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On the Transparency Road, with the Handbrake Engaged (European Transparency Initiative in Natural Resources)
Helwig, Daniel ; Druláková, Radka (advisor) ; Hnát, Pavel (referee)
The study at hand aims at understanding the "twisted fate" of the EU's initiative to provide transparency of payments in oil, gas, and mining deals. The European Commission in October 2011 followed the lead of the US Dodd-Frank Act in establishing strict disclosure requirements for businesses in the extractive industries. Its initiative demanded annual reporting of any payments made by such enterprises to public authorities of commodity exporting countries, in order to mitigate corruption of public officials via transparency of payments. Praised by NGOs, the initiative was heavily opposed by the German government and experienced efforts by the very same to water its efficacy down. Germany's uncompromising position prolonged the search for an agreement between Council of Ministers and European Parliament until April 2013. It is hypothesized that the German opposition originates in highly effective interest representation of influential domestic actors, dismissive of a tight transparency regime. To validate this, Moravcsik's Liberal Intergovernmentalism is the theoretical framework of choice. At its core lies a genuine two-step of domestic societal actors, upgrading their particular interests to "national preferences" and the subsequent agency of their governments in rational bargaining with others. However, in order for this to apply in European everyday politics, theoretical amendments have to be made. Namely, the originally disregarded influence of supranational institutions as well as a shift of bargaining arenas has to be sufficiently respected by the theoretical frame.
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Central bank transparency and credibility
Holinka, Tomáš ; Mandel, Martin (advisor) ; Brůna, Karel (referee) ; Filáček, Jan (referee)
This dissertation attempts to analyze the impact of transparency and credibility of central banks on financial markets. While the topic of central bank's transparency has been extensively elaborated in literature, the linkage between institutional framework and empirical characteristics of transparency and credibility have not been adequately described. The study aims to overcome this absence and try to quantify transparency and credibility of central banks, as well as to analyze the relationship between them and their effect on interest rates and inflation expectations. The analysis is performed for nine major central banks: the Reserve Bank of Australia, the Bank of Canada, the European Central Bank (ECB), the Bank of Japan, the Reserve Bank of New Zealand, the Sveriges Riksbank, the Swiss National Bank, the Bank of England, and the U.S. Federal Reserve, and three central and eastern European central banks--the National Bank of Poland, the Hungarian National Bank and the Czech National Bank (CNB). The transparency index, based on survey, is constructed for all twelve central banks mentioned above, while measures of transparency and credibility that are derived from financial market instruments are performed only for the ECB, Fed and the CNB. Finally, we analyze the impact of transparency and credibility of the CNB on interest rates and inflation expectations. The analysis shows that central bank transparency has improved substantially in the last decade. The most transparent central banks in our sample are the Sveriges Riksbank and the Czech National Bank, followed by the Bank of England. A range of communication channels that improve the transparency of monetary policy, however, have little impact on central bank credibility. It is primarily policy-makers' verbal comments, monetary policy implementation and clarity that affect the predictability of monetary policy and contribute most to increasing its credibility. Therefore, the main reason of low credibility is confusing communication, which cannot be eliminated even by maximum openness of the central bank. The additional study of the Czech National Bank showed that during the European debt crisis, greater credibility of the CNB reduced the uncertainty in financial market and contributed to efficient formation of private agents' inflation expectations. Moreover, the results of the analysis show that inflation expectations in the Czech Republic are formed rationally, i.e. they are based on the CNB inflation forecast rather than on the actual values of inflation.
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Transparency of municipal budgets
Bastlová, Irena ; Sedmihradská, Lucie (advisor) ; Daněk, Tomáš (referee)
The municipal budget is a very important document providing the public information on the management of the municipality. This thesis deals with the analysis of the transparency of municipal budgets. The aim is to analyse and compare the transparency of the budget documents in twenty selected cities. On the basis of the created questionnaire is evaluated by the accessibility and clarity of the budget documentation published on the websites of municipalities. In addition, the thesis contains recommendations that can contribute to the publication of the budget documents in the form accessible to the citizen without a specific accounting or economic knowledge. It was recommended, in particular, to describe in detail the individual budget items, to supplement the budgetary documents on the summary tables and charts, and attach the summary and comments to budget documents.
