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Baltic Stock Market Integration
Stulga, Šarūnas ; Kočenda, Evžen (advisor) ; Novák, Jiří (referee)
1 Abstract In this thesis, we present an empirical analysis of integration between the Baltic and global stock markets during the period between 2000 and 2018. This research is spurred by the fact that all three Baltic countries displaying similar positive economic developments over the studied horizon. Using the theoretical and empirical findings from similar research papers, we ground our work for the analysis. Our methodology is based on three different models: DCC-GARCH, total and frequency connectedness, and the Engle-Granger cointegration test. Using these methods, we are able to determine both short- or long-term relationship dynamics. Based on the results from our empirical analysis we were not able to reject the null hypotheses, that the Baltic states have become more integrated between themselves and the global market. At best, our results would suggest a weak form of integration given that there were indeed some notable dynamic changes. Following these results, we provide insight on interdependencies between the Baltic states and their relationships with the global stock markets. Most notable dynamics are captured by the total connectedness measure, which indicates that the Baltic stock markets show a significantly increased connectedness with the global indices, during turbulent times in the...
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Comparison of mortality trends in Central Europe and Baltic countries from 1970 to the present
Horník, Vojtěch ; Hulíková Tesárková, Klára (advisor) ; Burcin, Boris (referee)
Comparison of mortality trends in Central Europe and Baltic countries from 1970 to the present Abstract The aim of this thesis is to assess the most important mortality trends development in countries of Central Europe and Baltic region between 1970 and 2009. The measures used involve life expectancy at birth and life expectancy at the age of 65; besides of this, the age-specific contributions to life expectancy changes are computed according to the method of R. Pressat. The convergence and divergence tendencies among the analyzed countries and between the two regions are evaluated in this thesis as well. Main findings are, on one hand, that mortality trends are relatively similar within each of the regions. When comparing regions between each other, however, significant differences, mostly in the period between mid-1980s and mid-1990s, arise, they are attributed mostly to the influence of mortality crisis in Baltic region after the Soviet Union dissolution. Even though after 1994 mortality development was favourable in Baltic countries, they did not reach mortality level of Central Europe until 2009. Keywords: mortality, Central Europe, Baltic countries, life expectancy, decomposition, convergence, divergence
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Estonia as a Nordic Country?
Vejmělek, Tomáš ; Švec, Luboš (advisor) ; Skálová, Barbora (referee)
The following thesis deals with two primary matters. The first being the effort of Estonian politicians to change how Estonia's regional belonging is viewed by other countries before the admission into the European Union. These efforts can be illustrated by political actions whose aim was to create the image of Estonia as a Nordic country. These efforts slightly diminished after the admission into the European Union although on some levels they can be still observed. Despite close cooperation Estonia isn't adequate member of Nordic countries to this day. This thesis aspires to explain reasons for these action of Estonian politicians and why they were left off after the admission into EU. The second matter being the region of Nordic countries. Collective Nordic identity helped establish transnational cooperation among involved nations which represents one of the essential characteristics of a Nordic country. The emphasis is on historical context of Nordic identity and the development of Nordic cooperation from its initiation until current state. First the thesis introduces a theoretical insight into the region matters. Consequently it deals with the first matter, the efforts to redefine Estonia as a Nordic country, which is followed by analysis of the concept of a Nordic country and Nordic...
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The Relation Between the Euro Cash Changeover and the Perceived Inflation in the Baltic Countries
Orosz, Előd ; Dědek, Oldřich (advisor) ; Turnovec, František (referee)
The relation between the euro cash changeover and the perceived inflation in the Baltic countries Abstract This thesis focuses on the effect of euro cash changeover on inflation perception, and its relation to the inflation measured by central banks or by national statistical offices. We present an analyses of inflation gap in Estonia, Latvia and Lithuania at the euro introduction and detect its determinants by econometric methods. We use Ordinary Least Squares, Random Effects Generalized Least Squares and Fixed Effects estimator. The thesis is divided into two main parts. The first part examines the theoretical background of perceived inflation and focuses at the phenomenon of increased inflation gap at the euro introduction. Second part contains an empirical study on inflation gap. We find out that perceived inflation in Baltic countries does not show such a divergence, as it was presented at the establishment of the Eurozone. Moreover, we find out that education and available income in general has a small, but evincible effect on inflation gap observed at euro introduction.
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Nordic states and their support of Estonia, Latvia and Lithuania on their way to european structures
Lukeš, Pavel ; Rovná, Lenka (advisor) ; Hořejšová, Tereza (referee)
Diploma thesis "Nordic countries and their support of Estonia, Latvia and Lithuania on their way to European structures" deals with foreign policies of Denmark, Sweden and Finland towards three Baltic countries in the 1990s. The paper is focused on Danish, Swedish and Finnish bilateral support of three Baltic countries on their way to European structures, particularly to the EU. The thesis strives to explain a rationale and motives which were behind decisions of Nordic countries to help Baltic countries in the 1990s. Although the thesis is primarily focused on a development in the 1990s, a short part is also devoted to a historical development of the relations between Nordic and Baltic countries. This historical excursion helps to identify changes of Nordic foreign policies (Baltic policies) which occurred in the 1990s. The main proposition of this thesis is a statement that though there were several motives behind decisions of Nordic states to help Baltic countries, the main factor which caused high involvement of Denmark, Sweden and Finland in the Baltic Sea area were security related factors. The thesis also offers a summary of some motives which were behind high involvement of Nordic countries in the region and provides some similarities and differences in Baltic policies of Denmark, Sweden and...
