concept and measurement of human...
|
|
|
Nowcasting the Czech Trade Balance
Babecká Kucharčuková, Oxana ; Brůha, Jan
The Working Paper Series of the Czech National Bank (CNB) is intended to disseminate the results of the CNB’s research projects as well as the other research activities of both the staff of the CNB and collaborating outside contributors, including invited speakers. The Series aims to present original research contributions relevant to central banks. It is refereed internationally. The referee process is managed by the CNB Research Department. The working papers are circulated to stimulate discussion. The views expressed are those of the authors and do not necessarily reflect the official views of the CNB.
Fulltext: PDF
|
guest ::
