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Econometric test of euro adoption impact on German and Czech exports: the costs and benefits of Eurozone membership in the trade sector
Hyžíková, Mirka ; Benáček, Vladimír (advisor) ; Princ, Michael (referee)
The purpose of this study is to find the influence of common currency on the international trade development. The study deals with the Rose effect, which says, that the currency unions increase trade by more than 200%. This thesis designes an extended gravity model of international trade where the economic characteristics of countries are combined with institutional and policy factors of trade, such as the EU common policies, impacts of the Euro or trade agreements and other factors, which lowers the transaction costs of trade, such as the quality of infrastructure. The thesis also deals with the data structure influence on the results of the estimation of gravity models and shows the problem which is not in common literature noted. Compared to the common research, this thesis focus in detail only on Czech and German exports.
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Determinants of Austrian International Trade: Econometric Analysis Based on the Gravity Model
Davidová, Lucie ; Benáček, Vladimír (advisor) ; Hrbek, Pavel (referee)
The purpose of this thesis is to examine Austrian foreign trade and estimate this country's export function. The analysis is based on the gravity model in trade in log-log form, augmented by additional variables (adjacency, REER, institutional indices, etc.). Our panel dataset consists of 3396 observations of Austrian exports to 211 countries over the period of 1995-2011. First, we examine main export partners and SITC articles and we come to a conclusion that Austria is heavily oriented to Germany and SITC 7 (machinery and transport equipment). We employ FE and RE as estimation techniques and distinguish between them according to the Hausman test. We emphasise that panel data structure does matter and estimate the gravity equation twice - once as 17 cross sections and then as 211 time series. The most important determinants appear to be domestic and partner's GDP, bilateral distance, adjacency and a country being landlocked. Subsequently, we give different techniques to deal with zero and missing observations, and calculate relative trade potential realisation for year 2011. Most of the top-ten export partners seem to be over their potential.
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Foreign Direct Investment in Mongolia - Its determining factors and policies
Renchindorj, Enkh-Amgalan ; Benáček, Vladimír (advisor) ; Stakhovych, Lyudmyla (referee)
Bibliography RENCHINDORJ, Enkh-Amgalan. Foreign Direct Investment in Mongolia -Its determining factors and policies. Prague 2012. 57 p. Bachelor thesis (Bc.). Charles University, Faculty of Social Sciences, Institute of Economic studies. Supervisor of the thesis is doc. ing. Vladimír Benáček, CSc. Abstract Title: Foreign Direct Investment in Mongolia - Its determining factors and policies Author: Enkh-Amgalan Renchindorj Supervisor: doc. ing. Vladimír Benáček, CSc. Abstract It is considered that Foreign Direct Investment (FDI) has an important role for economic growth and economic development in particularly developing countries. In today's world are almost all countries that involved in the process of international investment cooperation. It has become axiomatic that sustainable economic development is impossible without the effective participation in global economic processes, including those without the active involvement of Foreign Direct Investment (FDI). Mongolia is a one of the fastest growing country in the world and like any other developing countries; nowadays FDI is one of the important factors in the economic development of Mongolia. This country has rich natural and mineral resources and recently has discovered world's largest copper-gold ore and become one of the top FDI attracting countries...
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Estimating the determinants of FDI in Transition economies: comparative analysis of the Republic of Kosovo
Berisha, Jetëmira ; Dědek, Oldřich (advisor) ; Benáček, Vladimír (referee)
This study develops a panel data analysis over 27 transition and post transition economies for the period 2003-2010. Its intent is to investigate empirically the true effect of seven variables into foreign flows and takes later on the advantage of observed findings to conduct a comparative analysis between Kosovo and regional countries such: Albania, Bosnia and Herzegovina, Macedonia, Montenegro and Serbia. As the breakdown period (2008-2010) was included in the data set used to modelling the behaviour of FDI, both Chow test and the time dummies technique suggest the presence of structural break. Ultimately, empirical results show that FDI is positively related with one year lagged effect of real GDP growth, trade openness, labour force, low level of wages proxied by remittances, real interest rate and the low level of corruption. Besides, the corporate income tax is found to be significant and inversely related with foreign flows. The comparative analysis referring the growth rate of real GDP shows that Kosovo has the most stable macroeconomic environment in the region, but still it is continuously confronted by the high deficit of trade balance and high rate of unemployment. Appart, the key obstacle that has abolished efforts for foreign investment attraction is found to be the trade blockade of...
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Gravity Models Enlarged by Institutional Factors
Benešová, Šárka ; Benáček, Vladimír (advisor) ; Babin, Adrian (referee)
This thesis focuses on the gravity model of international trade that is enlarged by institutional factors. The aim is to concentrate on behaviour of Swiss exporter, based on cross-sectional and time series panel dataset. Swiss former foreign trade is analysed for this purpose. Afterwards, institutional factors are discussed in the first part of the thesis, how they can influence international trade and how they are affected by liberalisation. Further, the gravity model of international trade and development of the model is introduced. Second part of the thesis concentrates on the estimation of the gravity model for Swiss export by fixed and random effects. It was found out that institutional factors have impact on Swiss exports, especially from the static perspective while the subjects between countries are discriminated, which is modelled using cross-sectional data specification. The role of institutions substantially decreases in dynamic point of view.
