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Use of Interest Rate Models for Interest Rate Risk Management in the Czech Financial Market Environment
Cíchová Králová, Dana ; Arlt, Josef (advisor) ; Cipra, Tomáš (referee) ; Witzany, Jiří (referee)
The main goal of this thesis is to suggest an appropriate approach to interest rate risk modeling in the Czech financial market environment in various situations. Three distinct periods are analyzed. These periods, which are the period before the global financial crisis, period during the financial crisis and in the aftermath of the global financial crisis and calming subsequent debt crisis in the eurozone, are characterized by different evaluation of liquidity and credit risk, different relationship between financial variables and market participants and different degree of market regulations. Within this goal, an application of the BGM model in the Czech financial market environment is crucial. Use of the BGM model for the purpose of predicting a dynamics of a yield curve is not very common. This is firstly due to the fact that primary use of this model is a valuation of interest rate derivatives while ensuring the absence of arbitrage and secondly its application is relatively difficult. Nevertheless, I apply the BGM model to obtain predictions of the probability distributions of interest rates in the Czech and eurozone market environment, because its complexity, direct modeling of a yield curve based on market rates and especially a possibility of parameter estimation based on current swaptions volatilities quotations may lead to a significant improvement of predictions. This improvement was also confirmed in this thesis. Use of swaptions volatilities market quotations is especially useful in the period of unprecedented mone- tary easing and increased number of central banks and other regulators interventions into financial markets that occur after the financial crisis, because it reflects current market expectations which also include future interventions. As a consequence of underdevelopment of the Czech financial market there are no market quotations of Czech koruna denominated swaptions volatilities. I suggest their approximations based on quotations of euro denominated swaptions volatilities and also using volatilities of koruna and euro forward rates. Use of this approach ensures that predictions of the Czech yield curve dynamics contain current market expectations. To my knowledge, any other author has not presented similar application of the BGM model in the Czech financial market environment. In this thesis I further predict a Czech and Euro area money market yield curve dynamics using the CIR and the GP models as representatives of various types of interest rates models to compare these predictions with BGM predictions. I suggest a comprehensive system of three criteria, based on comparison of predicti- ons with reality, to describe a predictive power of selected models and an appropria- teness of their use in the Czech market environment during different situations in the market. This analysis shows that predictions of the Czech money market yield curve dynamics based on the BGM model demonstrate high predictive power and the best 8 quality in comparison with other models. GP model also produces relatively good qua- lity predictions. Conversely, predictions based on the CIR model as a representative of short rate model family completely failed when describing reality. In a situation when the economy allows negative rates and there is simultaneously a significant likelihood of their implementation, I recommend to obtain predictions of Czech money market yield curve dynamics using GP model which allows existence of negative interest rates. This analysis also contains a statistical test for validating the predictive power of each model and information on other tests. Berkowitz test rejects a hypothesis of accurate predictions for each model. However, this fact is common in real data testing even when using relatively good model. This fact is especially caused by difficult fulfilment of test conditions in real world. To my knowledge, such an analysis of the predictive power of selected interest rate models moreover in the Czech financial market environment has not been published yet. The last goal of this thesis is to suggest an appropriate approach to obtaining pre- dictions of Czech government bonds risk premium dynamics. I define this risk premium as a difference between government bond yields and fixed rate of CZK IRS with the same length. I apply the GP model to describe the dynamics of this indicator of the Czech Republic credit risk. In order to obtain a time series of the risk premium which are necessary for estimation of GP model parameters I firstly estimate yield curves of Czech government bonds using Svensson model for each trading day since 2005. Resulting si- mulations of risk premium show that the GP model predicts the real development of risk premiums of all maturities relatively well. Hence, the proposed approach is suitable for modeling of Czech Republic credit risk based on the use of information extracted from financial markets. I have not registered proposed approach to risk premium modeling moreover in the Czech financial market environment in other publications.
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the impact of the global economic crisis on international trade of the Czech republic
Sakhautdinov, Timur ; Drozen, František (advisor) ; Marková, Jana (referee)
This thesis addresses the effects of the global economic crisis on the situation in the international trade of the Czech Republic. I focused on exploring the causes of the crisis and its impact on international trade. The chosen problem I solved by using index methods, deduction, induction, and abstraction. Carried out by the research I've found specific effects on the territorial and commodity structure of Czech trade. The main findings are the impact of the crisis on the volume and structure of trade of the Czech Republic from the territorial point of view and according to the classification of SITC.
