|
|
The Causes and Effects of Financial and Economic Crisis in Ireland
Beránková, Kateřina ; Antoš, Ondřej (advisor) ; Štěpánek, Pavel (referee)
The purpose of this work is to describe economic development of a relatively small open economy before the occurrance as well as during the ongoing financial crisis and domestic recession. The first part of the text describes economic cycle and economic policy theories, and outlines aspects of financial system instability and its likely impacts on real economic activity. The second part brings out discussion of historic predispositions, sources of growth as well as condition of economic policies in Ireland. By means of relevant statistical indicators an analysis of macroeconomic equilibrium is undertaken. Also, in context of the global crisis, main contagion mechanisms, fall-outs and mitigating policy measures are inspected.
|
|
|
Business cycle and economic transformation in Czech Republica
Nedvědová, Kateřina ; Janíčko, Martin (advisor) ; Svoboda, Miroslav (referee)
The bachelor work is focused on course of the business cycle with following application of theoretical knowledge on a specific period of economical history in the Czech Republic. At first the individual theories of business cycles, which provide different views on fluctuation of economical activity, will be analysed with regard to theoretical part. As a part of theoretical chapter will also be a description of an economical situation in the period of transformation in Czech Republic, i.e. approximately in the 90th of 20th century and theoretical exposition of indicators of the business cycles. Following part will be devoted to monitoring and statistical analysis of a transformation period in the Czech Republic, which will be carried out in regard to selected so-called coincident or leading indicators. In the light of these facts the individual stages of business cycle in period of transformation in Czech Republic will be described in the last chapter of the bachelor work.
|
|
|
Analysis of macroeconomic implications of Czech households indebtedness
Binderová, Anna ; Ježek, Tomáš (advisor) ; Mládek, Josef (referee)
The thesis analyses the rapid growth of indebtedness of Czech households, which have created concerns both among economists and general public. The thesis is aimed not only on development of indebtedness but also on causes of recent developments and structure of indebtedness. The thesis also deals with household savings, which are opposite of debts and according to neoclassical theory are the bottom line of economic growth. Main part of the thesis closely examines impacts of indebtedness upon Czech economy. It tries to describe and assess these impacts using economic theories, which are described in theoretical part of the thesis. International comparisons are an integral part of analysis, without them the analysis would be incomplete. The thesis uses up-to-date statistical data and widely used measures of indebtedness.
|
|
|
Murry Rothbard a jeho přispění k objasnění Velké hospodářské krize
Sejček, Zdeněk ; Potužák, Pavel (advisor) ; Štěpánek, Pavel (referee)
There were many attempts to explain what exactly happened to USA?s economy between years 1921 and 1929. First and for many years the only one ?mainstream? explanation was that the main cause of Great Depression was underconsumption and overinvestment brought about by irresponsible customers and much more irresponsible investors. But there were also other explanations, based on totally contradictory conclusions and main cause of business cycles was found in state?s driven monetary expansion. Murray Rothbard?s explanation, based on Austrian Business Cycle Theory and developed in his book America?s Great Depression (written in 1963), is just one of them. In this book (despite of it has more than 300 pages) he advocates only one receipt how to avoid depressions: to stop FED?s power to inflate. Only this governmental agency, delegated by government to care about money and to expand money stock when necessary, can cause such big depression as Great Depression had been. Natural business cycle, less serious without compare, is organic part of every market and there is no reason to fight against it. But in the background with ever-present governmental attempt to do things better than something uncontrolled like market, business cycle changes itself to destructive long-term process that might take multiple more time to recover back to prosperous and healthy economic system. As Rothbard pointed out, all depressions without governmental interference were short-lived and self-adjustment process completed itself as rapidly as possible. The main ambition of my work would be to summarize Murray Rothbard?s work regarding Business Cycle and especially Great Depression and put it in context of Austrian Business Cycle Theory.
|
|
|
Political efforts to be re-elected - the contexts of the business cycle in the Czech Republic?
Josková, Kamila ; Czesaný, Slavoj (advisor) ; Potužák, Pavel (referee)
As apparent from the name of my diploma thesis I am trying to find a relation between the political and the economical cycle in the Czech Republic. It is evident that the political events are motivated by the personal interests of the politicians to be re-elected. Also the development of the economy does not need to be spontaneous but influenced by the populist intentions. In the theoretical part I am trying to explain the relations between the political and the economical cycle and also the behaviour of several macroeconomic variables which I have chosen for the analytical part of my work. These are: GDP development, inflation, unemployment rate, social migration of the population, consumption and balance of the state budget. In the analytical part I am analysing the behaviour of the selected variables in the election period 1996-1998, 1999-2002, 2003-2006 and in the first two years of the postelection period 2007 and 2008. Based on the behaviour of the variables within the political cycle I am trying to find the possible reason of their development, whether it is a spontaneous process characterized by the current phase of the economical cycle or whether it is a result of the implemented populist measures.
