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Confidence Cycles and Liquidity Hoarding
Audzei, Volha
Market confidence has proved to be an important factor during past crises. However, many existing general equilibrium models do not account for agents’ expectations, market volatility, or overly pessimistic investor forecasts. In this paper, we incorporate a model of the interbank market into a DSGE model, with the interbank market rate and the volume of lending depending on market confidence and the perception of counterparty risk. In our model, a credit crunch occurs if the perception of counterparty risk increases. Our results suggest that changes in market confidence can generate credit crunches and contribute to the depth of recessions. We then conduct an exercise to mimic some central bank policies: targeted and untargeted liquidity provision, and reduction of the policy rate. Our results indicate that policy actions have a limited effect on the supply of credit if they fail to influence agents’ expectations. Interestingly, a policy of a low policy rate worsens recessions due to its negative impact on banks’ revenues. Liquidity provision stimulates credit slightly, but its efficiency is undermined by liquidity hoarding.
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Partial Report IV / 2016 - Rating of the deformation stress monitoring the state of the rock mass during mining coal seam 30 (634) within the trial operation of mining method corridor - a pillar in OPJ ČSM - NORTH
Waclawik, Petr ; Ptáček, Jiří ; Kukutsch, Radovan ; Kajzar, Vlastimil ; Koníček, Petr ; Souček, Kamil ; Staš, Lubomír
Monitoring of the deformation stress state of the rock mass is a prerequisite for the verification of unapproved new mining methods hall-pillar and its further application in the Czech part of the Upper Silesian coal basin. This mining method is designed on the basis of experiences and practices that are verified in different natural conditions and depths below the surface and is therefore essential for the verification of conditions for the Czech part of the Upper Silesian Basin based on geotechnical monitoring. The present report is prepared on the basis of a contract no. 942/50/10, where the Institute of Geonics, v.v agrees to make periodic evaluation of monitoring data napěťodeformačního state of the rock mass. In accordance with the aforementioned agreement, the message is processed in the six-month period and continues in the interim report III / 2015 (Waclawik et al. 2015) passed buyers in April this year. Interim results of the geotechnical monitoring, such as the experience gained during the first conquest dobývky V show specifics of natural conditions in trial operation unapproved new mining methods hall-pillar.
Fulltext: content.csg - PDF
Plný tet: UGN_0464907 - PDF
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(100) substrate processing optimization for fabrication of smooth boron doped epitaxial diamond layer by PE CVD
Mortet, Vincent ; Fekete, Ladislav ; Ashcheulov, Petr ; Taylor, Andrew ; Hubík, Pavel ; Trémouilles, D. ; Bedel-Pereira, E.
Boron doped diamond layers were grown in an SEKI AX5010 microwave plasma enhanced chemical vapour deposition system. Effect of surface preparation, i.e. polishing and O2/H2 plasma etching on epitaxial growth on type Ib (100) HPHT synthetic diamonds were investigated. Using optimized substrate preparation, smooth (RRMS ~ 1 nm) boron doped diamond layers with metallic conduction and free of un-epitaxial crystallites were grown with a relatively high growth rate of 3.7 μm/h. Diamond were characterized by optical microscopy, optical profilometry, atomic force microscopy and Hall effect.
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Acceleration of Object Detection Using Classifiers
Juránek, Roman ; Kälviäinen, Heikki (referee) ; Sojka, Eduard (referee) ; Zemčík, Pavel (advisor)
Detekce objektů v počítačovém vidění je složítá úloha. Velmi populární a rozšířená metoda pro detekci je využití statistických klasifikátorů a skenovacích oken. Pro učení kalsifikátorů se často používá algoritmus AdaBoost (nebo jeho modifikace), protože dosahuje vysoké úspěšnosti detekce, nízkého počtu chybných detekcí a je vhodný pro detekci v reálném čase. Implementaci detekce objektů je možné provést různými způsoby a lze využít vlastnosti konkrétní architektury, pro urychlení detekce. Pro akceleraci je možné využít grafické procesory, vícejádrové architektury, SIMD instrukce, nebo programovatelný hardware. Tato práce představuje metodu optimalizace, která vylepšuje výkon detekce objektů s ohledem na cenovou funkci zadanou uživatelem. Metoda rozděluje předem natrénovaný klasifikátor do několika různých implementací, tak aby celková cena klasifikace byla minimalizována. Metoda je verifikována na základním experimentu, kdy je klasifikátor rozdělen do předzpracovací jednotku v FPGA a do jednotky ve standardním PC.
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Estimating the determinants of FDI in Transition economies: comparative analysis of the Republic of Kosovo
Berisha, Jetëmira ; Dědek, Oldřich (advisor) ; Benáček, Vladimír (referee)
This study develops a panel data analysis over 27 transition and post transition economies for the period 2003-2010. Its intent is to investigate empirically the true effect of seven variables into foreign flows and takes later on the advantage of observed findings to conduct a comparative analysis between Kosovo and regional countries such: Albania, Bosnia and Herzegovina, Macedonia, Montenegro and Serbia. As the breakdown period (2008-2010) was included in the data set used to modelling the behaviour of FDI, both Chow test and the time dummies technique suggest the presence of structural break. Ultimately, empirical results show that FDI is positively related with one year lagged effect of real GDP growth, trade openness, labour force, low level of wages proxied by remittances, real interest rate and the low level of corruption. Besides, the corporate income tax is found to be significant and inversely related with foreign flows. The comparative analysis referring the growth rate of real GDP shows that Kosovo has the most stable macroeconomic environment in the region, but still it is continuously confronted by the high deficit of trade balance and high rate of unemployment. Appart, the key obstacle that has abolished efforts for foreign investment attraction is found to be the trade blockade of...
