|
|
Econometric Systems of Equations as a Tool for Financial Data Analysis
Vaverová, Jana ; Zichová, Jitka (advisor) ; Krtek, Jiří (referee)
This thesis deals with analysing multivariate financial and economical data. The first section describes various types of econometric systems of equations, vector autoregression and constucting models based on this theory. The second part deals with analysing the dependence of time series of inflation rates on various macroeconomical indicators and reciprocal dependence of two exchange rates time series. All results were obtained by the Mathematica 8.0 software.
|
|
|
Gold in Central Bank Reserves and Price Stability
Melnychuk, Olena ; Havránek, Tomáš (advisor) ; Dědek, Oldřich (referee)
There is a traditional view that central banks should hold enough gold in their reserves to be considered financially secure and keep low inflation. However, after the fall of the Bretton-Woods system, many central banks have been decreasing its gold reserves by converting gold into other assets and still they do not experience high inflation. This thesis aims to answer the question if gold reserves of central banks indeed positively affect price stability. We use the panel data for 110 countries for the period from 2000 to 2016. We find that there is a significant negative effect of central banks' gold reserves on inflation but only if we control the proxy variables for the financial strength of central banks. Furthermore, the significance holds only for the inflation-targeting countries, there are no significant effects for the whole data sample. JEL Classification: E31, E52, E58, F41, G11, G21 Keywords: Gold reserves, Central Banks, Inflation rate, Price Stability Author's e-mail: 73099909@fsv.cuni.cz Supervisor's e-mail: tomas.havranek@fsv.cuni.cz
|
|
|
Do Central Bank FX Reserves Matter for Inflation?
Keblúšek, Martin ; Havránek, Tomáš (advisor) ; Holub, Tomáš (referee)
01 Abstract Foreign exchange reserves are a useful tool and a buffer but maintaining an amount that is too large can be costly to the economy. Recent accumulation of these reserves points to the importance of this topic. This thesis focuses on one specific part of the effect of FX reserves on the economy - the inflation. I use panel data for 74 countries from the year 1996 to the year 2017. There is a certain degree of model uncertainty for which this thesis accounts for by using Bayesian model averaging (BMA) estimation technique. The findings from my model averaging estimations show FX reserves to not be of importance for inflation determination with close to no change when altering lags, variables, when limiting the sample to fixed FX regimes nor when limiting the sample to inflation targeting regimes. The most important variables are estimated to be a central bank financial strength proxy, exchange rate depreciation, money supply, inflation targeting, and capital account openness. These results are robust to lag changes, prior changes, and for the most part remain the same when Pooled OLS is used.
|
|
|
Gold in Central Bank Reserves and Price Stability
Melnychuk, Olena ; Havránek, Tomáš (advisor) ; Dědek, Oldřich (referee)
There is a traditional view that central banks should hold enough gold in their reserves to be considered financially secure and keep low inflation. However, after the fall of the Bretton-Woods system, many central banks have been decreasing its gold reserves by converting gold into other assets and still they do not experience high inflation. This thesis aims to answer the question if gold reserves of central banks indeed positively affect price stability. We use the panel data for 110 countries for the period from 2000 to 2016. We find that there is a significant negative effect of central banks' gold reserves on inflation but only if we control the proxy variables for the financial strength of central banks. Furthermore, the significance holds only for the inflation-targeting countries, there are no significant effects for the whole data sample. JEL Classification: E31, E52, E58, F41, G11, G21 Keywords: Gold reserves, Central Banks, Inflation rate, Price Stability Author's e-mail: 73099909@fsv.cuni.cz Supervisor's e-mail: tomas.havranek@fsv.cuni.cz
|
|
|
Comparison of price levels on the countries of Visegrad group after joining the European Union
Bočkoriková, Bernadeta ; Nečadová, Marta (advisor) ; Rusmichová, Lada (referee)
BOČKORIKOVÁ, Bernadeta: Comparison of price levels on the countries of Visegrad group after joining the European Union. University of Economics, Prague, Faculty of Business administration, Department of Economics and Management. Thesis supervisor: Ing. Marta Nečadová, Ph.D, 2017, 48 s. The main objective of this bachelor thesis is to analyse the evolution of different price levels in the countries of the Visegrad Four after joining the European Union and to identify the reasons of the differences. The theoretical part of the thesis defines inflation, describes the possibilities and ways of measuring inflation and briefly describes the consequences of inflation. In this part, there are analysis of the composition consumer basket for each country of the Visegrad Four. Compared are the differences in the structure of consumer price index ant the harmonized index of consumer prices. The practical part of the thesis focuses on the comparison of the price level in the perion of years 2004-2016. Development of the annual inflation rate for each country is explained by annual rate of changes of selected sectors of the consumer basket.
