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Methods of Public Property Sales in the Czech Republic
Titl, Vítězslav ; Skuhrovec, Jiří (advisor) ; Vaško, Dan (referee)
The aim of this work is to compare common methods of public property sales in the Czech Republic - it compares sales through public auction with sealed-bid auction. Public auctions with more regulated publicity standards show much lower rate of failed auction, which might make them preferable method of sale. Revenue of both methods is found to be similar, which fits the auction theory predictions, despite demonstrated bias in official price estimates and institutional frictions. The difference between the methods is reflected in the fact that the revenues from the sales through sealed-bid auctions have lower variance than the sales through public auctions.
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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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Basic Income, its features and implementation
Poštulková, Jitka ; Schneider, Ondřej (advisor) ; Vaško, Dan (referee)
This thesis introduces and analyzes the controversial topic of basic income, which have recently received increasing attention of academic, political as well as general community. Definition, origins and history of the theme, current BI discussion, possible alternative and practical implementations of BI are all summarized. The thesis also simulates potential effects of BI scheme adoption in the Czech Republic. Using detailed data on income distribution and estimates of labor elasticities, we estimated a tax rate on earned income that would be necessary to implement to make the BI scheme budget neutral. Our results suggest that such a rate would be much higher than the current compounded tax and social security contribution rates, rendering the BI concept impractical in the Czech Republic. JEL Classification H53, H61, I38 Keywords Basic Income, Social Security, Income Tax, Public Budget Author's e-mail jitka.postulkova@yahoo.com Supervisor's e-mail schneider@fsv.cuni.cz
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The Performance of Export Credit Agencies in European Post-Communist Countries
Pšenáková, Lucia ; Janda, Karel (advisor) ; Vaško, Dan (referee)
This thesis contributes to current literature dealing with the topic of sovereign export promotion in form of government-back export credit agencies by analysing a very homogenous group of Central European countries. Export credit agencies in the Visegrad region indeed foster export. Different institu- tional forms of export credit agencies are compared and using example of a small open economy, the Czech Republic, it is suggested that the most prof- itable and effective strategy for governments in comparable countries is to establish an export credit agency offering insurance and export guarantees. The export credit agency with the best performance in the region is Slovak Eximbanka.
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Basic Income, its features and implementation
Poštulková, Jitka ; Schneider, Ondřej (advisor) ; Vaško, Dan (referee)
This thesis introduces and analyzes the controversial topic of basic income, which have recently received increasing attention of academic, political as well as general community. Definition, origins and history of the theme, current BI discussion, possible alternative and practical implementations of BI are all summarized. The thesis also simulates potential effects of BI scheme adoption in the Czech Republic. Using detailed data on income distribution and estimates of labor elasticities, we estimated a tax rate on earned income that would be necessary to implement to make the BI scheme budget neutral. Our results suggest that such a rate would be much higher than the current compounded tax and social security contribution rates, rendering the BI concept impractical in the Czech Republic. JEL Classification H53, H61, I38 Keywords Basic Income, Social Security, Income Tax, Public Budget Author's e-mail jitka.postulkova@yahoo.com Supervisor's e-mail schneider@fsv.cuni.cz
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Methods of Public Property Sales in the Czech Republic
Titl, Vítězslav ; Skuhrovec, Jiří (advisor) ; Vaško, Dan (referee)
The aim of this work is to compare common methods of public property sales in the Czech Republic - it compares sales through public auction with sealed-bid auction. Public auctions with more regulated publicity standards show much lower rate of failed auction, which might make them preferable method of sale. Revenue of both methods is found to be similar, which fits the auction theory predictions, despite demonstrated bias in official price estimates and institutional frictions. The difference between the methods is reflected in the fact that the revenues from the sales through sealed-bid auctions have lower variance than the sales through public auctions.
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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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Central bank communication on financial stability
Vaško, Dan ; Horváth, Roman (advisor) ; Geršl, Adam (referee)
This research analyses central bank communication on financial stability. First, most important international comparable features of the communication are identified, such as Financial Stability Reports, Stress tests, Financial soundness indicators, etc. These are then used for the construction of Financial stability transparency index (FST index) for 110 countries from 2000 to 2011. FST index is used to determine the most important drivers of central bank communication. In particular, the level of transparency towards financial stability depends most on monetary policy transparency, size and development of the economy. Finally, the impact of financial stability transparency on financial stability is under investigation. Using two proxies for financial stress, for the first time, evidence of the influence of central bank communication on financial soundness was found. It is concluded that the communication still has not reached its steady state and markets have only limited experience using it. However, the communication has a strong potential to influence financial stability in the future.
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US Monetary policy in new millenium: analysis and influences on domestic and global economy
Vaško, Dan ; Neumann, Pavel (advisor) ; Žamberský, Pavel (referee)
This Diploma thesis analyses monetary policy management in USA during the passed decade and proposes some changes regarding the future decision making of central banks. In particular, a considerable deviation of the actual monetary policy from the Taylor rule right before the housing bubble was proved by an econometric model. As a consequence, too low interest rates in this period caused significant higher magnitude of real estate prices. However, it can be said that monetary policy was not the main cause of the creation of this bubble. Regarding the FED's reaction on financial crisis, new perspectives are provided. According to this study, credit risk is thought to have been the main cause of financial stress. This is in contradiction with FED's measures that were mainly focused on lack of liquidity in financial markets. Last but not least, this thesis argues that nowadays, international development should be more reflected in monetary policy decision making.
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Analysis of the conditions for market entry of a foreign investor
Vaško, Dan ; Klosová, Anna (advisor) ; Gullová, Soňa (referee)
Práce popisuje a analyzuje investiční prostředí zemí Visegrádské čtyřky a tok PZI postupně do České republiky, Polska, Maďarska a na Slovensko. Tato analýza je prováděna především s ohledem na zavedení a vývoj investičních pobídek a jejich odlišnosti v aktuálních systémech. Dále popisuje základní charakteristiky forem investičních pobídek a podmínek pro obdržení veřejné podpory, odvozuje souvislosti mezi objemy a strukturami zahraničních investic. Ukazuje tedy do jaké míry bylo alokační rozhodnutí investorů založeno na veřejných pobídkách. Pro komplexnost analýzy všech podmínek pro investiční rozhodování jsou na závěr zmíněny další důležité determinanty, které podstatně ovlivňují alokaci kapitálu.
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