National Repository of Grey Literature 158 records found  1 - 10nextend  jump to record: Search took 0.01 seconds. 
Impact of institutions on Cross-Border Price dispersion
Schwarz, Jiří ; Jurajda, Štěpán (advisor) ; Horváth, Roman (referee)
This thesis, building on existing studies on border effect, analyzes price dispersion among cities in the European region over the last twenty years (1990-2009). An extensive overview of the literature reveals that the authors completely neglect the entrepreneurial aspect of the arbitrage process, even though arbitrage is the main power behind the law of one price. Once we understand arbitrage as productive entrepreneurial activity, institutional quality should be one of determinants of arbitrage attractiveness and should, therefore, influence the price dispersion. To test this hypothesis I express the quality of institutions as one of the factors influencing total costs of arbitrage, together with population density in cities used as a proxy for competition intensity, and distance. The regression analysis proves that all three variables explain a part of observed price dispersion - the higher is the density and the better are the institutions, the lower is the predicted dispersion. This result can also be viewed as a small contribution to the emerging literature empirically testing the theory of productive and unproductive entrepreneurship. Keywords: border effect, price dispersion, price convergence, law of one price, institutional quality, entrepreneurship
Natural Resource Curse and Shadow Economy: Emprical Evidence
Chen, Anna ; Horváth, Roman (advisor) ; Janda, Karel (referee)
The study aims to investigate the impact of natural resource wealth on the shadow economy. The theoretical section provides the basis of understanding the nature of two phenomena and discusses the possible transmission channels through which natural resources might influence the shadow economy. Consequently, the key determinants of the shadow economy are examined by static and dynamic models. Natural resource abundance is proxied by natural resource rents. We employ a panel data set for 109 countries for the period from 1996 to 2006. The results reveal that resource wealth is associated with the decrease of the shadow economy. This result is robust for different resource types (durable and non-durable), and the effect is more profound for countries with a low income level. JEL Classification C33, E26, O13 Keywords natural resources, shadow economy, dynamic panel data models, system GMM estimator Title Natural Resource Curse and Shadow Economy: Empirical Evidence
Financial Development and Wealth Inequality: A Panel Data Analysis
Mainka, Paul Kaspar ; Horváth, Roman (advisor) ; Mareš, Jan (referee)
iv Abstract The understanding of the drivers of wealth inequality is still relatively limited, which is due to the hitherto rather scarce available data on wealth. In the wealth inequality theory, saving is a crucial determinant of wealth inequality, and therefore my thesis emphasizes saving, which I approximate by financial development. Through a relatively new wealth panel dataset, I dispose of data on the Gini coefficient of wealth for 129 countries over the period 2000 to 2018. I identify the likely most influential variables on wealth inequality from a broad pool of possible explanatory variables by employing lasso for fixed effects and subsequently quantify their effect through fixed effects modelling. I obtain robust results that globalisation and a business-friendly regulatory environment are associated with higher wealth inequality, while a higher labour force participation rate and stronger control of corruption are linked to lower inequality. Moreover, but slightly less robustly, I find that a greater depth of financial markets is associated with higher wealth inequality. Thus, I do not find clear empirical support for the prominent role of saving for wealth inequality which it is attributed in theory. Instead, non-financial variables appear to be more relevant. JEL Classification C33, E21, G51...
Three Essays on Financial Development
Mareš, Jan ; Horváth, Roman (advisor) ; Belke, Ansgar (referee) ; Čihák, Martin (referee) ; Geršl, Adam (referee)
The dissertation is a compilation of three empirical papers on the effects of financial development. In the first paper, we examine finance's effect on long-term economic growth using Bayesian model averaging to address model uncertainty. Our global sample findings indicate that the efficiency of financial intermediation is robustly related to long-term growth. The second and third papers investigate the determinants of wealth and income inequality, capturing various economic, financial, political, institutional, and geographical factors. We reveal that finance plays a considerable role in shaping both distributions.
Price Level Targeting with Imperfect Rationality: A Heuristic Approach
Molnár, Vojtěch ; Holub, Tomáš (advisor) ; Horváth, Roman (referee)
Price Level Targeting with Imperfect Rationality: A Heuristic Approach Vojtěch Molnár Abstract The thesis compares price level targeting and inflation targeting regimes in a New Keynesian model without rational expectations hypothesis. Economic agents instead form their expectations using heuristics-they choose between a few simple rules based on their past forecasting performance. Two main specifications of the price level targeting model are examined-the agents form expectations either about price level or about inflation, which is ex ante not equivalent because of sequential nature of the model. In addition, several formulations of the forecasting rules are considered. According to the results, price level targeting is preferred in the case with expectations created about price level under the baseline calibration; but it is sensitive to some model parameters. Furthermore, when expectations are created about inflation, price level targeting over time loses credibility and leads to divergence of the economy. On the other hand, inflation targeting model functions stably. Therefore, while potential benefits of price level targeting have been confirmed under certain assumptions, the results suggest that inflation targeting constitutes significantly more robust choice for monetary policy.
The impact of macroeconomic factors on exchange rate volatility in the Czech Republic
Shahinaj, Ariola ; Kočenda, Evžen (advisor) ; Horváth, Roman (referee)
Směnný kurz je jedním z nejvýznamnějších faktorů hospodářského růstu a jeho stabilita má přímý dopad na konkurenceschopnost země v mezinárodním obchodě. Cílem této práce je prozkoumat vliv míry nezaměstnanosti (UR), míry inflace (INF), úrokové sazby (IR), indexu průmyslové výroby (IPI), vládních výdajů (GE) a čistého vývozu (NX) na volatilitu směnného kurzu. (CZKEUR) v České republice. Za tímto účelem je prognóza volatility kurzu české koruny k euru (CZKEUR) analyzována modely GARCH a MGARCH. Navíc byl použit model autoregresivního distribuovaného zpoždění (ARDL), aby se prozkoumala přítomnost jakéhokoli dynamického krátkodobého nebo dlouhodobého vztahu mezi nominálním směnným kurzem a makroekonomickými proměnnými s využitím měsíčních údajů za časové období od ledna 1999 do prosince 2019. Zjištění naznačují, že existuje krátkodobý vztah mezi mírou nezaměstnanosti, mírou inflace, čistým vývozem a směnným kurzem. Výsledek modelu korekce chyb ukazuje, že směnný kurz má relativně slabé přizpůsobení rovnováze rychlostí úpravy 7,6%, kdykoli dojde k šoku v dlouhodobé rovnováze. Klasifikace F12, F21, F23, H25, H71, H87 Klíčová slova volatilita směnného kurzu, ARDL, GARCH, ECM. E-mail autora 33049215@fsv.cuni.cz E-mail vedoucího práce Evzen.Kocenda@fsv.cuni.cz 2

National Repository of Grey Literature : 158 records found   1 - 10nextend  jump to record:
See also: similar author names
23 HORVÁTH, Roman
1 Horváth, R.
2 Horváth, Radovan
23 Horváth, Roman
1 Horváth, Rudolf
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