|
|
|
Econometric Systems of Equations as a Tool for Financial Data Analysis
Vaverová, Jana ; Zichová, Jitka (advisor) ; Krtek, Jiří (referee)
This thesis deals with analysing multivariate financial and economical data. The first section describes various types of econometric systems of equations, vector autoregression and constucting models based on this theory. The second part deals with analysing the dependence of time series of inflation rates on various macroeconomical indicators and reciprocal dependence of two exchange rates time series. All results were obtained by the Mathematica 8.0 software.
|
|
|
Comparative analysis of loans to finance housing
Halász, Stanislav ; Radová, Jarmila (advisor) ; Rajl, Jiří (referee)
My thesis focuses on the analysis of financial instruments suitable to finance own housing available in the Czech Republic, especially on mortgages, building savings loans and consumer loans, from the client's perspective. The first chapter presents these three selected options, describes them along with their most important parameters. The second chapter presents three main financial groups in the Czech Republic alongside with their selected products. Individual products are compared and evaluated using preselected examples: buying a property and a reconstruction. Last chapter describes the most common influences on the demand for loan products to finance own housing and analyses them, focusing on the interest rates and the inflation rate.
|
|
|
The Analysis of the Relationship between Inflation and Unemployment in the UK in the Second Half of the 20th Century
Veverka, Jaroslav ; Mirvald, Michal (advisor) ; Rod, Aleš (referee)
The main goal of this thesis is to analyse the mutual relationship between the inflation rate and the rate of unemployment in the United Kingdom on quarterly based data 1962-1967. At first this thesis introduces papers and empirical studies of some important authors who formed the concept of Phillips curve. Furthermore, there are described also studies which criticize this macroeconomic concept. Within the regression analysis is researched the mutual relationship with aid of the linear, hyperbolical and the logarithmic regression model. The result of this thesis has confirmed the mutual inverse relationship between the inflation rate and the rate of unemployment in the analysed period of time which implies the existence of the Samuelson-Solow modification of the Phillips curve in the United Kingdom in 1962-1967.
|
|
|
Analysis and comparison of the economic cycle and its particularity for countries of the Visegrad Group in ages 2004 to 2014
Dvořák, Jakub ; Štekláč, Jiří (advisor) ; Chmelová, Pavla (referee)
This thesis deals with analysis and comparison of the business cycles of the Visegrad Group countries in the period 2004--2014. The subjects of the theoretical part are the phases, length and theoretical perspectives of economics schools to the business cycle. In next part of the theoretical part are descriptions of the macroeconomic indicators, by which the individual countries are analyzed and compared. The theoretical part is dedicated to the Visegrad Group itself. In line with the objective of the thesis, the practical part revealed that the highest and the most stable economic growth is reached by the Polish economy. In contrast, the Hungarian economy scored the worst economic performance during said period. Common problems of economies with high deficit in the current account balances (in which the Hungarian economy, which faced bankruptcy in 2008, is the worst) arise from the data findings. Another common feature of these compared the economics are the public budget deficits, which it negative is reflected in the mount of total public debt. The practical part contains closed prediction of development of each country for the years 2015 and 2016.
|
|
|
The current business environment of Venezuela - the impact on trade with EU
Hoferek, Matěj ; Gullová, Soňa (advisor) ; Štemberk, Jan (referee)
This thesis analyzes the business environment of the Bolivarian Republic of Venezuela and through that it monitors the current EU-Venezuela trade relations. It is based on the PEST analysis, which focuses on four areas - political and legal environment, economic environment, socio-cultural environment and technological environment. The thesis describes the interdependence of the areas of the business environment of the country and highlights its main problems. It follows the current development of the relations of Venezuela with the EU and generally characterizes certain measures to protect the Venezuelan market and the risks associated with them.
|
guest ::
