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The Influence of European Central Bank Interest Rates upon Consumption in Eurozone Countries
Glykner, Daniel ; Mandel, Martin (advisor) ; Chytilová, Helena (referee)
First, this paper presents basic definitions of the consumption function and gives a summary of main theoretical concepts of consumption as well as an overview and discussion of important papers on consumption. Above all, papers examining the influence of the interest rate upon consumption are accented. Furthermore it contains a brief context summary of current and potential eurozone members, work of the ECB and execution of common monetary policy. Subsequently we discuss the hypothesis of a possibly asymmetric impact of the interest rate upon consumption in individual countries, expand and justify the hypothesis based on indebtedness, wealth, etc. Empirically, hypotheses are tested on historical data of individual countries: transmission between interest rates of central banks (later the ECB) and market interest rates, correlation analysis of consumption changes and central interest rates in individual countries, correlations with year-on-year changes. Also, consumption functions are estimated using time series models while testing alternative variables in the regression equations. We discuss analysis results and methods used; the influence of the interest rate upon consumption seems to be small and the relationship type is not much different across the eurozone countries. Eventually, we outline possible implications of our results with respect to the future of the eurozone and related activity of the ECB.
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The cases of ECJ in the field of direct taxation and their influence on national tax policies
Bittnerová, Gabriela ; Vítek, Leoš (advisor) ; Kužela, David (referee)
The thesis is devoted to the most relevant cases of European Court of Justice in the field of direct taxation and their influence on national tax policies. Different member states are willing to implement the law of European Union at different levels. The thesis evaluate the impact of ECJ cases on national tax systems of France and The Netherlands. It has several parts. First part describes historical milestones in coordination of direct taxation, second part describes the ECJ and its function and structure. Follows the analysis of most important cases. Last part evaluate the impact of cases on French and Dutch tax system.
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Negotiations and processes of dividing of the Czechoslovak Federation
Vodsloň, Ondřej ; Bureš, Jan (advisor) ; Buben, Radek (referee)
Themes of this thesis are negotiations and processes leading to the division of Czechoslovak federation. At the beginning this work describes common history of Czechoslovakia till the year 1989. This part of the thesis is primarily focused on problems and common issues of both nations present in Czechoslovakia. There is also brief analysis of national policy towards other nations. Second part of the beginning is dealing with the political history of Czechoslovakia between November 1989 and June 1992. This part describes in detail the biggest difficulties both nations had to solve. Special attention is paid to the "dash-war", dispute about competence between republics and federation, negotiations about state agreement and constitutions. From the opening analysis results, that till the election in June 1992 was achieving a compromise between both nations difficult but still possible. Next part of this thesis describes its main theme, the negotiations between political elites of ODS and HZDS, rule parties elected in the year 1992. In this detail interpretation of conferences is revealed role of each of the main politicians involved in the process of the partition, starting with problematic role of Václav Havel, who unwillingly but significantly contributed to the division, continuing with uncompromising...
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High-Speed Railways in Spain
Přibylová, Veronika ; Zelený, Lubomír (advisor) ; Ondřich, Libor (referee)
This thesis describes high-speed railway system in Spain. At the first part it concerns on the history of high-speed rails in the world, its legislation and the contribution of EU. The second part concentrates on the evolution in Spain, high speed infrastructure and trains. Mainly it analyzes the price policy.
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Mutual link between the monetary and exchange rate policy and economic development on the example of Romania and Bulgaria
Mleziva, Daniel ; Brůna, Karel (advisor) ; Obešlo, František (referee)
This bachelor's thesis focuses on the possible link between the monetary and exchange rate policy and economic development. The first part presents basic theoretical aspects of monetary and exchange rate policies which are then applied to the case of two selected countries, namely Romania and Bulgaria. The practical part analyses the evolution of monetary and exchange rate policies in both countries and also follows the development of both economies with the help of several indicators. The objective of the thesis is to describe a possible dependence of the economy's evolution on monetary policy regime using the evaluation and comparison of collected data.
