National Repository of Grey Literature 145 records found  1 - 10nextend  jump to record: Search took 0.01 seconds. 
Feedback effects of non-performing loans in EMU: A Panel VAR Approach
Bezuchová, Anna ; Baxa, Jaromír (advisor) ; Komárek, Luboš (referee)
This thesis investigates long-run feedback e ects between non-performing loans and their determinants in the Economic and Monetary Union countries using a panel VAR method with generalized impulses response functions and lo- cal projections. The results suggest a bi-directional relationship between the non-performing loans and their determinants. The non-performing loans ratio increases after a negative shock in GDP growth, rising unemployment, wors- ened fiscal balance and increasing risk. On the other hand, a positive shock to non-performing loans decreases the unemployment rate, risk and return on assets. Furthermore, we revealed a di erent magnitude of responses to shocks in core and periphery countries of EMU, which proves financial fragmentation. JEL Classification C23, C51, G21, E32, E44 Keywords Non-performing loans, Panel VAR model, EMU, Generalised impulse response functions Title Feedback e ects of non-performing loans in EMU: A Panel VAR Approach
The economic costs of conflict: A case study of the Russo-Ukrainian War
Hamráková, Júlia ; Baxa, Jaromír (advisor) ; Bauer, Michal (referee)
Since 2014, an armed conflict between pro-Russian separatists and the Ukrainian army in Donbas has been causing damage to the society, infrastructure, and eco- nomics of Ukraine. This thesis deals with the conflict in eastern Ukraine and focuses on its economic impact in the period from 2014 to 2020. Using the syn- thetic control method and the augmented synthetic control method, on a country level we evaluate the economic cost of the conflict in terms of the GDP per capita of Ukraine and Russia. On the regional level, we estimate the impact of the con- flict on the GRP per capita of the Luhansk and Donetsk regions. Moreover, we look for evidence of spillover effect on neighbouring Dnipropetrovsk region and Kharkiv region in Ukraine and Krasnodar Krai, Belgorod Oblast, and Rostov Oblast in the Russian Federation. While the results indicate a significant gap in GDP per capita of Ukraine attributable to the war, the negative economic effect on the GDP per capita of the Russian Federation after accounting for the price drop of crude oil in 2014 and 2015 is only minor and too insignificant to interpret it with confidence. The findings further suggest a destroying effect of the conflict on GRP per capita of both Luhansk and Donetsk regions. The spillover effect of the war on neighbouring regional...
Subjective well-being and trust in countries of European Union
Bělostíková, Pavla ; Baxa, Jaromír (advisor) ; Gutiérrez Chvalkovská, Jana (referee)
Subjective well-being and trust in countries of European Union Pavla Bělostíková 2011 Abstract This paper analyzes the relationship between an individual's capacity to trust and their overall satisfaction with life in countries of European Union. It concretely focused on four countries selected Denmark, as the most satisfied country in the world, Spain, Czech Republic and Bulgaria as the less satisfied in European Union. Two kinds of trust were examined: general trust referring to interpersonal trust and institutional trust referring to trust in parliament. The trust in people was concluded as more significant for the overall satisfaction of an individual satisfaction than trust in parliament. For example, higher trust in people makes the general public more satisfied. Furthermore, in Denmark and Spain considered to be wealthier countries with higher reported level of satisfaction and trust, the interpersonal trust as well as institutional have less influence on satisfaction than in the average of EU countries. Key words: happiness, subjective well-being, satisfaction, interpersonal trust, trust in institutions, relative income, Easterlin paradox, aspiration level Consultant: PhDr. Jaromír Baxa
The importance of income on subjective well-being
Sedlář, Jan ; Baxa, Jaromír (advisor) ; Skuhrovec, Jiří (referee)
1 Abstract My Bachelor thesis deals in a comprehensive way with the discussion unleashed by the publication of the Easterlin's article which called attention to more complex relations between the absolute level of income and the subjective well-being than the economic theory would ever assume . There is the literature shown which finds the explanation why the relation - the absolute level of income and the subjective well-being - does not hold without exceptions. A special attention is devoted to the human behaviour: comparison of the individual's situation with the situation of his reference group, comparison of the individual's situation with the situation he was accustomed to in the past, the individual's adaptation to the new situation and change of his aspiration and on the overvaluation of the benefits from the achieved goal. The first characteristic is tested experimentally with use of the analogy: the income as the evaluation of the job performance, the mark as the evaluation of the student. The experiment did not prove that the comparison of the student with his reference group would have the influence on his own performance. The second part of my thesis is focused on the description of the relationship between the gross national income per capita and the satisfaction of the inhabitants from the...
How Much of the Macroeconomic Variation in Ukraine Originates From External Shocks?
