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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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Theory of protectionism and trade policy of the European Union
Dobrovolný, Jan ; Benáček, Vladimír (advisor) ; Mertlík, Pavel (referee)
The thesis deals with the issue of protectionism, i.e. governmental policies for restricting international trade, from both theoretical and practical point of view. The first part is concerned with theory of protectionism in the framework of perfect competition in world markets. The emphasis is placed on the tariff on imports as the basic instrument of protectionist international trade policy. The second part is focused practically and deals with protectionist instruments within trade policy of the European Union. The Common Agricultural Policy of European Union is analyzed more properly. Powered by TCPDF (www.tcpdf.org)
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Chinese economy and foreign trade imbalances
Podhajecká, Eva ; Hlaváček, Michal (advisor) ; Benáček, Vladimír (referee)
Chinese economy and foreign trade imbalances The paper analyses current global imbalances in international trade that are characterized on one side by huge US current account deficit, on the other side by growing economies of South East Asia that are accumulating foreign exchange reserves and consequently investing them back to the US dollar denominated assets. This way they basically facilitate further growth of US indebtedness. The question is how much longer are these imbalances sustainable and how much longer will be foreign investors willing to lend the money to the US. The thesis consists of introduction; followed by explanation of circumstances that allowed these imbalances to reach such a large scale. Second chapter addresses to the brief description of US economy, impact of growing budget deficit on current account deficit and new trends in financing these deficits. In the third chapter, the economy in China is thoroughly analyzed, its monetary policy, development of foreign trade and its share on widening of current trade imbalances. Powered by TCPDF (www.tcpdf.org)
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The Foreign Direct Investment of China in Central Europe under the One Belt One Road Policy
Zhang, Han ; Benáček, Vladimír (advisor) ; Bejkovský, Jan (referee)
This paper attempts to explore China's direct investment in Central Europe under the OBOR initiative. China's economic cooperation in Central Europe is short and the total amount is small. First, this paper analyzes the current situation of Chinese investment including scales, industrial structure, investment entities. Second, through data integration, this paper analyzes the competitive advantage of China's investment in Central Europe. Finally, this paper explores the motives of Chinese investment through the panel data model. The results show that the market size, technology level, resources and other factors of the Central European countries can attract Chinese investment. At the same time, the local environment, economic stability and other factors do not affect China's investment in infrastructure construction. China has laid the foundation for its economic and trade cooperation with Central Europe and is also a strategic choice between China and the United States. Keywords CE-China investment, competitive advantage, OBOR，economic cooperation，motivation of investment Author's e-mail feelingtime1995@163.com Supervisor's e-mail vladimir.benacek@fsv.cuni.cz
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China's One Belt and One Road Initiative and its potential for the tourism industries in Africa, Asia and Europe: a gravity model approach
Jannaschk-Schmitz, Patrick ; Paulus, Michal (advisor) ; Benáček, Vladimír (referee)
In 2013, China presented the idea of the infrastructure project One Belt One Road. The thesis aims to analyse the potential effects of the initiative, and how its attempt to improve transport infrastructure will impact EU-tourist flows to participating countries. A closer look to the effects on the tourism industry is justified because of the importance of the touristic sector for the global economy. For instance, the direct contribution of the touristic sector accounted for 2.3 trillion USD worldwide in 2016. A gravity model approach is used in the following paper to examine the significance of road, railway, air service as well as port infrastructure for tourists from the European Union. Afterwards, an OBOR simulation is carried out that forecasts a potential change for EU-tourist inflows. The results go in line with previous gravity model studies regarding the positive relationship of the GDP and the inverse influence of the distance on tourism flows. Furthermore, the findings suggest a significant impact of well-developed road, railway and air service networks. However, the quality of ports did not meet the expectations and is somewhat contra productive for the decision making of EU tourists. The simulation for the improvement of transport infrastructure implies that countries with an under-...
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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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Transnational Corporations and the Strategies of Profitability by Administrative Ordering
Taghiyev, Samir ; Kemény, Irena (advisor) ; Benáček, Vladimír (referee)
The thesis describes the problem of TNC administrative ordering, tax performance from the point of financial efficiency, administrative burdens and taxation. The research will be focused on the background development of TNC and its internal organizational structure. The research will involve analysis of TNC, strategies and goals aiming to lower tax burdens, to avoid overregulation and to focus on the most efficient administrative ordering. Several case studies of major world's transnational corporations will be considered in order to analyze the practical aspects of TNCs' activities related to tax optimization methods. The practical analysis will be based on the theoretical findings drawn from bibliographic sources available in public access.
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Subsidy competition for spillovers from inward foreign direct investment
Havránek, Tomáš ; Cahlík, Tomáš (advisor) ; Benáček, Vladimír (referee)
The first part conducts a meta-analysis of literature on intra-industry productivity spillovers from foreign direct investment. Apart from the traditional approach, robust meta-regression, random effects model, and probit meta-regression are employed. Results of combined significance analysis are mixed but it is apparent that papers published in leading academic journals tend to report rather insignificant results. Our findings suggest that cross-sectional and industry-level studies are likely to find relatively strong spillover effects, and that the choice of proxy for foreign presence is important. The pattern, however, seems to weaken over time. Contrary to previous studies, evidence for publication bias was not detected. The second part examines the microeconomic motivation of governments to provide tax incentives for foreign direct investment. The author applies the classical models of oligopoly to subsidy competition, endogenousing investment incentives, but leaving tax rates exogenous. According to the conventional wisdom, subsidy competition leads to overprovision of incentives. The results suggests that, in the oligopolistic framework, supranational coordination can either decrease or increase the supply of subsidies. Further, in the setting of subsidy regulation, the host country's corporate...
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Determinants of FDI location across European Countries: role of economic and non-economic factors in decision-making by means of econometric analysis of panel data for 1995-2010
Brázdová, Martina ; Benáček, Vladimír (advisor) ; Bobková, Božena (referee)
This thesis provides an insight into factors that determine FDI inflows. Our focus is on FDI inflows directed to European countries and we study the FDI phenomena both from theoretical and practical view. We extend the literature that highlights the importance of FDI- institution link, and hypothesise that countries with better institutional quality should attract more foreign direct investments. This is in accord with expectation that good institutions create better investment environment in terms of lower costs of doing business and lower risk. The main purpose of this thesis is to complement previous studies that have covered this topic, but did not account for years of financial crisis. The key part analyses panel data for 33 European economies in the period from 1995 to 2010. A model of FDI determinants is constructed and estimated using panel data estimation techniques. The empirical part has revealed that even though some of the institutional variables are significant, they remain rather additional in explaining FDI flows; whereas the traditional economic variables are clearly significant. Our results are intuitively consistent with theoretical expectations and show that market growth, low trade restrictions, good infrastructure and low labour costs are key FDI drivers. Other important...
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