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The capacity of the European Union to form a common foreign policy: The approach towards Russia during the crisis in Ukraine
Grycová, Adéla ; Rolenc, Jan Martin (advisor) ; Cibulková, Petra (referee)
The thesis deals with the issues of framing and europeanization of the foreign policy of the European Union in the context of an actorness of the EU. These two theoretical concepts are applied on the case of an approach of the Czech Republic and European Union towards Russian Federation during the crisis in Ukraine. The aim of this thesis is to find out if the European Union is capabble of affecting the behaviour of a member state in order to create unified and operational foreign policy. The first chapter deals with teoretical definition of the two concepts and detailed description of the stances of Czech Republic and European Union follows in the second one. On the basis of these chapters the assessment is conducted. The last part firstly concludes if any attempt of influecing is present and secondly the success rate of the attempt is evaluated.
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Establishing a Marketing fund in the Czech Republic to support the agricultural and food sector
Moudrá, Erika ; Hesková, Marie (advisor) ; Ehlová, Zdenka (referee)
The thesis deals in its theoretical part of the Czech food market - their promotions and opportunities for improvement in the context of establishing the Marketing fund with the insipration taken from the Austrian and German models. It shows some of the proven mechanisms of applied Wine Fund of the Czech Republic. A separate chapter is devoted to the Federation of the Food and Drink Industries of the Czech Republic, which its 20 years of history inseparable part of the food market and one of the main promoters of establishing a Marketing fund in the Czech Republic. Other chapters are devoted to the Austrian model of Marketing fund (Agramarkt austriacus AMA) which works flawlessly since Austria's entry to the European Union and analysis of implementation of the Fund in the Czech environment.
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The attitudes of women towards hormonal contraception
BRABCOVÁ, Michaela
This bachelor´s paper focuses on mapping the women´s attitudes to hormonal contraception. The so called "family planning" is one of the basic human rights. It means that the couple is allowed to decide about the number of children and time of their birth. The phenomenon of negative family planning is connected with the issue when the couple does not wish to have children and chooses the contraception method. Hormonal contraception is one of the most expanded and the most reliable device to regulate natality. The introduction of this paper is divided into several theoretical chapters. The first of them is dedicated to the origin of contraception and afterwards, it describes the history of hormonal contraception. Other chapters concentrate on the concrete combined hormonal contraceptive and progestogen contraception. The conclusion of theoretical part is dedicated to the education. First, the attention is focused on general education, then on the education of women led by a midwife. The practical part of this bachelor´s paper occupies with the women´s attitudes towards contraception based on the questionnaire within the quantitative research. First, the goals were set. The main goal was to learn which method of contraception the women of three different age categories prefer. Partial goal 1 was to map if the education influence the usage of contraception. Partial goal 2 was to learn about the factors that helped the women to choose contraception. Partial goal 3 was to find out if the women detected any changes. Partial goal 4 was to find out if the users of hormonal contraception also use different kinds of contraception. Partial goal 5 was to discover if the women smokers know about the danger of thrombosis that is connected with smoking while using hormonal contraception, and if they use this method. The questions were set on the basis of the aims.
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Nutritional analysis and optimization of breeding of selected species of edible insects under conditions of the Czech Republic with regard to human health
Adámková, Anna ; Kouřimská, Lenka (advisor)
All over the world, the edible insects are considered a highly nutritious food with high protein and fat content. However, the nutritional value of insect is not constant. It can be affected by species, developmental stage, rearing technology or nutrition.
Therefore, this thesis was aimed at obtaining the selected nutritional value of edible insects. Analyses were focused on the determination of the crude protein content, fat content, fatty acid profile and sterols in selected species of edible insects, which can be commonly reared in the Czech Republic. At the same time we also analysed samples of insects reared on the island of Sumatra to evaluate the influence of the climate on the nutritional value. The main aim of the thesis was the determination of optimal breeding conditions, developmental stages and feed rations for obtaining good production of insects with nutritional properties suitable for human nutrition. The analyses showed a high nutritional value of selected insect species, but also confirmed the significant differences in the content of individual nutrients between different species depending on the climate conditions and developmental stage. Comparing the fat and crude protein content in edible insects and other conventional sources of meat it has been found, that the examined insect is similar to beef concerning the fat and crude protein content. The results obtained are the basis for determining the appropriate rearing conditions and developmental stages for obtaining insect with the desired nutritional properties for human nutrition.
