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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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Analysis of inflation in the Czech Republic
Holakovská, Adéla ; Formánek, Tomáš (advisor) ; Dlouhá, Zuzana (referee)
This work is focused on econometric analysis of inflation in the Czech Republic, there is also reported an analysis of inflation in Austria and continuity of both countries to the dominant German economy. The inflation with its forms and possibilities of measuring is described in the first part of this work. There is also mentioned the influence of Czech national bank on the inflation. Next, there is shown the impact of foreign exchange rates and inflation. Consequently there are described characteristics of time series, which are important from viewpoint of construction of econometric models. Next, there is described theory of econometrics analysis, focused on ordinary least squares method and method of instrumental variables. The empirical part contains econometric analysis of inflation itself, using models described in theoretical part. Moreover, this work includes other models, coming out of economic hypothesis. Firstly, it analyses inflation in Germany as the reference country. Secondly, further analysis performs inflation in the Czech Republic and Austria. Finally, an analysis based on ERPT (exchange rate pass-through) models is given. In conclusion, the results are well summarized and compared.
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Business Intelligence in Healthcare - Data Mining Techniques as a Possible Hospital Management Tool in Austria
Schmied, Marten ; Štěrbová, Ludmila (advisor) ; Mevenkamp, Nils (referee)
Public healthcare provision is under increasing economic restraints making an efficient and sustainable managerial planning a necessity in the hospital sector. Business Intelligence is the extraction of business relevant knowledge in order to adjust and refine executive operations. On the free market industries have applied the according methods and software dedicated to the generation of Business Intelligence is offered by variety of companies. Data Mining, furthermore, describes the facilitation of algorithms in order to train programs to detect unseen patterns from huge amounts of data. Therefore mining techniques are suitable for adding to the business relevant knowledge, particularly as they can produce more accurate predictions. The thesis examined the status of Information Technology normally utilized in Austrian hospitals and simultaneously identified studies that apply Data Mining to a Hospital Information System to gain Business Intelligence. While the general level of Austrian Hospital Information Systems is well sophisticated, common challenges are present in a separation between clinical and administrative systems and their interfaces. For the Data Mining a majority of studies aims at medical improvements. Some applications were found to have good business relevant prospects but their feasible introduction into the practice needs additional fostering.
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Empirical verification of short-run aggregate supply based on Lucas model and new Keynesian theory
Marošová, Ivana ; Potužák, Pavel (advisor) ; Janíčko, Martin (referee)
The aim of the master thesis is to empirically analyze if there is a support for new classics or new Keynesians as a dominant theory of short-run aggregate supply curve. The analysis is based on dynamic panel data model for 38 countries and period between 1970 and 2014. Because the results show some evidence on negative significance of level of inflation in contrast with its variability, I conclude that there is support for the new Keynesian theory. I focus on examination of the panel data assumptions such as the stationarity of explanatory variables, existence of the individual or random effects, validity of homogeneity of slope coefficients and mainly the cross-sectional dependence of error terms. After testing for these assumptions, I choose the most suitable method of estimation for dynamic panel data models. I use these methods for analyzing both linear and non-linear specification of the given model. As a result, we can see that the selection of right estimation method plays a great role in final outcomes. I also check model robustness by including changes of real oil price as a proxy variable for the supply shock in the economy.
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Comparison of the Impact of Education on Economic Growth in Subregions of Europe
Vérosta, Denis ; Chytilová, Helena (advisor) ; Babin, Jan (referee)
This thesis examines the impact of investments in human capital via additional years of schooling on economic growth. The main aim is to verify the hypothesis about expected positive impact of additional year of schooling on economic growth in subregions of Europe and that the impact will be bigger in subregions of Northern and Western Europe. Human capital theory and economic theory of growth are introduced as well as theoretical model of economic growth that developed by author to analyse the impact. In order to investigate the theory on a data, an econometric model is introduced. The model assumes that the real GDP per worker depends on the stock of physical capital per worker and average years of schooling of worker. Data set that is used for the estimation consists of observations for 34 countries from 1955 to 2010 in 5 years intervals. Using OLS and TSLS estimation methods, 10 regressions are then run with two of them for the entire dataset and two of them being run for each subregion apart, for the purpose of comparison. The results of regression for the entire dataset confirm the expected positive impact of additional years of schooling in Europe region, the finding also agrees with the previous empirical literature (Bassanini and Scarpetta 2001, Soto 2009, Barro and Lee 2013) as well as with the theory of human capital and economic growth. In addition to this, the results of regressions that were run for subregions apart suggest that this impact is heavily related to the quality of education, which tends to be better in Northern and Western Europe, where the impact of additional years of schooling was confirmed separately as well. These findings correspond with the previous empirical literature of economic growth of Soto (2009) and Hanushek and Woessmann (2012), where the quality of education turned out to be crucial as well.