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Transparency of public procurement
JANÁČIK, Rastislav
In the theoretical part I tried describe most basic terms of the law of public procurement, because of easier understanding of this topic. In this part I also tried assess the condition of transparency of public procurement in Czech Republic. Then I desribed the basic principles, which relating to standards of transparency of public procurement. These principles were defined by the OECD. I also tried to explatin, how European legislation solves the issue of transparency in public procurement. In the practical part, I focused on several practical examples related to non-transparent public procurement, where are seen various shortcomings in the process of public procurement. In one of the other chapter of thesis is shown a short statistical overview about public procurement in Czech Republic and also overview about public availability of informations related to public procurement in selected OECD countries. In this part I made a short comparison of legal measures in Czech Republic with the principles of transparency of public procurement, which are defined by the OECD. I also tried suggest possible effective solutions to improve the current situation.
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Promotion of the CSR concept in the Czech Republic
Záhorská, Lucie ; Odehnalová, Jitka (advisor) ; Petříčková, Iva (referee)
This final thesis describes the core of the Corporate Social Responsibility (CSR) concept, monitors its development and its present role in the Czech Republic and the world. In the practical part of this thesis I focus on the institutions in the field of CSR in the Czech Republic, with emphasis on the Business Leaders Forum. I reveal the knowledge and the attitude of the target groups (managers, university students) towards the concept. In the last part of the thesis I suggest measures for higher efficiency of the promotion of the CSR concept in the Czech Republic.
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The PPP Concept: A Critical Evaluation
Chadimová, Kristýna ; Ježek, Tomáš (advisor) ; Munzi, Tomáš (referee)
Diploma thesis deals with the implementation of the public private partnership concept in Czech Republic. Its primary aim is to highlight risks of the PPP concept. Thesis describes theoretical and practical risks of the concept and concludes that the threat of risks is much more significant when the PPP concept is implemented in insufficiently suitable environment. In the practical part the thesis finds an answer to the question whether the PPP concept is suitable for implementation in the Czech Republic. By analyzing the legal and institutional environment and factors such as public procurement, corruption, transparency and public finances, the thesis demonstrates that under current conditions the implementation of the PPP concept is not suitable in Czech Republic. Conclusions are confirmed by analysis of PPP concept implementation. Finally, the thesis pronounces recommendations about the future application of the PPP concept in Czech Republic.
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Measuring the effectiveness of e-government
Tajtl, Martin ; Voříšek, Jiří (advisor) ; Stiegler, Petr (referee)
This paper describes problems of eGovernment and proposes way to measure e-Government services. Described is the state of the Czech eGovernment in detail to selected projects and in international comparison. The description shows that the development is still ongoing, but in a much slower pace than in the electronically advanced countries. Main identified problem is inconsequent strategic management and resortism, which is constraining deployment of cross-resort projects. Based on the description of the current situation and on the international experiences, author offers specific recommendations to future development of the electronization of public administration in the Czech Republic. In response on management problems is in this paper proposed and tested methodology for measuring the effectiveness of e-Government services. This methodology is an objective procedure of measuring the effectiveness of e-services which is providing feedback for service providers. Testing of methodology evaluates three services from taxation agenda and highlights their weaknesses, including the proposal of corrective solutions.
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Central banks' voting records and future policy
Horváth, Roman ; Šmídková, Kateřina ; Zápal, Jan
Writers assess whether the voting records of central bank boards are informative about future monetary policy. First, they specify a theoretical model of central bank board decisionmaking and simulate the voting outcomes. Three different versions of model are estimated with simulated data: 1) democratic, 2) consensual and 3) opportunistic. Next, the model predictions are tested on real data on six countries (the Czech Republic, Hungary, Poland, Sweden, the United Kingdom and the United States).
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ETF from investor's point of view
Víťazka, Peter ; Witzany, Jiří (advisor) ; Pumprová, Zuzana (referee)
Bachelor thesis is dealing with description of a modern product called exchange traded funds. It provides information about features, development and functioning of this new investment instrument. It outlines orientation in this topic and analyzes advantages and risks in comparison with chosen product for investor. Purpose of the last analytical part is to draft creation of Czech crown ETF tracking PX index. The thesis yield groundwork for possible launch of this plan.
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