|
|
Impact of Potential EU Membership on Economy of Ukraine
Jascuk, Milana ; Cahlík, Tomáš (advisor) ; Baxa, Jaromír (referee)
Recently the topic of the future of Ukrainian economy has been attracting great attention among economists and politicians. The way how it should develop is widely discussed on the international arena. Economists and politicians cannot reach an agreement to which direction it is better to move for Ukraine. Nowadays a lot of special institutions have been created on both sides: in Ukraine and in Europe. The main goal of those is to control all the processes of transformation to be transparent on all levels; as well as prevent unlikely events. Of course, there are proponents and opponents of the moving to the free trade with the EU as for every global process. Among the young generation it is very clear, that possibilities, which gives us European Union are much more valuable and gainful. Even now, majority of students and researchers seek to apply or acquire some knowledge in European countries. I'm not an exception and for this reason, being a representative of young generation, I will try to determine potential impact on Economy of Ukraine assuming integration to European Union. It is very important to consider both threats and benefits of such processes as they are taking place on very high level. Therefore, in this work it will be considered both contours of development for Economy of Ukraine....
|
|
|
Electronic Records of Sales and Their Implementation in the Czech Republic
Mach, Petr ; Chytilová, Julie (advisor) ; Baxa, Jaromír (referee)
The subject of this thesis is electronic records (EET) of sales and its implementation in the Czech Republic. Because one of the main goals is to improve tax collection the first part of the theoretical section of the thesis is devoted to a brief introduction to taxes and specifically the value-added tax. The second part of the theoretical section is describing the specifics of the Czech version of electronic records of sales. First, a few models of records of sales are described and which of them was chosen and why. Then this model is described in detail, including who has to abide by it, what sales they have to record and some of the technical aspects of the system. A part is also dedicated to the associated receipt lottery and the end of the theoretical section is devoted to similar systems of electronic evidence of sales and their impacts in other countries. The practical section of the thesis is devoted to answering the question if the introduction of electronic records of sales in the Czech Republic was justified, based on fulfillment of its initial goals. The main goals were to increase the tax revenue and lowering the size of the shadow economy. In order to verify the estimate of increase in VAT revenue due to introduction of EET, calculated by the Ministry of Finance, I calculate my own...
|
|
|
The impact of human capital and population age structure on economic growth
Topinka, Michal ; Baxa, Jaromír (advisor) ; Paulus, Michal (referee)
The demographic transition led to an added productivity commonly referred to as the demographic divided, which resulted in high rates of economic growth in most of the world. The general consensus is that the increased pace of economic growth was attained largely thanks to changes in population age structure. However, the literature contains evidence that the population structure does not have a significant impact on economic growth and that improvements in education attainment have in fact been responsible for the high rates of economic growth. These claims are in contradiction with most of the literature and can have important implications for future research and policy making. Since these claims have not been, to the best of our knowledge, verified, this thesis aims to replicate the original research using newer and more suitable data for a higher number of countries. In addition to the original research, analysis is also performed on various subsamples based on governance and cultural indicators. The level and the change in education attainment did not appear statistically significant in most of the regressions, so the claims could not be proved or disproved. However, important insights about the role of not only population structure and labor force participation in explaining economic growth were...
|
|
|
Conventional vs. Shariah stock indices: Volatility, Financial Contagion, Interest Rate Risk and Gold as Safe Haven
Hashmi, Osaid ; Kočenda, Evžen (advisor) ; Baxa, Jaromír (referee)
The thesis aims at the comparison of volatility between conventional stock indices and their Shariah counterparts. We study the time-varying volatility and correlation of both categories using GARCH models, during Global Financial Crisis and afterwards, from January 2008 to March 2017. We analyze the Global stock indices drilling down into their Developed and Emerging market segments, and study the U.S. market; considering U.S. as the origin of the crisis. Extending traditional approach, we study difference of time-varying volatility between conventional and Shariah indices, and thoroughly study its dynamic development during the study period. Employing DCC-GARCH, we investigate the financial contagion within markets and find Shariah indices to be significantly affected by it. We find Shariah stocks to be less risky and a diversification opportunity during crisis, but based on market; unlike other markets, Shariah stocks are more volatile in Emerging markets. We also examine correlations of stock indices with interest rates and analyze the role of gold as a safe-haven for Shariah investors. We observe Shariah indices to be having correlation with interest rates similar to that of conventional indices, hence exposed to interest rate risk. Finally, we find that gold is less correlated to Shariah...
|
|
|
Monetary Policy and Stock Market Returns: Does the ZLB make a difference?
Hysa, Emiljano ; Baxa, Jaromír (advisor) ; Schwarz, Jiří (referee)
This thesis provides analyses of the impact of monetary policy on stock market returns under the zero lower bound. Using a VAR model with time-varying parameters and stochastic volatility, it aims to verify and reconfirm the relevance of monetary policy for stock market returns. This investigation has been carried out on the cases of the U.S., the E.U., and the U.K. When the interest rate is being constrained by the zero lower bound, the interest rate is approximated by the shadow interest rate in the spirit of Kippner or Wu-Xia. The findings can be summarized in three main points. Firstly, it is shown that stock markets react positively to negative shock into shadow interest rate, so the central banks were able to affect asset prices even after the interest rates hit the zero lower bound. Secondly, the impulse response functions suggest that even though the monetary policy is able to affect asset prices, it does so by being less effective. Thirdly, the analyses revealed the cross-country differences in each of the cases, as the monetary policy impact changes across samples both in terms of efficacy and magnitude.