|
|
|
Application of Problems of Macroeconomic Disequilibrium: Outline of Run of Business Cycle in the Economy of Germany in the Years 1990 - 2006
Kloudová, Dana ; Janíčko, Martin (advisor) ; Hudík, Marek (referee)
This bachelor thesis deals with the business cycle phenoma. First part is theoretical and is focused on characteristics of business cycles, especially on investigating causes of economic fluctuations (demand and supply shocks), types, phases, and history of business cycles. Then, monitoring and analysis of business cycle follow, when the indicators of internal and external disequilibrium is to analysed. From indicators of the internal disequilibrium a very special focus is put on inflation rate, difference between real output and potential output (output gap), and unemployment rate. External disequilibrium is analysed through the current account balance as a percentage of GDP. Next chapter of the theoretical part is dedicated to aggregate demand and its components, aggregate supply and macroeconomic (dis)equilibrium. In this work the attention is paid to both fiscal and monetary policy, which can substantially influence length and behaviour of a business cycle. Second part is analytical and addresses business cycle in the economy of Germany since its reunification (1990) to 2006. This time period is separated into several parts. Every part is specific and will be analysed separately. Selected macroeconomic indicators are also to analysed by econometric models, and then their influence on the behaviour of the business cycle is evaluated. In conclusion, a broad prospect of the future business cycle development is outlined.
|
|
|
The Impact of the Business Cycle on Beauty Industry
Gregorová, Martina ; Munzi, Tomáš (advisor) ; Czesaný, Slavoj (referee)
This bachelor's thesis analyses a relationship between economic cycle and consumption of products and services of personal care which are used to maintain neat appearance. Firstly, I mention opinions of foreign authors on importance of people's appearance; further, describe GDP theory and theory of demand elasticity. The theoretical part is followed by an analysis of economic cycle in the Czech Republic in a period of 1994 -- 2009. Key producers of beauty products in the Czech market are also described in the next chapter. The analytical part is focused on methodology and beauty industry classification. Finally, I compare consumption of personal care products in a relationship with total consumption, analyze different development of individual product groups and classify those in groups of luxury or neutral goods. Development of GDP, consumption and investments is also described.
|
|
|
Price Deflation
Thorovský, Jan ; Šíma, Josef (advisor) ; Mládek, Josef (referee)
The thesis deals with a monetary phenomenon of price deflation. In modern monetary theories, causes are sometimes confused with consequences. As to price deflation, consequences of causes of this phenomenon are often attributed to it while it is not a cause but a mere consequence. That's why we have identified causes of price deflation and their true consequences in the thesis. According to quantity theory of money, there are three main sources of price deflation as follows: decline in money supply, decline in velocity of circulation of money, and productivity growth. These causes are analyzed in detail, each of them in a single chapter. Price deflation is often associated with depressions while in some cases it might be a mere consequence of depression, not a cause. On the other hand, price deflation might also be a consequence of productivity growth (unless accommodated by increase in money supply) which makes it perfectly compatible with a healthy and growing economy.
|
|
|
Monetary causes of the business cycle
Tůma, Aleš ; Koderová, Jitka (advisor) ; Havel, Jan (referee)
This thesis deals with the monetary theory of business cycles as presented by the so called Austrian school of economics. It analyzes the different economic effects of investments financed by saving as opposed to investments financed by credit expansion. It shows that in the latter case an unsustainable situation results in which economic actors try both to invest and to consume more at the same time, which is physically impossible. The result is recession and liquidation of malinvestments made during the boom. The thesis also provides an answer to critiques of the Austrian business cycle theory by proponents of the rational expectations hypothesis. Furthermore, a critique of traditional national income accounting measures, namely GDP, is put forward. These measures fail to adequately show the described cyclical changes in the economy's productive structure, e.g. the artificial boom and subsequent correction. Gross domestic revenue (GDR) is proposed as an alternative measure that adds the expenditure on intermediate products back to GDP. In the last part of the thesis GDR is calculated for the Czech economy.
|
|
|
Business cycles convergence between eurozone and the new EU member states
Janeček, Daniel ; Abrhám, Josef (advisor) ; Jiránková, Martina (referee)
The paper examines the degree of convergence between the business cycles of the new EU member states and eurozone. This convergence is a necessary condition for a troublefree operation of a monetary union. Several analyses have been used to assess the problem -- pure time series correlation, correlation of detrended time series and of lagged series, and above all impulse-response functions correlation and forecast error variance decomposition. Finally, the paper briefly assesses the evolution of business cycles convergence.
|
guest ::
