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Post-crisis Re-regulation of Financial Markets
Filipec, Petr ; Kudrna, Zdeněk (advisor) ; Vacek, Pavel (referee)
This paper analyzes the causes of financial crises, and on this basis it proposes possible changes in financial regulation. Throughout the paper we work with a hypothesis that the major roots of financial distress are excess credit growth and substantial capital inflows. We test this hypothesis on a dataset comprising entries from Australia, Japan, the UK, and US over the approximate period 1970-2010. The results confirm that there is a consistent relation of credit development to financial crisis incidences and a somewhat less consistent effect of capital inflows. Furthermore, since we find a robust positive effect of past credit growth on the probability of a crisis occurrence, we propose a change in interest rate policy. Our suggestion implies a consideration of credit to GDP ratio during the execution of the monetary policy decisions on interest rates.
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Implementation of Ethic Education as a Supplementary Educational Subject in the Czech Republic
Motyčka, Pavel ; Stará, Jana (advisor) ; Vacek, Pavel (referee) ; Smékal, Vladimír (referee)
In this work we have been researching how Ethic Education influences the pupils behaviour and the social climate in the classroom. For this research we have used a mixed quantitative and a qualitative methodology. In the quantitative part we have realized our research through the natural experiment with one observed independent variable which applicated the programme of Ethic Education for basic school pupils and secondary school students. We have observed these dependant variables of pupils behaviour: the amount of the prosocial behavior, the amount of anxiety and the amount of the behavioural problems. In a group we have observed: the quality of the social climate and the amount of the trust. In the qualitative part we have tried to examine how pupils and teachers perceive Ethic Education and what principles they use for it. We have used these methods of collecting information: a nomination technigue, a questionary About Your Fellowstudents, a questionary About Your Emotions, a questionary CES, a questionary SDQ. In the qualitative part we have used a questionary with this open question. We think that we can make a conclusion about this research that in the quantitative part the hypothese proved that Ethic Education reduces the amount of the anxiety and the other emocional aspects within the pupils...
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Accumulation of Foreign Exchange Reserves: Asian Case
Tůma, Ladislav ; Vacek, Pavel (advisor) ; Vokatá, Petra (referee)
Bachelor's thesis deals with development of accumulation of foreign exchange reserves in selected Asian countries. In the first chapter various reasons for holding reserves are described. Apart from standard operational purposes, signs of neo-mercantilist and self-insurance motives can be identified in the case of Asian countries. Subsequently, reserve holdings are compared with measures of adequacy. During the 1990's all countries in the sample exceeded criteria suggested but during the first decade of the twenty-first century the growth of foreign exchange reserves slowed down in relative terms. In the econometric part a fixed effect model was designed. Policy analysis proved the presence of structural break after the Asian crisis in 1997. The model was used for prediction of reserves after financial crisis in 2008. Before 2008 accumulation in of reserves in examined states had common trend, however after 2008 trends in sample countries diverged.
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Predatory Pricing in Transport Sector: Case Study of the STUDENT AGENCY, s.r.o.
Dobiáš, Adam ; Vacek, Pavel (advisor) ; Vaško, Dan (referee)
Predatory Pricing in Transport Sector: Case Study of the STUDENT AGENCY, s.r.o. Abstract This paper deals with predatory pricing in transport sector. A situation when one company sells its product at a very low price, intending to illegally drive competitors out of the market. Aim of this paper is to discuss mentioned issues in transport sector and to explain methods of solving predatory cases according to the newest guidelines of the European Commission, national competition au- thorities and national courts. Market delineation, dominance determination and predation cost analysis is discussed. Not only theoretical aspect of predatory behaviour and its impact on competition but also a detection of predatory pri- cing by authorities is discussed. Special attention to the specifics of transport sector is given. The core of this paper is an analysis of STUDENT AGENCY, s.r.o. case from year 2008, when mentioned company was accused of predatory pricing on their bus line Praha-Brno. Keywords predatory pricing, antitrust, competition, re- levant market, dominance, transportation, SS- NIP test, Reverse Cellophane Fallacy, Office for the Protection of Competition, STUDENT AGENCY, s.r.o.