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Does goverment policy affect macroeconomical development?
Kořínková, Anežka ; Šíma, Ondřej (advisor) ; Hába, Stanislav (referee)
This bachelor thesis deals with the relationship between government policy and macroeconomic developments in developing and developed countries through history. The thesis explores and describes various political parties and their effect on economic (in)stability in context of government policy. More specifically it focuses on monetary and fiscal policy, economic growth and financial crisis. Emphasis is also placed on other factors, such as historical events and natural resources. Part of the work is about voter´s behaviour in the electoral cycle.
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Regulation of financial markets in international context
Nistorenco, Taisia ; Žamberský, Pavel (advisor) ; Jiránková, Martina (referee)
This diploma thesis comprises a theoretical, descriptive, comparative and econometric analysis of financial markets regulation in international context. In the first chapter I describe and analyse characteristics of modern financial markets, reasons for their regulation and institutional models of financial regulation and supervision. The second chapter offers an overview of the historical development of financial regulation and evaluates the role of regulatory factor in the outburst of the world financial crisis of 2008. In the third chapter I carry out a comparison of regulatory response to financial crisis in the USA and the EU. Forth chapter deals with regression analysis of the relation between Financial Soundness Indicators of three selected countries. The conclusions driven from this diploma thesis demonstrate that regulation is generally effective as a remedy for market failures, but in other aspects its effects are ambiguous. Intensity of regulation is a secondary impact factor in the formation of financial crises, in fact it is more reasonable to state that crises occur because of the failure of supervision rather than regulation. Due to the international attempts to harmonise the process of remediation of the consequences of the financial crisis, the regulatory response in the USA and the EU was very similar. Statistical analysis did not confirm the common idea that regulation represents a significant barrier for increasing the profitability of credit institutions.
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Fathers on parental leave in the Czech Republic
Franková, Tereza ; Slaboch, Martin (advisor) ; Tereza, Tereza (referee)
Presented thesis is about fathers on parental leave in the Czech republic. Althought the men can take a parental leave since 2001, they are still the phenomenon in the society. The women are the dominant in parental leave, so there prevails the tradition division
of roles. The aim of my thesis is to answer the question: How does the modern exchange of parenting roles influate the family functioning? In the theoretical part there
is introduced the parental and maternity leave from the point of view in the past, legislation and the possibility taking the maternity and parental leave. The thesis is focused
on parental, maternity and paternity leave from the point of view of eight european countries and states certain recommendation for Czech republic. Also describes the family functioning, parental role, gender role and stereotypes. The next part of thesis is focused
on history of paternity, relationship between the father and child, and paternity parenting styles. The practical part contains ten interviews which research the experience
and opinions of men on the parental leave. There are as well opinions from
the wives/partners, who exchanged the roles with their male partners. Using the questionnaire survey, which was filled in by 238 respondents, there was researched what attitude does the Czech society have to the topic and generally to the position of men
on parental leave.
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Monetary Policy of the Czech Republic
Turková, Kateřina ; Toth, Daniel (advisor) ; Zdeněk, Zdeněk (referee)
The thesis is focused on the tools of monetary policy which the central bank uses when she wants to achieve the inflation target. The outcome of this thesis is proposal optimize the tools of monetary policy. The Proposal is based on the analysis of the results of simultaneous econometric model. In this thesis is testing time series by November 2013. At this time the Czech National Bank concluded currency commitment. By this time the central bank is overseeing that the exchange rate is above 27 CZK / EUR. Another objective is evaluating the influence of interventions on the economic development of the country. In this thesis are used secondary data from external sources. In the theoretical part is described of monetary policy, monetary policy instruments and the main objectives of monetary policy. In the practical part is constructed an econometric model. Endogenous variables in the model are logarithms yields exchange rate CZK / EUR and inflation of monetary policy.
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