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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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Strategic management in chosen municipality
KOSTRŮNEK, Štěpán
This work deals with strategic management in a village called Borkovice a with the options and suggestions to improve current situation. In introductury theoretical part is described problematice of municipality and its management, cooperation of municipality with subjects from public sector, financial budget of municipality, problematic of strategic management with the most used analyses for rating of level of strategic management. At the beggining of application section there is described the current status of strategic management in Borkovice. This part of work is focused on strategic analyses PESTE analysis, SWOT analysis and there are also included two activities contained with the subscription of current status in village survey, guided interview with Borkovice´s major. Third part of application section is focused on characteristics of chosen subjects (municipalities Řepeč and Malšice) and usage of benchmarking to compare situation between Řepeč, Borkovice, Malšice. After that follows point evaluation and definition of stong and weak factors of municipality Borkovice. The last part includes suggestions to change current status and eliminate weaknesses of municipality Borkovice.
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Portfolio diversification
ŠÍP, Martin
The goal of this bachelor thesis is to show how the choice of stocks impacts the portfolio diversification in relation to risk and return. The risk was calculated as standard deviation and historical return rate was considered. The theoretical part explains basic terms related with portfolio diversification, Markowitz model, capital stock and most important factors that lead to the optimal portfolio creation such as return, risk and covariance. The practical part explains in detail, how to create an optimal portfolio. Ten companies from different sectors were randomly chosen for this bachelor thesis. These companies' shares are traded on the New York Stock Exchange. The covariance of these shares is lower than one. The next step was to calculate historical return rate and historical risk of portfolios. The highest value of historical return rate was 2.31 % and the lowest value of historical risk achieved 22.77 %. Subsequently, the efficient frontier was determined. The efficient frontier is the set of optimal portfolios that offers the highest expected return for a defined level of risk or the lowest risk for a given level of expected return. The lowest value of portfolio risk was 2.97 % with a return of 1.38 % and the highest value of portfolio risk was 4.03 % with a return of 2.13 %. The investor chooses the portfolio which maximizes his expected benefit.
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Exchange Differences in Accountancy in an Enterprise
ŠPILAUEROVÁ, Hana
In connection with economy globalisation, international cooperation of companies and expansion of international trade, the issue of exchange rates, transfer of currencies and exchange differences concerns companies more and more. The aim of this thesis was to show in theory as well as in practice how a company transfers assets and liabilities expressed in a foreign currency into Czech crowns by means of exchange rates. In the theoretical part, methods are described how to realise this transfer and abide by legal regulations concerning this issue. Next, accounting operations are given where it comes to creation of exchange differences. Data for the practical part were provided by the enterprise ESSA Ltd. On these data, the influence of exchange differences on the company's economic results in the years 2009-2015 is shown. The method of accounting exchange differences is presented on individual cases of accounts receivable and accounts payable. For orientation in the issue, model examples of other accounting cases are given where exchange differences may arise.
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Role of the nurse in screening for depression in the elderly.
VRZALOVÁ, Monika
The diploma thesis deals with problems of depression in older people. Mainly the work is focused on identifying and analyzing the role of nurses in screening for depression in older people in primary care, acute care, long-term care and home care. This thesis was focused on theoretical direction and was used the method of design and demonstration. In this thesis was set one main goals with five research questions. The main goal was to identify and analyze the role of nurses in screening for depression in the elderly. RQ 1: What is the role of the nurse in screening for depression in the elderly? RQ 2: What is the role of the nurse in the primary care in screening for depression in the elderly? RQ 3: What is the role of the nurse in screening for depression in hospitalized patients in acute care? RQ 4: What is the role of the nurse in screening for depression in seniors in long-term and home care? RQ 5: What rating scales and methods are used in screening for depression in the elderly? The thesis introduce the concept of depression. The following are specified the causes of and the important factors that affect depression in the elderly. It also deals the differences in the clinical symptomatology of depression in old age. It explains possibilities and various barriers in the diagnosis of depression. Another chapter introduces complete geriatric examination, diagnostic classification systems, possible screening methods and scales for detection of depression in the elderly population. It also deals methods of pharmacological and non-pharmacological treatment and its possible complications associated with older age. By reason of increased suicide rate caused by depressive disorder the issue of suicidal behavior in the elderly is introduced. The next chapter deals with the nursing process, which is used by nurses in practice. It consists of the evaluation of the patient's health condition, making nursing diagnosis, creating nursing plan and subsequent implementation and evaluation. The nursing process is also needy for providing quality care. The nursing process in the stage of nursing diagnosis, introduces possible nursing diagnosis for a patient suffering from depression, which are based on the latest classification. Finally is described the role of nurses in screening for depression in the elderly in different health facilities and their contribution to the timely evaluation of depression in the elderly. This chapter introduces the role of nurses, nursing screening and collaboration with a physician. The role of nurses in screening for depression in different medical facilities is based on the first phase of the nursing process of assessment. On the basis of objective and subjective information, the nurse will assess the overall health and mental condition of the patient. Primarily, it was investigated what is the role of the nurse in screening for depression. On the basis of content analysis and synthesis it was necessary to used and processed domestic and foreign literature. A number of relevant sources are the results of various studies and Meta-analyzes, mostly from abroad, but also from the Czech Republic. The thesis can serve as a basis for nurses. The result of this thesis is to create e-learning material available for students in the Faculty of Health and Social Sciences of South Bohemia in Ceske Budejovice in the tutorial called Moodle.
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