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Meta-Analysis in International Economics
Havránek, Tomáš ; Horváth, Roman (advisor) ; Stanley, Tom (referee) ; Wörz, Julia (referee) ; Vacek, Pavel (referee)
The dissertation consists of three papers presenting applications of meta-analysis in international economics. The first paper examines the effect of common currency on international trade, while the remaining two papers address the relationship between foreign investment and the productivity of domestic firms. An introductory chapter puts these applications into perspective. In the first application I present a meta-analysis of the effect of currency unions on trade, focusing on the euro area. I find strong publication bias in the literature. The estimated trade- promoting effect of currency unions other than the euro reaches more than 60%. In contrast, the euro's trade-promoting effect is insignificant when I correct for publication bias. The empirical literature on this topic shows signs of the so-called economics research cycle: the relation between the reported t-statistics and publication years has an inverse U-shaped form. During the last decade more than 100 researchers have examined productivity spillovers from foreign affiliates to local firms in upstream or downstream sectors. Yet results vary broadly across methods and countries. To examine these vertical spillovers in a systematic way, in the second application I collect 3,626 estimates of spillovers and review the literature quantitatively....
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The Causes of Inflation in Mongolia
Tsendsuren, Sayana ; Horváth, Roman (advisor) ; Vacek, Pavel (referee)
In this thesis, we study the causes of inflation in Mongolia. We estimate a small open economy VAR model for Mongolia. The model comprises of two blocks - China and Mongolia and we impose a block exogeneity restriction in regards with our estimation purpose. We assess domestic and external shock affect on price level of Mongolia using impulse response function and reveal the main contributors to the price variability utilizing the forecast error variance decomposition (FEVD). Therefore, we trace out that the external shocks affect the price significantly in comparison with the domestic shock. In addition, we can say that the price level is very susceptible under the supply side shock.
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The Main Determinants of European Trade Integration
Spivacenco, Carolina ; Vacek, Pavel (advisor) ; Dingová, Vilma (referee)
The importance of international trade cannot be neglected as it represents an important channel of wealth creation in the actual globalised world. Thus, the present writer aims to identify how the commercial flows have changed after the adoption of Euro and once the financial crisis has burst. Furthermore the main factors that influence trade are researched by using the gravitational econometric model and employing panel data for 14 EU member countries. The results show that the intensity of commercial exchanges are highly influenced by the level of development (GDP) of the country and the amount of FDI that are attracted, while the use of a common currency appears to be not too significant. At the same time, indicators are more sensible during the crisis period than the stable one, hence even small changes in independent variables can lead to higher decrease in trade. Key words: European trade, liberalization, competitiveness, financial crisis, contagion, Euro, gravitational model.
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Simulation of Impacts of Labor Laws on Labor Market
Dlouhá, Ilona ; Vacek, Pavel (advisor) ; Fialová, Kamila (referee)
This master thesis analyzes the differences in the labor laws and their impacts on the development of the labor markets in large selection of OECD countries, including the Czech Republic. The thesis covers both historical and current data including the late-2000s recession. The labor market performance is measured by hours worked per person, which combines the extensive margin (employment rate) and the intensive margin (hours worked by employed individuals). Labor laws are represented by the average and marginal tax wedges, employment protection legislation, labor market policies and trade union density. The thesis contains an empirical model of the relationship between the labor market performance and labor laws for 24 OECD countries for the period 2000-2008. The thesis shows that the lower hours worked are associated with more strict employment protection legislation and lower trade union density. The effect of taxation (in terms of tax wedges) varies substantially among different subgroups of the population, but it is generally quite weak (elasticity around -0.15) and it cannot explain the overall differences in the development of the labor market performance among countries.
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Crystalex Nový Bor: od dedictví IPB k zátěžovému testu českého insolvenčního zákona
Čása, Tomáš ; Richter, Tomáš (advisor) ; Vacek, Pavel (referee)
v Summary The presented work describes and analyzes the course of insolvency proceedings in Crystalex Nový Bor, one of the largest corporate bankruptcies resolved under the Czech Insolvency Act. The core of the work focuses on the description and assessment of the case from the point of view of economic efficiency. The analysis of a large corporate bankruptcy case defined the key aspects of the proceedings and evaluated them in the context of the existing legal framework. The case confirmed a strengthened position of secured creditors, but could not find evidence for opportunistic abuse of this position. The Czech Insolvency Act respected pre- bankruptcy entitlements and the absolute priority rule. On the other hand, the course and the role of the moratorium and delays in the distribution of the liquidation proceeds were weak aspects of the proceedings. The selected method of insolvency resolution through liquidation and sale of the core operating assets together under one contract appeared the most plausible from the point of view of the type of distress in the company. Keywords: case study, financial distress, insolvency, insolvency proceedings, liquidation, asset sale Bibliographic record Čása, Tomáš: "Crystalex Nový Bor: From IPB Heritage to the Loading Test of the Czech Insolvency Act." Charles...
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