National Repository of Grey Literature 155 records found  1 - 10nextend  jump to record: Search took 0.00 seconds. 
Parallel Currency: A Suitable Tool for Vulnerable Euro Zone Countries?
Kortová, Kateřina ; Dědek, Oldřich (advisor) ; Hrušová, Ivona (referee)
The recent financial and economic crisis led to a deepening of fiscal problems in many countries all over the world. European countries were also hit hard by the economic downturn. The critical situation in Greece and its negative impact on the economic situation in the whole Euro zone has brought up many questions about the rigidity and functionality of the euro concept. A majority of economists and politicians support the idea of saving the Euro zone since the break up would be quite costly. There are many ideas regarding a solution to the current situation, and one of the most radical is the introduction of a parallel currency in the states which are trapped in the debt crisis. The aim of the thesis is to take a critical look at the historical development of different approaches to this theme with a focus on theories based on the devaluation as the solution. The parallel currency theory is compared to Euro zone break-up scenario and hard restructuring option and the positives and negatives of each approach are analysed. Finaly the simulation on the Greeek case is performed to prove or diproved the positive effects of parallel currency establishment. JEL Classification E31, E42, E52, E63, F15, F36 Keywords Parallel currency, financial crisis, the euro, the European Union, the Euro zone
Option embedded in natural gas sales'contracts
Zlámal, David ; Mejstřík, Michal (advisor) ; Dědek, Oldřich (referee)
The paper analyses the unexplored contractual relationship among sellers and buyers in the natural gas business. In the majority of European natural gas contracts the seller commits to deliver the stated quantity of gas during the year and the buyer is obliged to offtake the main part of the agreed quantity. The difference between these two volumes represents the offtaking flexibility that the seller grants to the buyer, the embedded option. The paper focuses on the evaluation of this embedded option. Firstly the investigation is performed in the current market situation when the buyer doesn't have the access to the spot market with natural gas. Under this condition the buyer can't make a profit and he is using the option only to satisfy the changing demand of his consumers. Secondly, the option is evaluated in the future situation when the spot market with natural gas emerges. In this circumstance, the embedded option becomes a financial option with changing strike price and we can evaluate it using the spread option formulas.
Assessing the determinants of inflation rate in European countries
Wu, Wanru ; Holub, Tomáš (advisor) ; Dědek, Oldřich (referee)
This thesis assesses the determinants of inflation rate in European countries, including data from 2010 to 2022. The existing research didn't include data during the pandemic and war between Russia and Ukraine, two crises causing unexpected rises in the inflation rate. Using panel data in R studio, the results suggest that GDP per capita influences inflation the most, oil price also plays an important role, and the base interest rate and unemployment rate also influence the inflation rate. In addition, GDP per capita is a negatively related variable. The unemployment rate negatively affects the inflation rate. The change in oil price is positively related to the inflation rate, and it is the only positive variable.
Monetary policy of oil-exporting countries with informality: a DSGE analysis of Iraq
Safar, Nour ; Holub, Tomáš (advisor) ; Dědek, Oldřich (referee)
The thesis investigates the efficiency of monetary policy using the New Keynesian Dynamic Stochastic General Equilibrium (NKDSGE) model in an economy reliant on oil exports and a large informal sector. The model is calibrated for the Iraq case to capture macroeconomic variables' responses to oil price shocks. The study aims to explore the impact of the shock on macroeconomic variables in the presence of the informal sector and how responses might change assuming a small informal sector. The model shows that the informal economy increases home prices and inflation, but the model does not reveal a Dutch disease. The study concludes that monetary policy, represented by the Taylor rule, is an inefficient tool for affecting macroeconomic variables.
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?
