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The EU engagement in the international effort on ODA increasing
Vlková, Ivana ; Konečný, Čestmír (advisor) ; Adamcová, Lenka (referee) ; Varadzin, František (referee) ; Sedláček, Petr (referee)
The purpose of this thesis is to analyse in depth the EU position in the international effort to increase the Official Development Assistance with respect to the situation of poverty in developing world and current initiatives on searching for potential solutions of this crucial issue. In connection with poverty traps in developing countries the EU came up with many important initiatives in the field of international development policy, which indicates a strong commitment of Member states towards the poverty eradication. Based on predictions analysed in the 3rd Chapter of this thesis, it is possible to deduce that the EU as a whole will be able to reach its targets in the area of ODA increases. However, there will be a different situation in case of individual Member states - not all of them report about appropriate ODA increases needed for reaching the individual declared targets. There are many more or less suitable solutions: new allocations of additional financial resources from donors` public budgets to the ODA purposes, debt relief, innovative financial resources or methodological changes in the ODA statistical reporting. In any case, it is always needed to pay attention to the principles of effectiveness and raising the ODA quality and impact. The potential for reaching the official targets was, is and will be affected by plenty of strengths, weaknesses, opportunities, and threats on the side of the EU, developing countries and the whole international community.
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The Endogenous Supply of Money. Some Theoretical Implications
Mittner, Jiří ; Jílek, Josef (advisor) ; Chytil, Zdeněk (referee) ; Koderová, Jitka (referee) ; Sedláček, Petr (referee)
This thesis concentrates on the topic of the endogenous supply of money. It describes the basic shapes of the endogenous money theory and analyzes the causes of usual misunderstandings about the nature and behavior of money. We outline the important difference between asset-based and liability-based understanding of money and conclude that although both principles are theoretically applicable, the liability-based approach matches the major volume of real economic transactions. The liability-approach, which we conclude to be more appropriate way of understanding money, leads back to the topic of money endogeneity. We go over to the development of the ideas of endogenous supply of money as they appear over the second half of the 20th century and depict the major contributions in this area. We reference also the Czech academic research and comment the most relevant works. In the second part, the thesis concentrates on two theoretical areas analyzing the impacts of the money endogeneity. We point out at fundamental controversies in the concept of deposit multiplication concluding it to be an unrealistic process in a credit based economy. We conclude that the stock of money is not a directly controllable aggregate, especially not by means of the money base. The other area is the theory of capital and the foundation of the return on capital. We recall the Keynesian topic of the euthanasia of the rentier, develop the microeconomical foundation of the accumulation of capital and conclude that the zeroizing of the interest rate is feasible in a long-run. In the third part we go over to economic history and schools of economic thinking confronting them with the theory of endogenous supply of money. We concentrate on the notorious Smithian criticism of the mercantile doctrine finding the criticism not fully sustainable if we consider the varying nature of money over the medieval period. We analyze the available statistical data of medieval England concluding that the stock of monetary metals had a direct influence on the economic activity of England in the pre-Smithian era thus referencing to a strongly exogenous character of money, while there is no such relation afterwards, when money was becoming more endogenous. We put a next emphasis on the Austrian theory of money, which in many aspects is at variance with the endogenous money theory. We analyze both views on the money circulation and add new comments to the discussion on the foundation of the return on capital. We draw attention to the Mises' idea of Zirkulationskredit (circulation credit) concluding that this concept comes in fact to a common understanding of the money behavior along with the endogenous money approach. We conclude with finding that the theory of endogenous supply of money is a fundamental economical concept with impacts on almost all other branches of economics. This thesis thus contributes to a larger adoption of the endogenous money theory in the economical research on the theoretical as well as on the practical level. Concerning the practical area, the primary interest in adoption of this theory in contemporary macroeconomics is indeed concentrated on the suggestion for economic policy after the 2008 subprime crisis and we extend this thesis also by concluding notes in this issue.
