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Formation of party system in new democracy: The case study of Spain
Pour, Jiří ; Novák, Miroslav (advisor) ; Krausz Hladká, Malvína (referee)
The topic of this bachelor thesis is the formation of Spanish party system from the democratic transition and first free elections in 1977 until now. It follows two mutually interconnected lines - the development and relations of parties on the national level, i.e. the whole party system, and the internal development, structure and functioning of the parties themselves as elements of the party system. The thesis starts with chapter The Franco Regime, which serves as a historical introduction to the issue and calls attention to important events that preceded the Spanish transition to democracy. The second chapter, The Transition to Democracy, slowly abandons the historical perspective and presents an analysis of the first democratic elections and the first democratically governing party - Unión de Centro Democrático. These two chapters are followed by the third chapter The Party System which is the real core of this thesis. In its subchapters are examined: the legal basis of the party system, the conditions of developing Spanish democracy and its impact on the party system and at last the main political powers in Spain of the last 30 years - Partido Socialista Obrero Español and Partido Popular. On the background of detailed examination of these two parties can be seen the development of the...
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Too sovereign to fail
Bergerová, Tereza ; Šíma, Ondřej (advisor) ; Pour, Jiří (referee)
This bachelor thesis aims on a comparison of market and government failures. There are many causes of market failure. In this thesis, there are described externalities, monopoly, public goods and asymmetric information. Government failure may be caused by many factors, this work focuses on bureaucracy, lobbyists, rent-seeking and political and economic cycle. All these causes of market and government failures are shown on real instances. One chapter discusses a real case called H-System, which perfectly shows the compatibility of market and government failure. Very important is the comparison of the default of a government and a firm as well. When a firm goes bankrupt, it does not exist anymore. On the contrary, if a state defaults, it still exists. A state is too sovereign to fail - it is too strong, powerful and irreplaceable to fail.
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Changes of financial system in the context of financial crisis
Karan, Boris ; Šíma, Ondřej (advisor) ; Pour, Jiří (referee)
In this paper, we analyse the relation between financial system and financial crises. Our goal is to find how, on the one hand, changes in the financial system affect the prospects for financial crises and, on the other hand, how the occurrence of financial crises shape the core elements of the financial system. We start by defining the financial crisis from three different perspectives. After it, we present the comprehensive history of financial crises that will allow us to continue by drawing some common patterns that are universal. Universal patterns in crises give us the ground for contemplating on some universal policy responses where we again follow different approaches. Taking into account the specifics of modern times and using the young and promising economy based on the blockchain, we are asking the question is this time different?. Analysis of initial development steps in the digital, trustless world gives us the basis for drawing parallels with the reality and the history. Our results suggest that there are many similarities throughout history and between the real and digital world. Instead of providing an exact answer on the question is this time different we conclude that there is a present strong feeling of Deja vu.
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High frequency trading and its impact on the financial market stability
Haushalterová, Gabriela ; Brůna, Karel (advisor) ; Pour, Jiří (referee)
The thesis analyses high frequency trading, specifically its main characteristics, which make it different from algorithmic trading. Furthermore, the thesis looks closer into major risks, which are new to market, and their impact on market quality and other investors. The next chapter is dedicated to trading strategies, which are typical for high frequency trading. In conclusion, there is discussed the impact on the market quality caused by high frequency trading, namely in terms of liquidity, volatility and price discovery.
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Evaluation of risk management and financial performance of BMW Group
Mysina, Amira ; Brůna, Karel (advisor) ; Pour, Jiří (referee)
Effective risk and financial management possess a great challenge for the multinational companies operating globally. Despite the increasing development of diverse hedging strategies against foreign exchange risk, global firms cannot fully foresee and measure the degree of the impact of foreign currency fluctuations. This paper aims to evaluate the exchange risk management and financial performance of the BMW Group from the year 2005 to 2016. Moreover, this paper is devoted to provide explanatory information on the impact of foreign exchange exposure on the financial performance of the company by the usage of information provided by the annual reports. The first section of the paper establishes the theoretical concepts of risk management with emphasis on exchange rate risk and financial performance analysis, which support the following study. The analysis of the industry and BMW Group business operations worldwide, currency movement, detailed accounting examination, financial ratio, peer group, exchange rate exposure and hedging strategies are performed to examine the relation between the financial performance and foreign exchange risk management. The analysis reveals that the effective hedging strategies against the foreign exchange risk may substantially impact the financial performance and overall positioning of the company in the competitive environment.
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Purposeful Categorization of Land as an Interference with the Right to Property
Pour, Jiří ; Franková, Martina (advisor) ; Damohorský, Milan (referee)
Thesis Purposeful Categorization of Land as an Interference with the Right to Property presents an analysis of the institute of purposeful categorization of land and its specifics on a background of a theoretical thought about the right to property, the right to favorable environment and the collision of two constitutionally guaranteed rights. The purpose of this thesis is to assess current legislation of purposeful categorization of land, including the instruments that are used in relation to it, and to, based on the assessment, identify problematic issues of the legislation and asses the limitation of right to property that the individual instruments related to the institute create. Powered by TCPDF (www.tcpdf.org)
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Formation of party system in new democracy: The case study of Spain
Pour, Jiří ; Novák, Miroslav (advisor) ; Krausz Hladká, Malvína (referee)
The topic of this bachelor thesis is the formation of Spanish party system from the democratic transition and first free elections in 1977 until now. It follows two mutually interconnected lines - the development and relations of parties on the national level, i.e. the whole party system, and the internal development, structure and functioning of the parties themselves as elements of the party system. The thesis starts with chapter The Franco Regime, which serves as a historical introduction to the issue and calls attention to important events that preceded the Spanish transition to democracy. The second chapter, The Transition to Democracy, slowly abandons the historical perspective and presents an analysis of the first democratic elections and the first democratically governing party - Unión de Centro Democrático. These two chapters are followed by the third chapter The Party System which is the real core of this thesis. In its subchapters are examined: the legal basis of the party system, the conditions of developing Spanish democracy and its impact on the party system and at last the main political powers in Spain of the last 30 years - Partido Socialista Obrero Español and Partido Popular. On the background of detailed examination of these two parties can be seen the development of the...
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Anomalies in the development of the exchange rate (In the context of PPP)
Hejzlarová, Anna ; Šíma, Ondřej (advisor) ; Pour, Jiří (referee)
This thesis is focused on the description of the purchasing power parity theory and the theory of the interest rate as the fundamental aspects of exchange rate movements. A large part is devoted to the problems of equilibrium exchange rates and associated anomalies that these equilibrium rates are largely affected. The aim is to highlight the pros and cons of these theories and their practical use in nowadays world. Incomplete validity of purchasing power parity is analyzed by using available data which also leads to examine the presence of deviation from the equilibirum value. These anomalies are divided into economic origin anomalies and anomalies arising from non-market intervention. Despite the frequent critism the theory of purchasing power parity is still the most popular and frequently published theory.
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