National Repository of Grey Literature 156 records found  1 - 10nextend  jump to record: Search took 0.00 seconds. 
Spillovers of uncertainty shocks: Evidence from GVAR model
Poloček, Adam ; Baxa, Jaromír (advisor) ; Komárek, Luboš (referee)
This thesis aims to supplement extensive literature on uncertainty impact in the real world and much scarcer literature on its spillover properties. Recently, numerous events induced high economic policy uncertainty such as the Great Financial Crisis, the COVID-19 pandemic, the Brexit referendum, tariff dis- putes, etc. have highlighted how relevant are the spillover properties. To investigate them across a global panel of countries, we propose a GVAR model that incorporates the Economic Policy Uncertainty Index as a measure of uncertainty. We model effect of an uncertainty shock to the US economy on quarterly and monthly data. Our model reveals two key findings. First, uncertainty spillover occurs immediately without lags and causes spikes in local uncertainty. Secondly, it negatively impacts output, interest rates, inflation and equity prices, but share of impact taken by each variable varies country by country. This is supportive of "real options" hypothesis and indicates, that majority of impact occurs via investment. Overall, this paper sheds new light on the intricate relationship between uncertainty and economic conditions, emphasizing the need for policymakers to carefully consider the impact of policy uncertainty on both domestic and international economic conditions
Czechia's Choice: Would Euro Make a Difference?
Trubelík, Ivan ; Baxa, Jaromír (advisor) ; Dědek, Oldřich (referee)
Euro adoption constitutes a major step in the economic integration within the European Union. The aim of this work is to quantify the effects it would have on the Czech Republic should it join the Euro Area at various dates in the recent past. Employing a Global VAR model to make unconditional and conditional counterfactuals of the 29 modeled economies, the probabilities of a higher real output and of lower prices are estimated. The results suggest that, from the viewpoint of the Czech Republic, entering the Eurozone during the financial crisis of 2009 would deteriorate both the recession as well as the deflation. On the other hand, the most favorable entry date was estimated to be the beginning of 2020 with very high probabilities of a larger real output after a few initial periods of a slower growth. The Euro adoption thus appears to be an economic decision with benefits materializing in the longer term rather than an opportunity for an immediate stimulus. JEL Classification C32, C53, C54, C55, E52, F45 Keywords Euro Adoption, Global VAR, Probabilistic Fore- casting Title Czechia's Choice: Would Euro Make a Differ- ence?
Macroeconomic consequences of Covid-19 and the role of stabilisation policies
Karhánek, Tomáš ; Holub, Tomáš (advisor) ; Baxa, Jaromír (referee)
The thesis applies panel data analyses supported by vast stream of empirical literature with aim to capture and quantify effects of the monetary and fiscal stabilization policies on the macroeconomic indicators during COVID-19 pandemic, while also comparing effects of UMP and CMP monetary regimes. The results show that both the monetary and fiscal stabilization policies had positive and statistically significant impact on the real GDP growth. On the other hand, the effect of the stabilization policies did not have significant effect on the inflation during 2020-2021. The thesis also presents a small subsample of forecasting utilizing properties of VECM and comparing recovery paths of 3 European countries with different monetary regimes. We also conclude that there is no significant difference between monetary regimes utilizing UMP or CMP in terms of effectivity of the GDP growth stimulus and recovery paths of the macroeconomic indicators. Furthermore, we have concluded that the GDP sectoral composition played an important role in the economic impact on the country as countries with larger share of services suffered larger decrease of the real GDP and countries with large industrial sector faced higher inflation due to supply chain disturbtion. JEL Classification E52, E31, E470, H51, H68, H61...
Determinants of green growth
Trouble, Elisa ; Baxa, Jaromír (advisor) ; Ščasný, Milan (referee)
This thesis evaluates the evidence of decoupling of emissions and economic growth. More specifically, it draws upon previous literature and estimates both the short run and long run elasticities of emissions using an altering method. Most recent data for production and consumption based CO2 emissions on the world's top 23 emitters is used. The baseline model is extended to measure decoupling at the global level by using panel data analysis and by aggregating emissions and growth variables to create a world level time series. Further, the validity of the Environmental Kuznets Curve hypothesis is tested at the individual country and global levels. Results provide evidence of absolute decoupling in richer nations and relative decoupling in less developed countries. At the global level evidence of decoupling is mitigated. Comparison between consumption and production based elasticity estimates also provides evidence in favor of the Pollution Haven Hypothesis. Finally, sensitivity checks are conducted by estimating elasticities on a subsample and robustness checks suggest evidence is weak and not robust to the estimation method. Keywords:: Emissions-output decoupling, HP filter, OLS, absolute decoupling, Environmental Kuznets Curve, emissions-output elasticity Title: Emissions-output decoupling:...
Corporate Social Responsibility and Corporate Financial Performance: The Mediating Role of Innovation Ability
Li, Xiangyu ; Baxa, Jaromír (advisor) ; Merrino, Serena (referee) ; Vokoun, Marek (referee)
Firstly, this paper empirically analyzes the relationship between corporate social responsibility and corporate financial performance without considering innovation ability by using dynamic panel threshold model. The empirical results show that there is a nonlinear relationship between corporate social responsibility and corporate financial performance; Corporate social responsibility has a double threshold effect on corporate financial performance, and the positive impact of corporate social responsibility on corporate financial performance decreases marginally. Furthermore, this paper explores the intermediary or regulatory role that innovation ability may play between the two. The empirical results show that this paper measures the innovation ability of enterprises by innovation input, innovation output and innovation efficiency, but only the first two play a partial intermediary role and positive adjustment role in the relationship between corporate social responsibility and financial performance. By analyzing the relationship between corporate social responsibility and financial performance in Poland, this paper examines the influence of innovation ability on the relationship between them, which provides a new perspective for enterprises to achieve better financial performance and the...
