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Central Bank Transparency and Price Stability
Katuščáková, Dominika ; Horváth, Roman (advisor) ; Luňáčková, Petra (referee)
The thesis investigates the central bank transparency employing the Monetary Policy Transparency Index. The main objective is to investigate recent trends in the central bank transparency. First, the level of monetary policy transparency is investigated from various aspects, as, for instance, time or geographical aspect. In the next part, all the data are averaged and linear regression analysis is carried out to detect the determinants of the monetary policy which explain the variation among the individual central banks. Finally, panel regressions are conducted to explore the time variation in the monetary policy transparency in the countries. Throughout the text, all the results are compared with the results presented in the paper by Dincer & Eichengreen (2009). The data show that the overall time trend in the level of monetary transparency is increasing. It can be concluded that inflation targeters are generally more transparent than countries with other frameworks. The same applies to advanced countries and emerging and developing countries. The de facto exchange rate regime and all political variables used significantly determine the variation in the monetary policy transparency comparing individual countries. GDP per capita and financial depth significantly influence the time variation in the...
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Damages under the United Nations Convention on Contracts for the International Sale of Goods
Marková, Veronika ; Pfeiffer, Magdalena (advisor) ; Brodec, Jan (referee)
The subject of the rigorosum thesis is damages under the United Nations Convention on Contracts for the International Sale of Goods (hereinafter the "CISG"). The CISG can be described as one of the most important and most widely used legislative instruments providing a unified framework for contracts for the international sale of goods. The aim of this thesis is to make a critical analysis of the provisions concerning the right to damages, to confront misleading provisions and to clarify issues not expressly dealt with by the CISG in order to provide a comprehensive overview of the right to damages under the CISG, taking into account its core values and principles. The significance of the CISG in the business world and the purpose of the right to damages are introduced in the first part of the thesis. The CISG is fundamentally influenced by the UNIDROIT Principles1 and PECL2 , which help to interpret vague languages found in the provision and to supplement and to clarify the provisions of the to the CISG. The crucial goal of the right to damages, which is to place the aggrieved party in the same position it would have been in economically if the contract had been performed, is embodied in the principle of full compensation. The goal of the subsequent chapter is to describe all requirements for...
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Evaluating the predictability of virtual exchange rates using daily data
Řanda, Martin ; Polák, Petr (advisor) ; Kukačka, Jiří (referee)
Virtual worlds have garnered the attention of researchers from various disci- plines and are viewed as particularly valuable to economists due to their open- ended design. In this thesis, we review a popular online multiplayer game's economy and focus on exchange rate predictability in a virtual setting as only a limited body of literature investigated this topic. The well-established unpre- dictability puzzle is addressed by exploiting a unique daily time series dataset using a vector autoregressive framework. Apart from a significant Granger- causal relationship between the virtual exchange rate and the player popula- tion, the system is shown to be less interconnected than expected. Furthermore, an out-of-sample exercise is conducted, and the forecasting performance of our models is examined in comparison to that of a simple no-change benchmark in the short term. Based on the evaluation methods used, the two measures of the virtual exchange rate are found to be somewhat predictable. We suggest two explanations for this inconsistency between the virtual and real-world exchange rates: data frequency and lack of complexity in the considered online economy.
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Damages under the United Nations Convention on Contracts for the International Sale of Goods
Marková, Veronika ; Pfeiffer, Magdalena (advisor) ; Brodec, Jan (referee)
The subject of the rigorosum thesis is damages under the United Nations Convention on Contracts for the International Sale of Goods (hereinafter the "CISG"). The CISG can be described as one of the most important and most widely used legislative instruments providing a unified framework for contracts for the international sale of goods. The aim of this thesis is to make a critical analysis of the provisions concerning the right to damages, to confront misleading provisions and to clarify issues not expressly dealt with by the CISG in order to provide a comprehensive overview of the right to damages under the CISG, taking into account its core values and principles. The significance of the CISG in the business world and the purpose of the right to damages are introduced in the first part of the thesis. The CISG is fundamentally influenced by the UNIDROIT Principles1 and PECL2 , which help to interpret vague languages found in the provision and to supplement and to clarify the provisions of the to the CISG. The crucial goal of the right to damages, which is to place the aggrieved party in the same position it would have been in economically if the contract had been performed, is embodied in the principle of full compensation. The goal of the subsequent chapter is to describe all requirements for...
