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Integration of the Financial Markets of the New Member States of the EU
Chaloupka, Jiří ; Taušer, Josef (advisor) ; Záklasník, Martin (referee) ; Varadzin, František (referee)
The subject of the thesis is the integration of financial markets of the new member states of the European Union (hereinafter referred to as the NMS). According to the standard economic theory, the process of financial integration should be associated with several positive effects, among others a) the enforcement of the law of one price in the form of the interest rate parity, b) the smoothening and the synchronisation of the consumption growth among countries, c) the increased diversification of investors portfolios, and d) the decreased dependence of domestic investments on national savings. These envisaged effects serve in the thesis as the indicators of the integration of NMS financial markets with the global financial market. These indicators show that the degree of the financial integration differs among the NMS, despite the fact that they all went through the process of integration with the EU. However, the order of the NMS based on the degree of their financial markets integration could not have been determined as each test indicated a different order. However, most tests indicated that there is a trend towards more integration of the NMS financial markets as the dependence of the domestic consumption growth on the global consumption growth has been increasing and the dependence of domestic investments on national savings has been decreasing. Surprisingly, the indicators did not prove the hypothesis that NMS financial markets are more integrated with the financial market of the EU, despite the fact that these countries had to open their markets to investors from the EU and had to harmonize their legislative requirements. Contrary to the results of previous articles, indicators used in the thesis show that majority of the analysed puzzles in international economics disappeared for large developed markets like the USA. On the other hand, these puzzles persisted for the NMS. Given that majority of the NMS adopted euro during the period under investigation, results presented above indicate that the financial markets of the NMS were not fully integrated with the financial market of the EU and therefore one of the conditions for the existence of the optimum currency area has not been met. Such result also contradicts the hypothesis of the endogeneity of the optimum currency area as the adoption of the common currency did not improve the degree of financial market integration.
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The winery JOHANN W
Schwarzová, Markéta ; Zelený, Lubomír (advisor) ; Fröhlichová, Lenka (referee)
The aim of this dissertation is, at first, describing the theory of the business plan, how the plan should look like, what it should contain in particular points. In the second, practical part I worked out the business plan for the Winery JOHANN W with using this theory. Excluding the basic summary of the business opportunity is a part of this work elaborately worked out the marketing and business strategy, the analysis of the market and the competition, the financial plan and described and evaluated risks of the project. In conclusion is here the implementation plan created, which should show the way to the set aims, mainly in the turistic sphere, which isnt developed for now. This business plan is primarily established for internal using of the Winery JOHANN W and of the author.
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Risk management in Corporate Governance
Melyekhov, Yevgen ; Kubíček, Aleš (advisor) ; Velinov, Emil (referee)
The objective of this master's thesis is to describe and analyze role of risk management in corporate governance. Specifically, a thesis focuses on comparison of existing practices in chosen states and examines whether quality of risk management in corporate governance is different in large and mid capitalaization companies. The thesis is divided into several parts: firstly, theory of corporate governance and risk management are introduced with explanation of their interconnection, which also contain defined list of methods and tools for evaluation of risk management and corporate governance quality. In the analytical part of the thesis, comparative analysis of risk management practices in different states is applied with evaluation of their quality, methods of statistical analysis are employed to test the hypothesis about difference of risk management quality in companies with large and mid capitalization and strength and weaknesses of corporate governance and risk management in particular states are summarized.
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Procurement at ČEPRO, a.s.
Ihring, David ; Vinš, Marek (advisor) ; Ševecová, Ivana (referee)
Diploma thesis deals with identification and analysis of the risks in procurement at ČEPRO, a.s. with usage of FMEA method. Companys business activities are transportation, storage and distribution of the oil products, storage of the state oil product funds and managing of the fueling station net called EuroOil. The aim of the thesis is the identify and analyze potential risks in ČEPRO, a.s. procurement process with usage of the FMEA method and propose measures that could lead to improve the procurement process. Thesis is divided into four chapters. First chapter deals with the procurement theory, second chapter deals with Czech public procurement act, because ČEPRO, a.s. use the procurement processes that are inspired by this act. Third chapter presents the company, companys procurement organization and procurement processes. Fourth chapter identifies and analyze the potential risks in the procurement processes and propose the measures that could to lead procurement processes improvement.
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Reflection of “otherness” in international relations
Kvašňák, Daniel ; Rolenc, Jan Martin (advisor) ; Doležal, Tomáš (referee)
The current migration crisis has put significant strain on the European Union and its member states. Immigration has always been a contentious issue in societies, most often facing significant opposition. By drawing on postmodern theories of international relations and Discourse Theory, this paper analyses how immigration is being increasingly securitized by the European Union and its member states along with what makes securitization the hegemonic discourse. This is done primarily with reference to identity construction through the framing of the Other, in this case the migrant, as an unwanted and externalized element. Furthermore, the paper details how the framing of the migrant as a threat to the internal security of a country strenghtend identity politics across Europe. Finally, using the Brexit campaign in the UK, the paper analyzes how the rise in identity politics in turn raises the possibility of a successful fusion of the anti-immigration discourse with the anti-EU discourse through the exploiting of societal unease.
