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TARGET 2 a krize platební bilance v Eurozóně
Vilímovský, Petr ; Brůna, Karel (advisor) ; Jakl, Jakub (referee)
This thesis aims to analyse the connection between the Eurozone's balance of payments crisis and the TARGET 2 balances. These balances represent mutual clearing relationship of the individual euro area member states to the European Central Bank inside the TARGET 2 system, which serves as a heart of the Eurozone's payment settlements. In fact, the central banks of the core countries hold significant positive balances while the peripheral central banks accumulated substantial negative positions. The TARGET 2 balances appeared mainly as a consequence of the liquidity outflow from the peripheral countries to the core due to the large imbalances in fundamental factors such as the NCA deficits, net foreign debt, public and private debt or competitiveness. The development of the balances was further facilitated via uneven liquidity provisions from the Eurosystem, as the peripheral countries effectively financed their balance of payments disequilibrium by issuing new liquidity that almost immediately moved to the core. The banking systems of the core started to operate in the liquidity excess status as the monetary base increased in 2011 and 2012. Assets with questionable quality collateralized the increasing refinancing operations in the periphery as the collateral requirements were repeatedly lowered. It resulted in an increase in the credit risk of these operations primarily in the periphery countries. This situation, among many others presented in this thesis, raises further questions about the parameters of the future single monetary policy as well as the continuance of the European monetary union.
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An analysis of the U.S. government and FED's bailout programs in times of 2008 financial crisis and their impact on the U.S. public debt
Vilímovský, Petr ; Havlíček, David (advisor) ; Stádník, Bohumil (referee)
The financial crisis of 2008 substantially affected global affairs in the early 21st century. Its epicentre lay in the U.S. real estate, mortgage and derivatives markets. In response to the crisis the U.S. government in cooperation with the Federal Reserve established a number of emergency provisions aimed at stabilizing the economy as well as stimulating growth. The objective of this thesis is to analyse the selected provisions in terms of their respective costs, impact on economic indicators and impact on the U.S. public debt. The practical part of this thesis is based on cost-benefit analysis and graphical analysis. Due to the large number of provisions only the most important ones with the highest actual or estimated costs have been analysed. It seems that the TARP program has been the biggest success as it helped to stabilize the interbank market while being poised to be profitable. The first QE is also deemed successful for it helped to start a desired increase in the price level during the period of deflation. The ARRA on the other hand had a minimal impact on the economy while entailing enormous costs. Same applies to the second QE which only led to a factual monetization of the U.S. public debt.
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Prohibition of drugs in condition of their mutual substitution with other addictive substances in the Czech Republic
Vilimovský, Petr ; Běláčková, Vendula (advisor) ; Houdek, Petr (referee)
This thesis analyzes regulation, prescription and prohibition of drugs in condition of their mutual substitution with other addictive substances in the Czech Republic; thesis investigates prices' and cross-prices' elasticities of substances and their markets. Comparison is made between regulated legal markets of alcoholic beverages and cigarettes, non-prohibitively regulated markets of pharmaceuticals and prohibited markets of illegal drugs. The thesis concludes that the demand for drugs is not price elastic. The demand for drugs is price inelastic but not perfectly price inelastic, as can be deduced based on the concept of A Theory of Rational Addiction developed by Gary S. Becker. The price of drugs, therefore, to some extent affects consumption. This opens the room to influence demand through pricing mechanism. The thesis also verifies The Theory of Economic Regulation developed by George J. Stigler and confirms that due to some substitution relationships between addictive substances it is possible speculate about the interests of producers of alcoholic beverages, cigarettes and pharmaceuticals for prohibition of drugs. Interests of producers of alcoholic beverages and cigarettes confirm their mutually complementary linkages.
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EKONOMIE KRIMINALITY NA PŘÍKLADU DOPRAVNÍCH NEHOD V ČR
Vilimovský, Petr ; Běláčková, Vendula (advisor) ; Kühn, Zdeněk (referee)
Tato práce se zabývá racionálním chováním ekonomických subjektů v podmínkách rizika v mimotržní oblasti ekonomiky, dopravní kriminality. Na základě analýzy dopravní nehodovosti, počtu usmrcených a výši hmotné škody se potvrzuje, že změna pravděpodobnosti dopadení představovaná dopravně bezpečnostními akcemi ovlivňuje dopravní kriminalitu v ČR. Práce dále zkoumá, zda také změna výše trestu představovaná zavedením novely zákona č. 411/2005 Sb., o silničním provozu, ovlivňuje dopravní kriminalitu v ČR. Na základě analýzy těžce a lehce zraněných osob a osob usmrcených dochází k závěru, že změna trestu na chování řidičů na českých silnicích vliv nemá.
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