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The Education Systems and Competencies of paramedics in the Czech Republic and in the Federal Republic of Germany
ZBOŽÍNEK, Jonáš
This bachelor thesis is devoted to the paramedic education systems in the Czech Republic and the Federal Republic of Germany, and to comparing the competences these professions have. The theoretical chapter is divided into two sections. The first part focuses on the paramedic education system in the Czech Republic. A brief description of the specialisation is followed by the possibilities of obtaining the qualifications of a paramedic. To illustrate these possibilities, the first stage of university education and its accredited subject A Paramedic Education Programme offered by the University of South Bohemia in České Budějovice serves as a model example.The competences of paramedics in the Czech Republic are based on the valid regulation of the Ministry of Health no. 55/2011 of the Collection of Laws on the activities of non-doctor health-care workers and other specialised personnel. This outline includes also a list of the possibilities of deployment of paramedics in the Czech Republic and their brief descriptions. This part is brought to a close with an account of the possibilities of further education and specialisation. The second part of the theoretical chapter concentrates on the education system for the ambulance service personnel in the Federal Republic of Germany. Individual subchapters describe the levels of non-doctor health-care workers and their activities in the ambulance service. In the German ambulance service, the most corresponding counterpart of the Czech paramedic is the paramedic assistant (to be replaced by emergency attendant due to the German legal regulation that came into force on January 1, 2014). In this section, the main attention is devoted to the education of paramedic assistants. The practical part of the bachelor thesis employs the method of qualitative research through structured interviews with open-ended questions. The sample respondents included men and women working with the ambulance service in České Budějovice and having the qualifications of a paramedic, and for the German part paramedic assistants from the ambulance crew in Passau. To answer the first research question Do the Czech paramedics have wider competences than the German ones? it was necessary to compare the legal regulations in both countries and the appropriate expert literature. The data thus obtained have been checked through the direct questioning of paramedics in both countries. The results show that in comparison with the German paramedic assistant, the Czech paramedic has a wider scope of activities in health-care, even outside the ambulance service. Czech paramedics can work at anaesthesiology & resuscitation departments, at accident & emergency departments or as emergency call operators. Unlike in Germany, all these possibilities are specified also in the law. The comparative analysis therefore shows that the Czech paramedic has overall wider competences than the German paramedic assistant, even though in the sphere of pre-hospital emergency care their competences are very similar, if not fully identical. The second research question was whether it would be beneficial for the emergency assistants in Germany to study their specialisation at university. The analysis of the structured interviews with emergency assistants resulted in the conclusion that they would not be in favour of such an arrangement. In their opinion a university education programme would mean an unecessary complication due to the higher financial costs of German university studies. Not all people interested in this specialisation could afford to study it. The respondents also pointed out that it would be impossible for the current health-care system to pay these university-educated specialists. They voiced some criticism of the present-day education system, nevertheless they hope that the long-overdue expected legislative changes will mean improvements of all the criticised issues.
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Ratings business accounts
ŠUSTROVÁ, Lucie
The diploma thesis is focused on using methods of multiple criteria decision making, in this case about business accounts. In theoretical part is described the banking systém of Czech republic, then methods of multiple criteria evaluation.The basic aim of this work was to evaluate the order of business accounts in terms of advantageousness, which are offered by banks on the banking market in the Czech republic. The sectional aim of this work is to get known with the problems of optimal choice of business accounts for a certain group of consumers, which in this case are small businesses. Before choosing a new business account it is always necessary to carefully explore banking market and its offers of business accounts. The important part of this thesis is that the certain client has to consider his preferences before we use quantitative methods. In this diploma thesis has also done a survey about the evaluation of business accounts. Then there are compared results of using methods of multiple criteria evaluation of the survey and model client. In conclusion, the results are described in the order of banking products from the best to the worst business account.
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Methods of transfer pricing by multinational enterprises in terms of tax administration
BÖHMOVÁ, Dana
The aim of the thesis is the analysis and evaluation of the application of transfer (transfer) the prices used in transactions of multinational enterprises in terms of tax administration. Generally describe the basic principles of the United people, the principle of the arm, the methods of the determination of the transfer pricing and documentation for transfer prices in accordance with the international rules and standards laid down by the Organization for economic cooperation and development, in accordance with the laws and guidelines of the Czech Republic. Furthermore, this thesis seeks to clarify the specific case studies, which are based on the practice of financial management, and the case-law, the effects of the determination of the transfer pricing methods, comparison of their advantages and disadvantages in establishing transfer prices in the Czech Republic. At the conclusion of the thesis summed up the results and recommend the adoption of more appropriate legislation in each of the areas of transfer pricing in the Czech Republic.
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