European Central Bank Digital Currencies: Lessons from Central Bank Experiments and Scenario Analysis
Pramod Kumar, Kumar Chandrakamal ; Dědek, Oldřich (advisor) ; Havránek, Tomáš (referee) ; Ramesh, Sangaralingam (referee)
The dramatic increase in popularity of cryptocurrencies like Bitcoin has motivated central banks to research central bank digital currencies (CBDC). The key central bank R-CBDC experiments are reviewed. It is found that central banks of advanced economies like the Federal Reserve, European Central Bank and Swiss National Bank are relatively less motivated to issue R-CBDC. This is because current retail payment systems and settlements are already fast and efficient and the advantages of R-CBDC may not be as large as initially expected. Financial inclusion and need for traceable payment systems is less attractive in advanced economies and central banks would lose credibility if CBDC were implemented unsuccessfully. A scenario analysis is used to explore the implications of R-CBDC on financial stability and monetary policy. The results show that CBDC implementation in all scenarios is expected to positively impact financial stability and monetary policy. Results from the scenario analysis are more optimistic than the literature and urges central banks to continue their research. Finally, it is found that ECB's ability to issue CBDC is uncertain. The risks to traditional monetary policy tools and banking system should encourage both to become more efficient and focus on the needs of users.
Integration of European Stock Markets
Bartůňková, Hana ; Mejstřík, Michal (advisor) ; Dědek, Oldřich (referee)
This thesis deals with the issue of integration of stock markets in the European Union. Theoretical background explaining the importance of developed stock market for the economy and the benefits of stock market integration is followed by the analyses of integration barriers: legislative framework of European stock markets, high costs of cross-border trading and currency risk. It is shown that the current legislative process is able to create integrated European stock market, even if the problems concerning coordination of regulation and enforcement of the directives continue. High costs of cross-border trading remain an important barrier of stock market integration as well as the currency risk. Nevertheless this thesis verifies the hypothesis of forthcoming integration of European stock markets.
IPO underpricing and sentiment of investors
Scheerová, Lucie ; Dědek, Oldřich (advisor) ; Lupusor, Adrian (referee)
The thesis investigates investor sentiment, proxied by grey market prices, being a common source for IPO underpricing, long-term underperformance of IPOs, and cycles in IPO volume. The paper contributes to the field of research by an updated German dataset from 2000 to 2010, and by investigating all main IPO market anomalies together with their common trigger. The results show evidence of a positive relationship between the investor sentiment and IPO underpricing, indicating the investor sentiment being an explanation for it. Moreover, the study shows investor sentiment being positively linked to offer prices - an evidence of issuers exploiting that sentiment. However, the long-term underperformance relative to the aftermarket price of IPOs from high underpricing periods - another evidence of investor sentiment being a source for IPO underpricing - has not been confirmed. Other hypotheses have also not been verified. They include higher IPO volume following high underpricing periods and long-term underperformance relative to the offer price of IPOs from high underpricing periods. Both these hypotheses would represent another confirmation of firms exploiting the investor sentiment. The statistically significant results are consistent with other papers. The insignificance might have been caused by the method...
Default Risk of Greek Government During the Crisis of 2010
Veselý, Oldřich ; Dědek, Oldřich (advisor) ; Báťa, Karel (referee)
Many people have already questioned whether Greece would default: investors, economists, politicians and general public. The Greek debt crisis has also caused a great turmoil in the EU causing fears of its spreading to other countries with poor fiscal situation in Eurozone through bond markets. Finally the rescue package was prepared for Greece consisting of EUR 110 billion loan facility from both Eurozone and IMF. We study the Greek fiscal crisis in the thesis. We try to find its real causes in the historical chapter and we also show the methodology which can be used to assess the credit risk of Greek government using bond market information and CDS contracts information. In the empirical part we study the evolution of the probability of default of Greek government during the debt crisis using parsimonious model based on the bond market information.
Measuring and managing operational risk in the context fo Basel II
Patráková, Zuzana ; Teplý, Petr (advisor) ; Dědek, Oldřich (referee)
This thesis deals with measuring and managing operational risk in the context of Basel II. The main goal of this work is to analyze different methods for quantification of operational risk and evaluate which method is the most suitable according to its nature. This work outlines the milestones of Basel II, its goals and tools. It defines the operational risk and clarifies its categorization. This paper also concentrates on Basel Committee's requirements concerning the quantification methods and it discusses related problems. This work examines the widespread operational risk measurement approaches. Final part is devoted to operational risk management process. Powered by TCPDF (www.tcpdf.org)

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1 Dědek, O.
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