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Effects of Culture on Production: Influence of Cultural Differences on Economic Performance of Human Capital
Šenkýřová, Jitka ; Benáček, Vladimír (advisor) ; Eckertová, Eva (referee)
Title Effects of Culture on Production: Influence of Cultural Differences on Economic Performance of Human Capital Abstract Within the Thesis the concept of production function is described and human capital as one the main inputs is further examined. The main focus of this thesis is to discover whether there is any effect of culture on production. Such aim will be examined by testing the null hypothesis that there is no effect of cultural dimensions on production. The null hypothesis is tested by regression analysis. JEL Classication D24, E24, J24, Z19 Keywords Production, Production Function, Human Capital, Culture, Cultural Dimensions, Hofstede, Long-Term Orientation Author's e-mail: jitkasenkyrova@email.cz Supervisor's e-mail: benacekv@fsv.cuni.cz 1
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Role of Foreign Capital Inflows in Economic Development of Pakistan
Ali, Muhammad ; Baxa, Jaromír (advisor) ; Benáček, Vladimír (referee)
This study attempts to ascertain the importance of foreign capital inflows (FCIs) in Pakistan. We do so by first finding the key determinants of FCIs in Pakistan. Secondly, we attempt to investigate the relationship of FCIs with economic growth and finally we study the impact of FCIs on unemployment, poverty and income inequality. FCIs in this study are combination of foreign direct investment, remittances, foreign aid and external debt. Using data from 1973-2008 for Pakistan we found that growth is key determinant of FCIs both in aggregated and disaggregated forms. Moreover, FCIs have positive impact on economic growth in Pakistan. We also found that FCIs do help in reducing unemployment. Impact on poverty and inequality, however, was found to be insignificant. Results suggest that though FCI is beneficial for growth, the spillovers of the growth are not reaching the poor segment of the society. Policy makers should therefore focus on utilizing these foreign resources, especially remittance inflows, to strengthen domestic financial sector, reduce poverty and inequality. JEL Classification F21, F24, F29 Keywords International Capital Flows, Economic growth, Foreign Direct Investment, Remittances, Foreign Debt, Foriegn Aid, ARDL, Poverty Author's e-mail alionline83@yahoo.com Supervisor's e-mail...
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Institutional framework and development in selected emerging markets
Khamet, Khafiz ; Kouba, Karel (advisor) ; Benáček, Vladimír (referee)
Master thesis analyses the institutional framework in twelve transition economies (Baltic republics, Bulgaria, the Czech Republic, Hungary, Poland, Romania, and the Slovak Republic as new EU member states, plus Belarus, Russian Federation and Ukraine) on the Worldwide Governance Indicators (WGI) data from 1998 to 2008. The results show good position of new EU member states (except for Bulgaria and Romania) in four indicators, namely Voice and Accountability, Political Stability, Government Effectiveness and Regulatory Quality. In our terminology, it can be viewed as completed second stage of transition. On the other side, all countries have insufficient position in case of Rule of Law and Control of Corruption indicators, or in other words still ongoing third stage of transition. Panel data analysis suggests similar conclusions, moreover the relevance of institutional quality on economic growth become less significant over time, which can be translated as overall quality of institutional framework become sufficiently high for properly working market economy. However, our analysis shows the stagnation of institutional framework in all countries, where over last decade only little improvement was made and business environment in the Czech Republic, Poland, Russian Federation and Ukraine is very rigid mainly...
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The performance of the Czech Private Pension scheme: Current Design and its position within CEE countries
Hlaváč, Jan ; Schneider, Ondřej (advisor) ; Benáček, Vladimír (referee)
This thesis focuses on the comparison of financial performance of the Czech voluntary private pension scheme with five other reformed private pension schemes in the region of Central Eastern Europe (Bulgaria, Croatia, Hungary, Poland and Slovak Republic). The current state and the recent development of the Czech private pension scheme are analyzed in the first part of the thesis. In the main part of this work we construct the dataset of periodic scheme returns covering the last decade, and estimate the schemes Sharpe ratios (SR) for four reference benchmarks. To complement the analysis we also employ the Sharpe style analysis to evaluate the impact of managerial decisions of market selection/timing on the scheme returns. The findings suggest that except for Poland none of the schemes managed to beat its long-term domestic benchmark (10-year government bonds) as the SRs estimates turn out to be negative. The highest underperformance was found in the case of Czech Republic. The results of style analysis suggest a modest positive influence of the active managerial decisions on the scheme returns with respect to the passive investment strategies.
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Impact of remittances on investments, financial development and economic growth. Case study Moldava
Cosovan, Natalia ; Cahlík, Tomáš (advisor) ; Benáček, Vladimír (referee)
Economic integration starts to be achieved faster through the international labor mobility than due to international trade or capital movements. Remittances, important international capital flows, became one of the most discussed topics in world. The migrant's transfers have become the primary source of existence in Moldova. This paper using data on transfer of funds for the period 1995-2010, attempts to examine the relationship between remittances and financial development, economic growth and investment level of Republic of Moldova. The main finding of this study is that remittances influence significantly the economic growth, the investment level. Moreover, these funds substitute for a shortage of development of the financial system and therefore promote growth. Keywords: Remittances, migrant, financial development, investment, economic growth, formal and informal channel. Author's e-mail: oti_marculescu@mail.ru Supervisor's e-mail: cahlik@fsv.cuni.cz
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