Fedorova, Alona ; Baxa, Jaromír (advisor) ; Cahlík, Tomáš (referee)
iv Abstract In this thesis, we investigate the relative importance of foreign shocks in the Ukrainian economy by estimating a small-scale SVAR model with block exogeneity restriction over the period 2003:2 - 2016:12. We find that external shocks from the EU and Russia account for a significant share of the macroeconomic variation in Ukraine. In particular, external shocks account for up to 97 % of variance in Ukraine's output and 85 % in inflation. Remarkably, foreign monetary policy shocks (both from the EU and Russia) account only for a tiny share of variance in all Ukrainian macro variables. Finally, we show that the inclusion of Russia in the 'foreign' block is important to achieve correct model specification. Without accounting for the effects of the Russian economy, Ukrainian variables over-react to shocks originating from the EU. We conclude that the National Bank of Ukraine should closely track external developments to achieve inflation targets. JEL Classification E52, F41, F42 Keywords vector autoregression, foreign shocks, monetary policy, Ukraine Author's e-mail Supervisor's e-mail
Public Procurements as a Corrupting Sector in RBC Model
Paulus, Michal ; Baxa, Jaromír (advisor) ; Gregor, Martin (referee)
The aim of the thesis is to create a RBC model incorporating corrupting sector. The thesis contributes to the few existing DSGE models with corruption by introducing the corrupting sector into the sector of firms and political parties which is regarded as a sector of public procurements where firms bribe politicians for gaining public tenders. This setting is new and is supposed to catch better the phenomenon of political corruption. The model predicts that all shocks that positively affect the economy motivate firms to invest more into the bribes and vice versa. The increase of the overall level of corruption stimulates economy but is leading an economy to the instability. The model also examines the effect of various forms of fiscal spending in the households ' utility function. The model exhibits several non-intuitive results (too high portion of stolen money by firms, stimulation of the economic performance caused by higher corruption and negative holding of government bonds) that should be solved in next research.
Role of Foreign Capital Inflows in Economic Development of Pakistan
Ali, Muhammad ; Baxa, Jaromír (advisor) ; Benáček, Vladimír (referee)
This study attempts to ascertain the importance of foreign capital inflows (FCIs) in Pakistan. We do so by first finding the key determinants of FCIs in Pakistan. Secondly, we attempt to investigate the relationship of FCIs with economic growth and finally we study the impact of FCIs on unemployment, poverty and income inequality. FCIs in this study are combination of foreign direct investment, remittances, foreign aid and external debt. Using data from 1973-2008 for Pakistan we found that growth is key determinant of FCIs both in aggregated and disaggregated forms. Moreover, FCIs have positive impact on economic growth in Pakistan. We also found that FCIs do help in reducing unemployment. Impact on poverty and inequality, however, was found to be insignificant. Results suggest that though FCI is beneficial for growth, the spillovers of the growth are not reaching the poor segment of the society. Policy makers should therefore focus on utilizing these foreign resources, especially remittance inflows, to strengthen domestic financial sector, reduce poverty and inequality. JEL Classification F21, F24, F29 Keywords International Capital Flows, Economic growth, Foreign Direct Investment, Remittances, Foreign Debt, Foriegn Aid, ARDL, Poverty Author's e-mail Supervisor's e-mail...
ECB Monetary Policy: "One Size Doesn't Fit All" Problem and Its Impact on Credits Volume
Nedvěd, Petr ; Baxa, Jaromír (advisor) ; Novák, Jiří (referee)
In this work, I analyse inappropriateness of single monetary policy in the euro area and its impact on credit growth for the oldest twelve euro members and a time period spanning 1999Q1-2013Q3. The inappropriateness is expressed by deviations of actual interest rate from Taylor rule prescriptions. The obtained results are in line with a majority of existing literature since they show that the ECB's single interest rate was the least suitable for the so called PIIGS countries prior to the recent economic crisis. The impact of the deviations on credit growth is estimated econometrically by dynamic panel data estimation. The findings confirm my hypothesis that the deviations from the Taylor rule have a significant positive effect on credits volume, i.e. the higher is the Taylor rule prescription above the actual rate, the higher is the credit growth.
Portfolio investment for individual investors : (portfolio recommendations for three case studies)
Žigraiová, Diana ; Pečená, Magda (advisor) ; Baxa, Jaromír (referee)
The thesis focuses on the portfolio investment area with respect to individual investors. It discusses their investment possibilities and behavioural aspects that may be the cause of deviations in investors' behaviour from rationality and which as well have the impact on forming their investment objectives. On the three investor case studies two qualitatitive methods of asset allocation are studied, eventually dividing the content of their investment portfolios between stocks and bonds. Additionally, the extension to the traditional stock and bond allocation is performed by means of real estate, commodities and art and antiques and its appropriateness is analyzed for each case study investor. At the very end of the thesis a quantitative mean-variance optimization method of asset allocation is mentioned.

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