Who bears the costs of Brexit? A regional perspective
Stuchlík, Jakub ; Baxa, Jaromír (advisor) ; Bajgar, Matěj (referee)
0. 1 Abstract One of the decisive elements for the Brexit referendum was the great regional inequality in the UK, the biggest among the G7 economies. In this thesis, we study whether spatial inequality increased due to Brexit. We successfully pi- oneer a Synthetic Control Method using Lasso to estimate the Brexit impact. Our results are consistent on the national level with other scholars, achieving a mild 2% drop in the real output in 2019 and a stunning 14% fall in 2020. At the regional level, our results hint bigger losses for London and Scottish regions than for rural areas. Thus, in contradiction to other studies, we show that Brexit could decrease spatial inequality. JEL Classification C54, O47 Keywords Brexit, Regional inequality, Synthetic Control Method, Synthetic Control Method using Lasso, real GDP Author's e-mail Supervisor's e-mail
Military expenditure and economic growth: A meta-analysis
Simpartl, Josef ; Havránek, Tomáš (advisor) ; Baxa, Jaromír (referee)
This master's thesis provides a comprehensive meta-analysis inspecting the impact of military expenditures on economic growth. Its objective is to validate several hypotheses using a wide range of studies and the latest methods. The hypotheses included in this thesis are as follows. First, military expenditures reduce economic growth. Second, military expenditures retard growth in less- developed countries. Third, the effect of military expenditures on economic growth is non-linear. The general findings of this thesis support the first hypothesis. This result originates mainly from the significantly negative impact found in recent studies. The thesis also finds indirect evidence in favor of the second hypothesis. Even though the analysis did not find a significant impact on less-developed countries per se, a negative effect associated with African countries provides a persuasive substitute in this regard. Last, this thesis did not find any solid evidence in favor of the non-linearity hypothesis. This is the first time the effect of military expenditures on economic growth was analyzed using the latest methods of meta-analysis and provides robust input into a heated debate within the subfield of peace economics provoked by the recent events. 1
Immigration and Labour Productivity
Mikušek, Vít ; Baxa, Jaromír (advisor) ; Pertold-Gebicka, Barbara (referee)
The thesis is concerned with the phenomenon of immigration and its impact on the productivity of labour in the European Union. Using panel VAR models with generalized impulse responses and local projections as robustness checks on a data set covering the period between 2000- 2021, we find that immigration has a significant negative impact on labour productivity in the EU as a whole, while the eect on a selection of 8 core countries turns slightly positive in the short term. This suggests that the eect is heterogeneous and country- or region-dependent, while the migrant structure also seems to play a significant role as we identify dierences between the eects of EU and non-EU nationals. JEL Classification E24, F22, F66, J15, J24 Keywords immigration, productivity, labour, growth Title Immigration and Labour Productivity Author Vít Mikušek
Economic Effects of Germans' Expulsion from Czechoslovakia Revisited
Kafková, Kateřina ; Baxa, Jaromír (advisor) ; Schwarz, Jiří (referee)
Economic Effects of Germans' Expulsion from Czechoslovakia Revisited Author: Bc. Kateřina Kafková Abstract This thesis studies long-run effects that expulsion of Germans from Czechoslovakia after World War II had on the Czech borderlands. Specifically, the thesis tests sensitivity of prior literature's findings by investigating previously not addressed potentially confounding factors - presence of military areas and border zone in the data; heavy air pollution in the North-West Bohemia during the communist regime; and impact of Wild expulsion in the Soviet liberation zone right after the end of World War II. Minor to no effects of these factors are revealed. Therefore, the findings of this thesis are in line with the findings of the existing literature - the expulsion of Germans caused higher unemployment, lower population density, lower employment in high- skilled sectors, and a lower share of population with secondary and tertiary education in the borderlands, when compared to the Czech interior, that lasts until today.
Analyzing the link between Environmental, Social and Governance (ESG) and sovereign bond spreads: an empirical analysis of CEE countries
Guan, Yanqi ; Baxa, Jaromír (advisor) ; Merrino, Serena (referee) ; Jeřábek, Petr (referee)
This study investigates the effects of a country's environmental, social and governance (ESG) performance on sovereign bond spreads in CEE countries. We used both the sovereign bond spreads vis-à-vis the U.S. and bond spreads vis-à-vis Germany. We employed a dynamic panel generalized method of moments model, based on a sample of 10 CEE countries from 2009 to 2018. The analysis reveals that overall, better ESG performance is associated with lower sovereign bond spreads. When looking at bond spreads vis-à-vis the U.S., all three sub-dimensions of ESG are found to have significant negative impacts on sovereign bond spreads. When using bond spreads vis-à-vis Germany, only environmental and governance sides show significant effects. In addition, the results suggest that environmental side has more pronounced economic impacts on sovereign bond spreads than the other two sides in CEE countries.

National Repository of Grey Literature : 156 records found   1 - 10nextend  jump to record:
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