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The future of automated investment advisory in the Czech Republic
Sychra, Pavel ; Musílek, Petr (advisor) ; Brodani, Jana (referee)
The diploma thesis is focused on digitalization of investment advisory. Thesis deals with implementation of automated advisory in Czech conditions. The first part consists of definition of investment advisory from the point of investment theory. There are also introduced current conditions of investment activity, investment knowledge and advisory in the terms of Czech market. The second part is dedicated to analysis of robo-advisory abroad. The last part of this thesis contains identification of main risks, options and possible benefits of implementation of automated investment advisory in the Czech Republic.
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Analysis of the pension systems of Czech Republic and Slovak Republic and their comparison in the years 1993-2015
Kovanda, Dominik ; Zeman, Martin (advisor) ; Bartůsková, Lucia (referee)
The aim of this thesis is the analysis of pension systems in the Czech and Slovak Republics. The result of this analysis is the evaluation and comparison of these systems and their functionality for the needs of present and future generations of retired people. In 2016, the second pillar of the pension system in the Czech Republic was cancelled. This pillar was established in 2013. Its creation and existence was deemed unsuccessful. In contrast with the Slovak system where the second pillar operates eleven years and has a large number of participants. Theories of causes of failure of the second pillar in the Czech Republic in the last year came up a lot. The importance of initial conditions of the other pillars in the pension system before the reform was crucial for the success of the new, now canceled that second pillar. The theoretical part of thesis studies social policy, its divisions and implementation. Subsequently there are descriptions of general models of pension systems, their financing methods and possibilities of implementation. The practical part analyzes the historical development and current form of pension systems in the Czech and Slovak Republics. It also describes ways of contribution, profiles of participants, payment options and risks of individual pillars. At the end of the practical part is the comparison of both systems, with projections of possible developments in the future.
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Analysis of participation of the Czech Republic in the Banking Union
Spáčilová, Monika ; Štěpánek, Pavel (advisor) ; Ševčíková, Michaela (referee)
The aim of the diploma thesis is to evaluate possible benefits and limits of The Czech Republic participation in the Banking Union. After the global financial crisis, Banking Union concept was undertaken as a response to decline of market confidence in the euro area banking systems. The Czech Republic is a country outside the euro area, therefore has an option to enter to the Banking Union by close cooperation agreement with the ECB. Historic development and structure of the Banking union is presented with the context of bank regulation genesis in European Union. After the theoretical part, thesis provides specific attributes of Czech financial markets and create a comparison of selected data among Czech Republic and European Union member states. Based on the detailed analysis of the relevant aspects, benefits and risks of the Banking union membership are provided.
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Perspectives of Transatlantic Trade and Investment Partnership: benefits and potential risks
Bednář, Milan ; Ševčíková, Michaela (advisor) ; Zamrazilová, Eva (referee)
It is possible that the economic condition of Europe after the global financial crisis of 2008-2009 prompted idea of trade liberalization. This diploma thesis deals with the Transatlantic Trade and Investment Partnership (TTIP), a proposed free trade agreement between the European Union and the United States of America. Main goal of the thesis is to provide economic evaluation of the deal, and to assess the claim that TTIP would be beneficial for the European Union member states. Main used method is a theoretical analysis supplemented by regression analysis. The theoretical part is focused on basic economic principles of international trade and related concepts. Main tools used to assess this agreement are described in more detail as well. The analytical part deals with economic linkages between the two regions, with emphasis on the development and current status of non-tariff barriers to trade. The thesis also contains a summary of potential benefits and risks. Finally, a potential impact of TTIP on the Czech Republic and the issue of Brexit is presented. The European Union and the United States of America are linked by strong economic ties. However, trade barriers between those two entities still exist and hamper international trade. The analysis indicates that if the contract was to be impactful and significant, it must focus on a substantial reduction of bilateral non-tariff barriers to trade. This implies that TTIP could interfere with sectoral regulations. In addition, it is not certain that achieved revenues would be automatically higher than costs given the number of perceived risks. Panel data gravity models are used to quantify the potential impact of trade liberalization on export of goods of the EU28 countries to the USA. Significant elimination of trade barriers could increase EU exports to the USA by more than 20%.
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The Dutch disease theory and its application to countries with independent monetary policy and members of monetary union
Fiala, Vojtěch ; Šíma, Ondřej (advisor) ; Dvořák, Michal (referee)
This diploma thesis aims to give a comprehensive picture of a phenomenon called The Dutch Disease whose symptoms had been increasing in many countries during the second half of the 20th century, especially in connection with mining. The first part deals with the detailed description of traditional economic theory and its later upgrades. In the second part, the Dutch Disease theory is applied to the member countries of the European Monetary Union and highlights the problems of asymmetric shocks, which may include among others the discovery of mineral resources. The third part then attempts to look at the recent European balance of payments crisis through the eyes of the Dutch Disease theory and to highlight a number of common symptoms.
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