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International Reserves: Facing Model Uncertainty
Benecká, Soňa ; Komárek, Luboš
The abundant literature on the competing motives for holding international reserves stresses different factors, giving rise to a problem called model uncertainty. In this paper we search for the most important determinants of reserve holdings using data for 104 countries in 1999–2010 and evaluate their importance using Bayesian model averaging (BMA). We enrich the ongoing empirical discussion by examining the role of financial globalization and monetary policy and by introducing new variables and searching for alternatives to the traditional ones. The results confirm that trade openness and the broad-money-to-GDP ratio are the key determinants with a positive link to the level of reserves. On the other hand, financial development seems to lower the need for reserves.
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A theoretical and empirical analysis of the nominal convergence in transition countries with a particular attention to the Czech economy
Žďárek, Václav ; Komárek, Luboš (advisor) ; Dědek, Oldřich (referee) ; Feldkircher, Martin (referee)
This PhD thesis aims at exploring price convergence in the European Union with a particular emphasis paid to the Czech Republic and new EU member states. Fundamental issues are discussed in the first chapter, starting with the notion and term `convergence' since many alternative definitions have been proposed in the literature. Apart from that, main indicators utilized when investigating price convergence are defined (for example purchasing power parity/purchasing power standard, PPP/PPS, comparative price level, CPL) and a brief review of the literature is added. The second chapter deals with several issues accompanying price convergence in general and in transforming countries in particular such as the club convergence hypothesis, issues of tradability, availability of datasets and their strenghts and weaknesses, the link between price levels and rates of inflation, and determinants. Both `standard' and `modern' approaches are utilized in the last chapter so that several hypotheses can be verified. For the sake of comparability, individual CPLs for EU-27 countries for the period 1995(9)-2011 are employed. Firstly, stylised facts for both old EU and NMS are presented (including effects stemming from the on-going financial crisis). Secondly, the club convergence hypothesis is examined with help of two different ways - cluster analysis and the Phillips-Sul test (both for the EU and its `subgroups'). Both of them do confirm the existence of convergence clubs in the EU (including its old and new part). Following the previous findings, a somewhat broader and richer view on price level dynamics is supplemented via utilization of the so-called Stochastic kernel (Quah, 1993). This methodology shows both convergence and divergence (divergence/polarization/stratification) in the EU. Finally, the last section of this chapter is focused on a thorough search for determinants of price levels in the EU. The Bayesian approach is employed (Bayesian model averaging, BMA) and our results confirm both the importance of both `traditional' determinants such as labour costs and output gap and new ones such as broadly defined institutional factors. Main findings of this thesis are summarized and commented in the conclusion aiming at providing implications for policymakers and some guidance for future research.
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Demand for golf in the Czech Republic
Horna, Leoš ; Macáková, Libuše (advisor) ; Nečadová, Marta (referee)
This Master's Thesis deals with the demand for golf in the Czech Republic. Its aim is to identify the main determinants of the demand for golf and their influence on the golf boom in the Czech Republic. First chapters are devoted to the theory of demand and its determinants. This is followed by a general introduction to golf, namely its brief history in the Czech Republic and the basic specification of the play. The middle part is devoted to the other side of the market, the supply. There are analyzed the status and development of golf infrastructure in terms of different types of golf courses, but also their price. The status and development of the membership of the Czech Golf Federation is analyzed after the supply. A final chapter deals with determinants of demand, whose significance is assessed on the basis of data obtained from the survey.
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Determinants of the size of the bed fund in the Czech Republic
Kulich, Tibor ; Maaytová, Alena (advisor) ; Blažek, Petr (referee)
This thesis deals on bed medical facility in the Czech Republic. The main goal is to identify the determinants that impact most on its size. Great attention is paid to the structure of hospital care and analysis of trends in this area in the Czech Republic and in selected OECD countries. According to research carried out can be said that the bed fund is evenly distributed in the Republic and its size is largely influenced by demographic structure of the population in each region. Despite this major determinant, determining the extent of absolute bed funds are centrally carried out by administrative decision.
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High mathematics teaching text creation with using of the e-learning
NOVÁKOVÁ, Alena
Teaching text containing the following chapters of higher mathematics: complex numbers, matrices, determinants, numerical solution of equations, differential calculus of functions of several variables, vector analysis, differential equations. The text is supported by illustrated examples with the main aim of using the given mathematical concepts and theorems in physics. Part of this teaching text is its electronic form {\clqq}Electronic textbook of mathematics for physics``.
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