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Taylor Rule and Its Macroeconomics Relations
Mičúch, Marek ; Chytil, Zdeněk (advisor) ; Kupka, Martin (referee) ; Sedláček, Petr (referee)
Despite considerable research on the monetary policy rules, little is known about internal relation between policy rules targets. Research approach frequently consists in estimating parameters or identifying variables to make the rule operate accurately. The overall image that emerges from the literature is that there is no contradiction in attaining the targets once set properly. Dissertation switches attention to mutual feasibility of incorporated targets. To contribute to this strikingly overlooked fact hypothesis is tested. Analyzed are variances of inflation and output representing policy rule targets. Time regression processed throughout OLS technique, gap analysis and calculation of variances are applied as principal analytical tools. Examined are data for 14 countries. Countries are divided into two groups according to size of their economy: small economies (Austria, Belgium, Czech Republic, Hungary, Ireland, The Nederlands and Slovak Republic); large economies (Euro zone, France, Germany, Italy, Spain, Sweden and USA). Results of the analysis show that once monetary authority follows policy rule with multiple targets it faces restriction. Rather than achieving both targets at one time it must respect trade off between them. According to data for selected countries hypothesis is accepted. Variances of output consistently proved to be higher than variances of inflation. Whence it follows that authority need to solve constrained optimization problem. It needs to pick out combination of differently large variances contrary to wining with all reaching low levels.
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Harmonizace fiskálních politik
Kosek, Petr ; Babin, Jan (advisor) ; Sedláček, Petr (referee)
Economies of member states of EU are very dependent on each other, most of them due to common currency. If they want to avoid negative spillover effects of their fiscal politics, they create a collection of ruels, which they have to follow. The main object of this work would be estimation of harmonization of fiscal policies (generally) and estimation of real effects of fiscal harmonization target on economies of EU member states. Another object would be analysis of new fiscal harmonization in EU, which was introduced in spring 2008 by European Commission.
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Financial stability in terms of the Czech republic
Hustolesová, Lucie ; Čermáková, Klára (advisor) ; Sedláček, Petr (referee)
This bachelor thesis is supposed to evaluace financial stability in terms of the Czech Republic. To evaluace financial stability, I adopted three criterions from the economist Frederic S. Mishkin, which are in correspondence with financial stability's assumptions of the Czech national bank. These criterions are 1. the price stability, 2. the coordination of monetary and fiscal policy and 3. the bank sector supervision. I use tools of regression analysis as well as datas international comparison. I evaluate all three assumptions gradually and consecutively I draw a conclusion about financial stability of the czech economy based on the criterions' state of fulfilment.
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Měnová politika a současná krize: Co lze vyčíst z „minutes“?
Gryčová, Marta ; Hurník, Jaromír (advisor) ; Sedláček, Petr (referee)
Abstract Based on the Romer and Romer (1989) methodology this paper analyzes behavior of the US Federal Reserve System (FED) and the Czech National Bank (CNB) during the recent crisis. It explores minutes and press releases from the meetings of the Bank Board of the CNB and the Federal Open Market Committee of the FED, i.e. on one hand from the side of a small open economy that has been hit mainly through decline in foreign demand, on the other from the side of a big closed economy, in which the recent crisis has originated. It compares reaction in interest rate and adequacy of unconventional measures with a prediction of a simple 'Taylor rule' (Taylor, 1993) and tries to evaluate the adequacy of the overall reaction of mentioned central banks to the crisis.
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The analysis of Monetary Policy of the Czech National Bank with an emphasis on inflation targeting
Justianová, Lucie ; Mirvald, Michal (advisor) ; Sedláček, Petr (referee)
Thesis bachelor topic is "Analysis of Monetary Policy of the Czech National Bank, with an emphasis on inflation targeting." In the introduction to summarize the CNB's monetary policy. Explain what types of transmission mechanisms were used the Czech National Bank. I will focus specifically on the transmission mehcanism of inflation targeting. Subsequently I will analyze how the CNB managed to maintain symmetry between inflation expectations and inflation target, which inspires me to work on empirical studies and Holub Hurnik [2008] and Horvath [2008]. I will analyze using the LM-test [Charemze-Deadman, 1992] and Granger causality tests between the existing impact of inflation and money supply, exchange rate and wage. I make a regression analysis generated by the VAR-model and show how strong the impact of inflation to changes in monetary, exchange rate and wage growth. If there is a stable state of the monitored variables in relation to inflation, I estimate what the rate impact of exchange rate changes, monetary and wages.
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Private health insurance
Sedláček, Petr ; Ducháčková, Eva (advisor) ; Daňhel, Jaroslav (referee)
The theme of work is private health insurance. First is it described in the system of health insurance and then in the territory of Czech Republic. In the work is analyzed a new draft bill of Public health insurance and systems of health insurance in the Europe. Main goal of the thessis is to find suitable privat insurance product for Czech Republic.
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