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Environmental Cost-Benefit Analysis: Social Time Discount Rate (or "Pure" Rate of Time Preference) Determination in Social Discounting of Public Projects/Policies in the Czech Republic
Štěpaníková, Šárka ; Ščasný, Milan (advisor) ; Gregor, Martin (referee)
Diploma thesis covers the field of risk management that companies need to deal with when trading on open account. Basis for this research is the question, whether credit risk management positively influences health of a company and whether credit insurance is effective tool when protecting against credit risk. The subject is firstly discussed in the context of current economic crisis and its impact on entrepreneurial environment, companies' payment behaviour and the volume of insolvencies. Further there are characterized types of credit risk, outlined risk management methods and compared selected instruments used for credit risk protection. Attention is devoted particularly to trade credit insurance. Finally effectiveness and actual usefulness of credit insurance is evaluated on selected models and a case study. Presented case study demonstrates a real life insurance contract and quantifies the cost saving resulting from risk protection through trade credit insurance. Keywords: economic crisis, payment behaviour, insolvency, risk management, trade credit insurance
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Emission Trading: Evaluation of the European Experience
Řízková, Markéta ; Ščasný, Milan (advisor) ; Urban, Luděk (referee)
Our aim is to show complex picture and highlight the most discussed features of the emission trading and especially the functioning of the European System of Emission Trading (EU ETS) as a representative of the biggest functioning emission trading system. The key approaches involved in our analysis are both theoretical and practical. In the theoretical section we compare emission trading and environmental taxes and we discuss when it is better to regulate by price and when by quantity instruments. We will discuss the possible allocation methods and especially method of auctioning as the most theoretically preferred allocation method. The practical approach will tackle following two aspects: how the emission allowances have been allocated within the EU ETS in Phase 1 and Phase 2 and what the planned changes are in post 2012. Finally, we will look at the results of allocation versus emission during the first trading period in years 2005-2007 and how it might look in the future in Phase 2 and beyond.
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Investing in Environmental Markets
Tóthová, Zuzana ; Mejstřík, Michal (advisor) ; Ščasný, Milan (referee)
The topic of Environmental Markets remains unexplored by academics not only in the Czech Republic but internationally. It presents a new field of research without a clear terminology. For the purpose of this study we have defined Environmental Markets as a universe of quoted companies which deliver cleaner and more efficient products and services in the energy, water and waste sectors. We have then proceeded with the study of each of the three sub-sectors, their business models and factors that influence their growth. We reviewed the investment vehicles that can enable investors to take advantage of the sectors' growth potential, with a concentration on European environmental mutual funds. We studied their main risk-return characteristics and empirically tested whether they outperformed the general stock market over the last five years. Finally, the potential risks connected to Environmental Markets' investments were addressed.
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Evaluating Economic Policy Using the Synthetic Control Method
Opatrný, Matěj ; Havránek, Tomáš (advisor) ; Ščasný, Milan (referee) ; Tremewan, James (referee) ; Caselli, Francesca G. (referee)
The doctoral thesis consists of three essays that address the application of synthetic control method to various economic policy intervention. In the first essay I evaluate the quantitative effects of the Czech National Bank's commitment to keep the Koruna from appreciating that were put in place in 2013. I find that the commitment helped decrease unemployment substantially. The effect on overall output is also strongly positive, almost 2 percentage points for growth in 2015. The effect of the commitment on inflation is positive but not statistically significant at standard levels. In the second essay I focus on the impact of joining the EU on the Czech agriculture. The results show that the Czech Republic would have had a higher food index if it had not entered the CAM and CAP. Moreover, I show that the CAP and CAM had different impacts on farms in the Czech Republic and Bulgaria, which have the most comparable agriculture according to the results of the synthetic control method. In the final essay I estimate how the UK financial markets would have evolved if the Remain camp had won the referendum. The results suggest that there would not have been any significant change in the development of the FTSE 100 Index in the medium to long term if there had not been a referendum. On the other hand, I...
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The impact of the EU ETS in the Czech Republic
Tomášková, Lenka ; Ščasný, Milan (advisor) ; Janda, Karel (referee)
This thesis examines the environmental effect of the European Union Emissions Trading Scheme (EU ETS) in the Czech Republic. Specifically, the impact of the EU ETS on CO2 emissions, carbon-fuel intensity and carbon intensity of production (measured by revenues) is analysed on installation-level financial, environmental and energy data throughout all three phases of the EU ETS over 2005 - 2019. The difference-in-differences approach with propensity score matching is used to infer the causal effect of the regulation. We find no effect of the EU ETS on carbon emissions and carbon intensities in the Czech Republic. This finding holds for various model specifications and different approaches we utilised. In the end, we discuss possible reasons why the EU ETS might not lead to any significant effect in the Czech Republic. JEL Classification O13, F18, Q54, Q58, H23, D22 Keywords EU ETS, environmental regulation, propen- sity score matching, difference-in-differences, the Czech Republic Title The impact of the EU ETS in the Czech Repub- lic
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Envirnomental impact of household consumption
Mach, Radomír ; Ščasný, Milan (advisor) ; Šauer, Petr (referee) ; Musil, Petr (referee)
The main goal of this dissertation thesis is to quantify the environmental burden associated with household consumption in the Czech Republic. Emissions of three groups of gases were selected to express the burden on the environment, namely emissions causing climate change, acidification and the formation of photosmog. These emissions arise from the consumption of fuels in households, and they are usually referred to as direct household emissions. Or they arise in the production and distribution of goods and services, and they are usually referred to as indirect household emissions. Although indirect emissions come from combustion in energy production and other industrial processes and agricultural activities, not from households, they are a consequence of household demand for final products. Therefore, such emissions are considered to be a consequence of household consumption. The resulting emission values are given for the average household and households divided into expenditure deciles. Emissions increase with expenditure per household member in total consumption and in individual consumption groups across all deciles. In the case of climate change-related emissions, more than half come from heating (41%) and electricity (21%). For acidification, heating (31%) and food (24%) are the dominant...
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