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Determinants of residential real estate prices in the Baltic States
Rákosníková, Andrea ; Hlaváček, Michal (advisor) ; Hanzlík, Petr (referee)
The burst of the housing bubble on the US market, that contributed to the start of the Great Recession, was a warning sign to many economists. Consequently, the last decade birthed important studies analysing the real estate market in the search for the driving determinants of the housing prices. This thesis continues these efforts by time series analysis of the determinants of residential real estate prices in Estonia, Latvia, and Lithuania. The VECM analysis showed that the importance of classic housing determinants differs from country to country. The price persistence is a crucial determinant of the Baltics' housing prices in the short run, but only Estonia and Lithuania showed the persistence in the long run. Latvian house price index seems to be very affected by the construction cost index, and therefore supply side of the housing market. The model also suggested an unexpected negative relationship between house and rent prices. The analysis was however done on relatively short time series and that could cause some discrepancies in the results as well. The author also used the P/I and P/R ratios and the Hodrick-Prescott filter to analyse the housing prices in the search of possible overvaluation, and concluded that these measures do not seem to indicate the existence of the housing bubble in...
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Baltic Stock Market Integration
Stulga, Šarūnas ; Kočenda, Evžen (advisor) ; Novák, Jiří (referee)
1 Abstract In this thesis, we present an empirical analysis of integration between the Baltic and global stock markets during the period between 2000 and 2018. This research is spurred by the fact that all three Baltic countries displaying similar positive economic developments over the studied horizon. Using the theoretical and empirical findings from similar research papers, we ground our work for the analysis. Our methodology is based on three different models: DCC-GARCH, total and frequency connectedness, and the Engle-Granger cointegration test. Using these methods, we are able to determine both short- or long-term relationship dynamics. Based on the results from our empirical analysis we were not able to reject the null hypotheses, that the Baltic states have become more integrated between themselves and the global market. At best, our results would suggest a weak form of integration given that there were indeed some notable dynamic changes. Following these results, we provide insight on interdependencies between the Baltic states and their relationships with the global stock markets. Most notable dynamics are captured by the total connectedness measure, which indicates that the Baltic stock markets show a significantly increased connectedness with the global indices, during turbulent times in the...
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Comparison of mortality trends in Central Europe and Baltic countries from 1970 to the present
Horník, Vojtěch ; Hulíková Tesárková, Klára (advisor) ; Burcin, Boris (referee)
Comparison of mortality trends in Central Europe and Baltic countries from 1970 to the present Abstract The aim of this thesis is to assess the most important mortality trends development in countries of Central Europe and Baltic region between 1970 and 2009. The measures used involve life expectancy at birth and life expectancy at the age of 65; besides of this, the age-specific contributions to life expectancy changes are computed according to the method of R. Pressat. The convergence and divergence tendencies among the analyzed countries and between the two regions are evaluated in this thesis as well. Main findings are, on one hand, that mortality trends are relatively similar within each of the regions. When comparing regions between each other, however, significant differences, mostly in the period between mid-1980s and mid-1990s, arise, they are attributed mostly to the influence of mortality crisis in Baltic region after the Soviet Union dissolution. Even though after 1994 mortality development was favourable in Baltic countries, they did not reach mortality level of Central Europe until 2009. Keywords: mortality, Central Europe, Baltic countries, life expectancy, decomposition, convergence, divergence
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Current account adjustment in the Baltic countries
Vostřák, David ; Holub, Tomáš (advisor) ; Šopov, Daniel (referee)
In last twenty years, the Baltic countries have experienced turbulent develompents of their current accounts. Deficits on these accounts were often substantially above 10% of GDP and there was active discussion about their sustainibility. We will look in this work on the developments of the current accounts both from practical and theoretical point of view. The later is made with usage of an intertemporal model of representative agent, who maximazes his utility by optimizing his consumption profile over infinite time horizon. This model is then used in empirical part, where we compare estimated values of the current accounts with their real values. We assume that expectations about future values of key variables are realized by following the vector autoregression of order one. The results of this work suggest that big deficits in past were caused by high expectations about growth rates of the economies. Decreasing of this expectations then resulted in the adjustments of the current accounts. Powered by TCPDF (www.tcpdf.org)
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Christian democratic political parties in Lutheran "Baltoscandia": a comparison in light of the secularization thesis
Hejzlar, Štěpán ; Mlejnek, Josef (advisor) ; Kučera, Rudolf (referee)
The submitted diploma thesis deals with Christian Democratic political parties in the political systems of Scandinavian and Baltic countries of Sweden, Norway, Denmark, Finland, Estonia and Latvia. These parties form a unique "Nordic" branch of European political Protestantism; and structurally and functionally distinctive, but to a great degree homogenous, subgroup of Christian democracy. A major theoretical tradition to be applied is the Rokkanian party system analysis. Contrary to its counterparts on the continent, the Nordic branch grew not from a church-based defence stance against a secular state, but from both territorial and religious dissent on the periphery. The "cultural periphery" analysis relies heavily on history and geography of religion of the Nordic countries. However, other theoretical perspectives are taken as well in order to compare different aspects of the parties' affiliations and policies, such as their cabinet policies, ideology or EC/EU attitudes. In another chapter, possibilities and limits of Christian democracy in the Lutheran environment of Latvia and Estonia are examined. Is Scandinavian experience portable? Or are there other ways of Christian political mobilization used in the public spheres of the two Baltic countries? A similar theoretical framework is applied,...
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