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How Bank Competition Influences Financial Stability
Vildová, Romana ; Horváth, Roman (advisor) ; Teplý, Petr (referee)
How Bank Competition Influences Financial Stability Abstract This paper investigates the link between financial stability and bank competition by means of the Arellano & Bond (1991) GMM model using annual panel data over the period 2000 - 2014 for 205 countries. Our data source is a new, richer and updated dataset The Global Financial Development Database available at World Bank. Due to the specifics of this dataset we are able to use new combinations of measures of financial stability and of bank competition and to study their relationship in greater depth. We find a positive link between financial stability and bank competition. Furthermore, our results provide evidence that it matters what measures of financial stability and bank competition we apply. Lastly, we ascertain that the relationship between financial stability and bank competition does not change over time. Keywords Financial Stability, Bank Competition, Dynamic GMM, the Arellano and Bond Estimator Author's e-mail VildovaRomana@gmail.com Supervisor's e-mail Roman.Horvath@gmail.com
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The impact of IMF financial aid on economic growth and inflation
Covalenco, Valeri ; Horváth, Roman (advisor) ; Mejstřík, Michal (referee)
The International Monetary Fund was created to promote financial stability, global monetary cooperation, high employment, international trade and sustainable economic growth. Together with the World Bank, IMF has a "monopoly" on offering loan programs for countries in deep crises or for development projects. In this thesis, we examine the effect of IMF, i.e. loan size and quotas, on the economic growth and inflation rate, by applying a dynamic panel regression on our dataset. In addition, we look at how the IMF Quotas influence the size of the loans. Our empirical results display significant evidence that IMF loans influence the GDP growth in a positive manner, in the medium term. Both Control of Corruption and Voice & Accountability have a negative influence on the economic growth. In other words, less corruption and stronger civil rights will halt the growth level of the economy. We also determined that IMF Quotas is not a robust indicator of the loan size. It is only driven by the past loan levels. Regarding Inflation determinants, IMF loans are not affecting the Inflation in a significant manner, while FDI and Control of Corruption - do. FDI exercises a positive influence on the CPI, while perception of less corruption has a negative effect on Inflation rate. JEL Classification D73, E31, F12,...
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Draft mix for network independence
Horváth, Radovan ; Špiláček, Michal (referee) ; Pospíšil, Jiří (advisor)
The aim of this diploma thesis is the development of research on the topic of the draft mix for network independence. Next is the outline the various design solutions of the battery systems for accumulation electric energy and balance model energy supply system for the selected object. The practical part of diploma thesis deals with necessary resources and the size of batteries for autonomous operation during the summer months and also implements technical and economic studies aimed at finding cost-effective solutions. The work is divided into 6 chapters that contain 16 tables and 18 figures. Diploma thesis brings an option to configure a photovoltaic system and also describes the features, functions and the choice between the most used technologies. Evaluation of results of theoretical methods are described in the final part.
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Pressure vessels pressurized water reactors
Horváth, Radovan ; Martinec, Jiří (referee) ; Suk, Ladislav (advisor)
The aim of this bachelor thesis is the development of research on the topic of the pressure vessels of pressurized water reactors. Next is to outline the various design solutions of pressure vessels of pressurized water reactor. The thesis is divided into five chapters, contains 1 chart and 7 graphics. The theoretical part is dedicated to the history of nuclear energy and the development itself in the world. The description of the classifications of nuclear reactors is also included in the theoretical part. Summary of the theoretical part consists of a detailed description of the pressure vessel and pressurized water reactor itself. Practical part of this thesis contains the design of 3D assembly model and its modification in the program Catia V5. The overall model is composed of a main assembly, namely the body of the reactor and sub-assemblies, which were gradually installed.
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Lidskoprávní dimenze zahraniční politiky České republiky a role prezidenta v této politice
HORVÁTH, Roman
The bachelor thesis is analyzing the role of the president within the Czech Republic´s foreign policy with a focus on human rights. The thesis is divided into the theoretical and practical part. First, the theoretical part is focusing on the jurisdiction of the president of the Czech Republic, foreign policies, human rights and the role of the president in this field. Second, practical part presents work and life of three presidents: Havel, Klaus and Zeman. Further, their attitudes and acts related to the foreign policies and human rights are described. Last, the contribution of the three presidents to the human rights agenda within the foreign policy is summarized, compared and evaluated.
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Natural Resources and Economic Growth: A Meta-Analysis
Havránek, Tomáš ; Horváth, Roman ; Zeynalov, Ayaz
An important question in development studies is how natural resource richness affects long-term economic growth. No consensus answer, however, has yet emerged, with approximately 40% of empirical papers finding a negative effect, 40% finding no effect, and 20% finding a positive effect. Does the literature taken together imply the existence of the so-called natural resource curse? In a quantitative survey of 402 estimates reported in 33 studies, we find that the effect of natural resources on growth is very small when potential publication bias and method heterogeneity are taken into account. Our results also suggest that three aspects of study design are especially effective in explaining the differences in results across studies: 1) including an interaction between natural resources and institutional quality, 2) controlling for the level of investment activity, and 3) distinguishing between different types of natural resources.
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Cross-Country Heterogeneity in Intertemporal Substitution
Havránek, Tomáš ; Horváth, Roman ; Iršová, Zuzana ; Rusnák, Marek
We collect 2,735 estimates of the elasticity of intertemporal substitution in consumption from 169 published studies that cover 104 countries during different time periods. The estimates vary substantially from country to country, even after controlling for 30 aspects of study design. Our results suggest that income and asset market participation are the most effective factors in explaining the heterogeneity: households in rich countries and countries with high stock market participation substitute a larger fraction of consumption intertemporally in response to changes in expected asset returns. Micro-level studies that focus on sub-samples of rich households or asset holders also find systematically larger values of the elasticity.
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Financial Development and Economic Growth: A Meta-Analysis
Havránek, Tomáš ; Horváth, Roman ; Valíčková, Petra
We analyze 1334 estimates from 67 studies that examine the effect of financial development on economic growth. Taken together, the studies imply a positive and statistically significant effect, but the individual estimates vary widely. We find that both research design and heterogeneity in the underlying effect play a role in explaining the differences in results. Studies that do not address endogeneity tend to overstate the effect of finance on growth. While the effect seems to be weaker in less developed countries, the effect decreases worldwide after the 1980s. Our results also suggest that studies using stock-market-oriented measures as a proxy for financial development tend to report larger positive effects on growth. We find little evidence of publication bias in the literature.
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