|
|
|
Essays on monetary policy transmission
Rusnák, Marek ; Horváth, Roman (advisor) ; Baxa, Jaromír (referee) ; Pugh, Geoff (referee) ; Belke, Ansgar (referee)
The dissertation consists of three papers presenting applications of meta-analysis in macroeconomics and two papers dealing with real-time data properties and forecasting. The first two papers examine the effect of monetary policy on price level, while the third paper investigates the habit formation in consumption. Fourth paper presents a model to nowcast Czech GDP in real time, while the last paper looks at the properties of data revisions to Czech national accounts.
|
|
|
Inflation Targeting Turns Ten in Georgia: Assessment of the Experience
Megrelishvili, Ketevan ; Baxa, Jaromír (advisor) ; Kukačka, Jiří (referee)
The paper evaluates transition of the monetary policy in Georgia to inflation targeting and the record of the first years of experience with this policy. The inflation targeting was officially announced in 2009; nevertheless, the National bank of Georgia ("NBG") was investigating and planning the transition since 2006. The NBG implemented new instrument the monetary rate - as a precondition for switching to the inflation targeting. The NBG has also improved the independence and transparency following its introduction. Then, we assess the success of the policy change by investigating the efficiency of the monetary transmission mechanism using vector auto-regression models with alternative identification schemes, in particular, the Cholesky decomposition and sign restrictions approach. Our findings suggest that the monetary transmission mechanism works primarily via the Tbilisi interbank rate while the effects of changes in the newly implemented monetary policy rate are bit weaker. The maximum price decrease is achieved after about 15-17 months and it somewhat coincides with the NBG's horizon (4-6 quarters). We have further established that the monetary policy supports the financial stability to a certain extent. JEL Classification E4, E52, P2 Keywords Inflation targeting, Monetary Transmission...
|
|
|
How Much of the Macroeconomic Variation in Ukraine Originates From External Shocks?
Fedorova, Alona ; Baxa, Jaromír (advisor) ; Cahlík, Tomáš (referee)
iv Abstract In this thesis, we investigate the relative importance of foreign shocks in the Ukrainian economy by estimating a small-scale SVAR model with block exogeneity restriction over the period 2003:2 - 2016:12. We find that external shocks from the EU and Russia account for a significant share of the macroeconomic variation in Ukraine. In particular, external shocks account for up to 97 % of variance in Ukraine's output and 85 % in inflation. Remarkably, foreign monetary policy shocks (both from the EU and Russia) account only for a tiny share of variance in all Ukrainian macro variables. Finally, we show that the inclusion of Russia in the 'foreign' block is important to achieve correct model specification. Without accounting for the effects of the Russian economy, Ukrainian variables over-react to shocks originating from the EU. We conclude that the National Bank of Ukraine should closely track external developments to achieve inflation targets. JEL Classification E52, F41, F42 Keywords vector autoregression, foreign shocks, monetary policy, Ukraine Author's e-mail alonafedorova0@gmail.com Supervisor's e-mail jaromir.baxa@fsv.cuni.cz
|
|
|
Regional Convergence in the European Union: Do the Business Services Make the Difference?
Pintera, Jan ; Baxa, Jaromír (advisor) ; Kopečná, Vědunka (referee)
Despite years of deepening economic integration among the states and regions of the European Union, empirical research remains inconclusive about speed of convergence across regions, if not its existence. This thesis provides novel evidence on convergence in the EU while focusing on development at regional level after the Great Recession. It uses recently developed log t convergence test by Phillips and Sul (2007). Our findings speak against the convergence in level of income per capita among the European regions and give us five clubs of regions converging in their income growth rates instead. Investigating further the geographical distribution of the convergence clubs, we confirm high inequality within the member states and find large continuous area of high convergence clubs in the urbanized part of Western Europe. Furthermore, we investigated the determinants of convergence club membership using Logistic Regression. The main explanatory variable of interest were Business Services (BS), a dynamic sector of the economy with presumably strong positive effect on regional innovative potential. We found positive effect of BS on membership in higher convergence clubs. Yet, this effect seems to diminish for the very highest club.
|
|
|
The Effect of Local Policy on Local Parliamentary-Election Results
Vlčková, Kateřina ; Šťastná, Lenka (advisor) ; Baxa, Jaromír (referee)
The thesis examines the relationship between the local policy and local parliamentary election results in Czech municipalities of extended scope from 1997 to 2013. We study the election cycle in subsidies and the impact of higher subsidies to the share of votes for the current ruling party. Besides, we analyse the effect of higher spending to the share of votes for the mayor's incumbent party in parliamentary elections. We test specific expenditure subgroups, such as transportation, education or leisure activities. We apply the system GMM to identify the election cycle in subsidies, while we use 2SLS and instrumental variables to test the effect of higher subsidies and higher spending prior to the elections. In general, municipalities obtain higher subsidies per capita in electoral years. If the mayor is affiliated with the current ruling party on the national level, the ruling party is rewarded for higher subsidies per capita in pre- electoral years by a higher share of votes in parliamentary elections. The mayor's incumbent party obtains a higher share of votes in parliamentary elections as well with higher capital expenditures on education and environmental protection in the pre-electoral year. JEL Classification D72, H71, H72, C23, C26 Keywords Political budget cycle, local policy, subsidies,...
|
guest ::
