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Analysis of short-term and long-term impact of FDI on the balance of payments of the Czech Republic
Nosek, Martin ; Mandel, Martin (advisor) ; Brůna, Karel (referee)
This thesis is focused on the impact of FDI on the host economy and balance of payments of the Czech Republic. First, there are defined the different definitions and forms of FDI, followed by the theoretical foundations of FDI. The analytical part deals with impact on the economy receiving direct investment, technology transfer and the impact on the labor market. The next part analyzes the impact on balance of payments of the Czech Republic, on the current account deficit, which is part of the currency crisis indicator, and the income balance. In the statistical program is tested the dependence of the income balance on stock of FDI in the Czech economy.
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The usage of technical analysis on spot Forex market
Melichárek, Martin ; Brůna, Karel (advisor) ; Blaheta, Petr (referee)
The subject of this bachelor thesis is to describe the various elements of the technical analysis and their practical usage for real trading in the international Foreign Exchange market. In the first part there is a characteristic of the market in terms of participants and their motivation and in terms of traded currency pairs. Next part is focused on technical analysis and development from its beginnings to modern graphical and statistical methods. Application of the assumptions of these methods to real data of the EUR/USD currency pair and the analysis of these results is the main goal of this thesis. Selected formations, oscillators, trend and predicting indicators are analyzed in detail and finally is outlined comprehensive analysis that links all these elements. The stated main goal is to find out whether we could rely on technical analysis in the prediction of exchange rates with an emphasis on speculative trading on Forex.
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Using derivatives to manage foreign exchange rate risk
Pham Thi Huong, Ly ; Brůna, Karel (advisor) ; Dohányos, Vojtech (referee)
The aim of my bacholor thesis is to characterize derivatives as a tool used to manage exchange rate risk. Derivatives allow not only reduce the risk from fluctuations of the exchange rate, but also offer the opportunity to achieve profits, because their characteristic feature is the effect of leverage, when with a small capital you can achieve impressive gains. But it is also associated with risks. In order to avoid possible loss, it is necessary their thorough knowledge. Therefore, I wanted to describe the main characteristics of various derivative instruments and their advantages and disadvantages in providing foreign exchange risks. In the practical part I dealt with the export company that is exposed to transaction and economic exposure resulting from business activities abroad. To reduce the transaction positions in the company, I just use financial derivatives, which appear to be appropriate tools for short-term volatility of exchange rate. The company faces the economic foreign exchange position, when there is the the long-term rate fluctuations, which affects its competitiveness not only at foreign but also domestic markets. In conclusion, I have indicated possible ways to reduce it.
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Náklady na vstup do EMU a případ Řecka
Trimmi, Argyro ; Brůna, Karel (advisor) ; Kučera, Lukáš (referee)
The introduction of euro in 2002 was considered to be a risky "experiment. Even before its actual existence, many economists have doubted the success of the Economic Monetary Union (EMU) emphasizing the potential costs of such a bold action. The traditional Optimum Currency Area by Mundell (1961), Mc Kinnon (1963) and Kenen (1969) has pointed out the loss of the exchange-rate mechanism and the structural differences among the member states as the main sources of costs within a monetary union. Ten years after the circulation of euro, the ongoing Greek debt crisis has revealed the imperfections of the EMU. Greece has become the "black sheep" of the union, having accumulated unsustainable levels of public debt and deficits that could pose a threat for the future of the Eurozone. It is widely believed that the profligate fiscal policies of the Greek government and the domestic flaws of the Greek economy have played an importan role on the country's debt crisis. However, the impact of Greece's accession to the EMU on the current crisis is still a moot question.
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Dealing with potential break up of Economic and Monetary Union
Shpitontsev, Leonid ; Brůna, Karel (advisor) ; Kučera, Lukáš (referee)
The main principle of the thesis is to address issues concerning structural problems of Economic and Monetary Union (EMU) and assess economical impact of its potential break up. This in turn implies the need to discuss certain issues. Firstly, since the EMU is based on the concept of Optimal Currency Area (OCA); I start my research with the test whether EMU in its current structure fits the definition of OCA. Secondly, I provide the extensive study on the reasons of current crisis in order to understand the root causes. Thirdly, I assess the potential implications of different ways out of the current sovereign debt crisis.
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Fundamental analysis of the exchange rate of EUR/USD
Ševčík, Václav ; Brůna, Karel (advisor) ; Langer, Miroslav (referee)
The aim of this thesis is empirical verification of the fundamental theory of exchange rate determination in the case of the currency pair EUR/USD. The theoretical part is devoted to the issue of exchange rate theory, with emphasis on the importance of the currency pair EUR/USD, and major characteristics of the fundamental theory of exchange rate determination. Attention is also paid to methods of analysis of time series, which will be used in the analytical part. The analytical part is devoted to an empirical verification of the underlying theories. On the basis of these theories are developed econometric models, which are then tested using the methods of linear regression and cointegration. The results of the models and their relevance are discussed in conclusion.
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Public debt management in the Czech Republic - alternatives, comparison
Kípeť, Ondřej ; Brůna, Karel (advisor) ; Blaheta, Petr (referee)
This thesis describes the actual trends of accumulation of the public indebtedness and the various views on the existence of fiscal deficit and public debt. The main purpose of the thesis is to analyze the public debt management - its objectives, operations and organisation. The quantitative criteria for debt portfolio determined by the Ministry of Finance of the Czech Republic are analyzed and compared with the development and structure of the czech central government debt. The analytical part of the thesis includes the rules for issuance of the government bonds, the analysis of the interest costs and the thoughts about the sustainability of the czech central government debt.
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Business Projects and Capital Budgeting
Peeva, Margarita Naumova ; Brůna, Karel (advisor) ; Štěrbová, Ludmila (referee)
This thesis describes in depth what the steps for a successful business project are: from an idea to its implementation. Every business project may be regarded as an investment. I followed the institutions involved and then the instruments needed, but the next logical step in order to complete the picture would be the human factor. Because all the knowledge base on how to support the mission (idea and its goal), how to manage the project, and what kind of players to involve in the end is executed by people. Humans are incapable of predicting the future, but are perfect in adapting to new realities. Similarly, no capital budget can be perfectly coinciding with expected performance. No matter how many times the facts are checked the perfect balance is lost with time. My goal with this topic was to show that in order to bring business value and competitive advantage, good knowledge of the processes and methods is paramount. Careful planning and execution can bring in synchrony idea, raising capital, risk management, capital budgeting and execution close enough, so that in the end a business project may be titled successful.
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