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Causal nexus in civil law
Smička, Martin ; Šustek, Petr (advisor) ; Hendrychová, Michaela (referee)
The aim of this thesis is to provide an insight into the topic of causation in law and to acquaint its reader with the common methods of proving the causation before courts. Among the most used methods such as the 'but for' test, this paper focuses on specific aspects of this topic which were introduced to the Czech legal system together with the adoption of the Civil Code 2014. The thesis also includes description and analysis of alternatively used methods of proving 'multiple causation' cases such as the theory of 'loss of chance' and 'pure economic loss'. Among this analysis the comparison between Czech and British legal system is used extensively. The core of this thesis is the effort to confirm or to refute the hypothesis that despite the Czech legal system does not officially recognize distinction between 'factual causation' and 'legal causation' as it is done in the British legal system, methods from both categories are actively used by Czech courts. This paper also aims to analyze whether, due to the fact that recognition between 'factual causation' and 'legal causation' is not explicitly expressed in the Czech legal system, does exist any negative or positive impact on judicial decisions. The last goal of this thesis is to demonstrate whether, similarly as in the British law, the significant number...
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Causation and foreseeability in private law
Vlčák, Martin ; Šustek, Petr (advisor) ; Salač, Josef (referee)
Causation and foreseeability in private law The issue of this thesis is the causation and foreseeability in private law. The aim of this diploma thesis is to provide comprehensive view of both presented legal institutes and their significance in law. This thesis especially focuses on detailed analysis of procedure of proving the causation and introduces the most significant issues arising from this proceeding. Introduction is aimed at the function and especially at detailed definition of the term causality not only in law, but also in the area of natural sciences. It defines the term foreseeability in the same way. Moreover, it defines conditions that considerably affect foreseeability. Consequently, it aims to provide the relation between foreseeability and causation. This thesis also deals with the significance of causation from the perspective of legal liability. In this context, it mentions the issue of causally relevant conditions. On this basis, this paper tends to its core which consists of detailed analysis of methods of proving the factual causation. Universally accepted method of proving factual causation is considered the 'conditio sine qua non' test. However, this test is found to be ineffective in cases of causal uncertainty. Therefore there are more effective instruments for equitable...
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Damages under the United Nations Convention on contracts for the international Sale of Goods
Veselý, Tomáš ; Dobiáš, Petr (advisor) ; Brodec, Jan (referee)
The recent decades have seen a steady growth of international trade of goods. In order to harmonize the legal environment concerning this materia, attempts for unification of international sales law have been made. In the field of sales of goods, several international instruments have been adopted. These include the (unsuccessful) Convention relating to a Uniform Law on the International Sale of Goods, the model laws, i.e. the UNIDROIT Principles of International Commercial Contracts and the Principles of European Contract Law, and, most notably, the UN Convention on Contracts for the International Sales of Goods (CISG). This master's thesis aims to explore one type of remedies for non-performance under the CISG, namely provisions on damages. In a great detail, articles 74, 77, 79 and 80 will be analysed. First, a detailed commentary on two major prerequisites for liability for damages, i.e. causation and foreseeability, will be given. The various factual and legal causation theories will be described. Then it will be demonstrated why it is just and useful that the CISG contains a provision for limiting liability to foreseeable loss and how foreseeability is measured. We will then move to another method of limiting damages - mitigation rule. It will be shown why it is in the aggrieved party's best...
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Central Bank Transparency and Price Stability
Katuščáková, Dominika ; Horváth, Roman (advisor) ; Luňáčková, Petra (referee)
The thesis investigates the central bank transparency employing the Monetary Policy Transparency Index. The main objective is to investigate recent trends in the central bank transparency. First, the level of monetary policy transparency is investigated from various aspects, as, for instance, time or geographical aspect. In the next part, all the data are averaged and linear regression analysis is carried out to detect the determinants of the monetary policy which explain the variation among the individual central banks. Finally, panel regressions are conducted to explore the time variation in the monetary policy transparency in the countries. Throughout the text, all the results are compared with the results presented in the paper by Dincer & Eichengreen (2009). The data show that the overall time trend in the level of monetary transparency is increasing. It can be concluded that inflation targeters are generally more transparent than countries with other frameworks. The same applies to advanced countries and emerging and developing countries. The de facto exchange rate regime and all political variables used significantly determine the variation in the monetary policy transparency comparing individual countries. GDP per capita and financial depth significantly influence the time variation in the...
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