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Money, Time and Information: An Austrian Approach
Nohejl, Jiří ; Koderová, Jitka (advisor) ; Plíva, Rostislav (referee)
Thesis "Money, Time and Information: An Austrian Approach" presents analysis on theory of money through classic view of Austrian economics which is combined with mutual dependence of system complexity, time and information. Money are considered as market emergent phenomena and therefore as its basic element. Spontaneous processes leads into origin of complex economic structures which are not static, but in constant evolution. Emerging complexity makes reduction of economic phenomena to aggregates or index numbers impossible. It is therefore important to comprehend these problems in context of structure and time in which structural change come into existence. This thesis emphasizes relation of money to informational and intertemporal role of prices and interest rate. This approach is then applied to possibility of monetary and regulatory policy to perceive all those complex interdependencies.
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Deflation: the Austrian School Perspective
Řepík, Martin ; Havel, Jan (advisor) ; Chytil, Zdeněk (referee)
Deflation, today understood mainly as a decrease in price level, is in the eyes of the mainstream economists the threat and danger of the economic development. This view is based on the experience from the Economic Crisis between 1929 and 1933 and later development in Japan. Therefore, the price stability is nowadays comprehended as a non decline in price index; monetary policy actually states the sustainable increase as a goal. The Austrian School of Economics uses the original definition of the words inflation and deflation and defines them as the increase and decrease of money supply. Modern interpretation of these terms means for them a dangerous misunderstanding whose result is misapprehension of causal connections between individual phenomena. This leads not only to incorrect conclusions but, above all, to disruption of the economic system, price and production structure, and development of economic cycles caused by artificial increase in money supply, which brings profit to certain groups.
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The Impact of Terrorism on the U.S. Economy
Kupsová, Petra ; Neumann, Pavel (advisor) ; Antal, Jarolím (referee)
This bachelor paper evaluates the impact of terrorism on the U.S. economy. In the theoretical part the term terrorism is explained as well as its possible implications. In the next part different types of counter-terrorist measures are characterized together with their costs. In the practical part immediate damage caused by the terrorist attacks of September 11th 2001 is evaluated as well as the general macroeconomic consequences of terrorist attacks. Specific costs are demonstrated on the example of U.S.A.
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Demand functions as an econometric model
Horáček, Jan ; Pánková, Václava (advisor) ; Křepelová, Marika (referee)
Topic of this bachelor thesis explores influence of monetary policy and GDP on aggregate demand and differences between USA, Germany and Czech Republic. It uses annual and quarterly data since 1995 and for USA since 1985. The work proves influence of inflation and interest rates on this demand. There is significantly lower influence on Germany and Czech Republic then on USA because these European central banks have more strict monetary policy then FED. Second explored aspect is influence of GDP. It was proved that GDP influences aggregate demand in each country differently. It is partly due to transformation of Czech Republic and East Germany from socialistic system to free market economy and partly due to size and international economic integration.
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Mortgage loans and their analysis on the Czech Republic market
Vrublová, Eva ; Brada, Jaroslav (advisor)
This thesis deals with mortgage loans and their analysis on the Czech Republic market. In the first part legal aspects regulating mortgage loans are mentioned, followed by the fundamental characteristic and essence of mortgage loans and value of clients problems in the end of this part. The second part is focused on advantages and disadvantages which mortgage loans provide. Mainly low interest rates, tax allowance and other possibilities of advantages provided by the state are stated. The last part deals with analysis of mortgage products of four banks. The analysis compares interest rates, bank loan amount, fixation period, charges and bank's approach to value of clients. The complete evaluation is made by two fictive households applying for mortgage loan, each with different criteria. The objective of my thesis is to choose the most optimal mortgage loan for these two households.
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Comparing the actual APRC and APRC reported by banks
Prenerová, Monika ; Kiovský, Tomáš (advisor)
The bachelor thesis is focused on a non-specific purpose mortgages,known also as an American Mortgage. The objective of this thesis is to create an overview of the mortage arrangement process and determine whether the banks state true APRC of American Morgage. The theoretical part contains a description of the mortgage loans and the mortage arrangement process. The practical part deals with comparing the actual APRC and APRC reported by banks and how banks compliance information duty. Keywords: mortgage loan, American Mortgage, APRC, interest rate, interest rate fixation
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The comparison of success of monetary policy based on inflation targeting in case of central banks of Canada and the Czech Republic.
Metrah, Samy ; Mandel, Martin (advisor) ; Tomáš, Holinka (referee)
The aim of the bachelor's thesis is to compare the features of monetary policy based on inflation targeting and its implementation in the Czech Republic and Canada. The comparison is made in two different points of view -- both the qualitative and the quantitative. The first compares the main instruments of monetary policy used by both central banks. The other analyzes the rate of success in fulfillment of pre-determined targets for short-term interest rates and inflation; it also provides the possible explanation of deviations. The results confirmed that both central banks have strong influence on behavior and movements of short-term interest rates. In case of CNB the results imply possible movements of short-term interest rates based on anticipation of near future changes in monetary policy instrument. The rate of success in fulfillment of inflation targets was considerably better in case of Bank of Canada; however, the worse performance of CNB in comparison to Bank of Canada was primarily based on extraordinary shocks that had hit the Czech economy.
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Consumer credits and tools used for their comparison
Skalický, Tomáš ; Půlpánová, Stanislava (advisor)
This bachelor thesis deals with consumer credits. It aims to familiarize potential applicant for the consumer credit with fundamental information and facts which are necessary for orientation in these broad problems. At the beginning, new law, which came into force in January 2011, is analyzed in detail. That is followed by an introduction of methods of classification of consumer credits with emphasis on mutual differences between particular types. Principal part focuses on methods of assessing and comparison of advantages of consumer credits by means of interest rate, rate of increase and annual percentage rate of costs. Finally, particular bank and non-bank credit offers are compared by using above mentioned tools of evaluation of the profitability of credits.
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Meaning of debts in the capital structure of czech companies
Wiedová, Zuzana ; Marek, Petr (advisor) ; Makovec, Martin (referee)
The goal of this thesis is the analysis of indebtedness in czech industrial companies. I try to describe the situation in particular sectors during years 2001 - 2008. The important part of this thesis is statistical chapter. There I look for relations among economic factors and also create the simple regression model. I found out the positive change of ratios, however in the year 2008 the financial crisis influenced the czech economy, which had the impact on particular sectors. I proved that the correlation between return on assets and debt ratio exists and also the model for the estimated interest rate works.
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