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Radical view of subjectivism according to L. M. Lachmann and its implications for consumer theory
Panáčková, Eliška ; Špecián, Petr (advisor) ; Máslo, Lukáš (referee)
This Bachelor Degree Thesis is concerned with methodological approach of the radical subjectivist economist Ludwig M. Lachmann and application of his approach on consumer theory. The aim of this study is to evaluate whether is methodological approach of Lachmann compatible with the approach used in mainstream consumer theory, eventually how these approaches are different. The first part deals with the context of radical subjectivism, its pivotal points and the general differences in methodology of Lachmann and mainstream. Then I devote the work of Alfred Schutz, George L. S. Shackle and Max Weber, on the basis of which Lachmann reached the radical approach. In the practical part I apply radical subjectivism on the consumer theory and according to these result I evaluate these approaches are not compatible. Arguments of radical approach is not supported by strong evidence, and this approach is incapable of giving prediction more quality alternative of consumer theory.
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Predatory journals in Scopus
Macháček, Vít ; Srholec, Martin
The study maps the penetration of so-called “predatory” scholarly journals into the citation database Scopus. Predatory journals exploit the author pays open access model, and conduct only cursory or no peer review, despite claims to the contrary. Some such journals will publish almost anything for money. In the Czech context whether a journal is indexed in Scopus is crucial for determining the points that publications in that journal are awarded in the national performance-based evaluation of research organizations, which in turn is the basis for the allocation of institutional funding. Hence, in this evaluation framework, publishing in predatory journals that are indexed in Scopus has a clear “fiscal” advantage.
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Maturity mismatching and its impact on the yield curve
Němec, Petr ; Potužák, Pavel (advisor) ; Janíčko, Martin (referee)
This diploma thesis deals with a new discord in the Austrian economic theory about the effects of maturity mismatching practiced by banks on the shape of the yield curve and defines the not yet established concept of the natural yield curve. The conflicting contributions of Austrian authors are compared for that purpose. Based on this comparison, a coherent theory of the effects of maturity mismatching is presented in a framework of the loanable funds market. A definition of the natural yield curve is then produced by a synthesis of the above-mentioned findings and the Austrian theory of the natural rate of interest. Theoretical research leads to the conclusion that one form of maturity mismatching inevitably results in an Austrian business cycle. The empirical section examines the question of yield curve´s behavior under the influence of maturity mismatching. An explanation concerning the selected hypotheses and their lack of confirmation is given.
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Immigration and prices in Lebanon
Štursa, Mojmír ; Maialeh, Robin (advisor) ; Potužák, Pavel (referee)
This thesis examines the behavior of prices following the unexpected arrival of a large number of immigrants from Syria to Lebanon between 2012 and 2014. Using Lachs model with monthly data about prices, number of immigrants and natives, the total effect of immigration on lebanese prices was estimated. The final estimation that a one-percentage-point increase in the ratio of immigrants to natives decreases prices in Lebanon by 0,21 percentage-point, is consistent with introduced hypothesis and theory. It is argued that the reason for decrease are mainly lower immigrants wages which derive from their lower qualification.
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Analysis of the supply of cultural tourism in Karlovy Vary
Víchová, Simona ; Tyslová, Irena (advisor) ; Dianová, Markéta (referee)
The aim of the thesis is to evaluate the offer of cultural tourism in Karlovy Vary. The thesis tries to prove the importance and significance of cultural tourism in tourism in Karlovy Vary through the available theories of cultural product and through the offers in tourism and tourist industry. The practical part of the thesis contains analysis using the theory of distribution of cultural tourism according to GR and the theory of expert interviews. The analysis finally evaluates the offer of cultural tourism, describes its negative and positive aspects and recommendations for the future.
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