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Law and economical aspects of the process of introducing Euro in the Czech Republic
Řádek, Pavel ; Bažantová, Ilona (advisor) ; Borkovec, Aleš (referee)
Title of the work: Law and economical aspects of the process of introducing euro in the Czech Republic Name: Pavel Řádek Department: National Economy department Subject of study: Law Head of the work: Doc. PhDr. JUDr. Ilona Bažantová, CSc. Number of pages: 93 Number of enclosures: 1 The year of the oral defence: 2011 Key words: Currency integration, Euro adoption, Theory of Optimum Currency Area, Czech Republic Summary: The thesis is focused on mapping and assessment of relevant legal and economic aspects and processes of adoption of the euro in the Czech Republic. The thesis presents crucial steps that must fulfill Czech Republic to adopt the single currency. The aim is to evaluate the effect of the introduction of the euro in the Czech economy, with the assessment of the optimal timing of entry into the eurozone. This thesis presents the history of monetary integration in Europe, describes the content of the theory of optimum currency areas. Furthermore, based on the economic data the thesis evaluates the real convergence of the Maastricht criteria. Also further describes the steps necessary to prepare the legal environment on the introduction of the euro. At the end examines the potential costs and benefits of the single currency. An important question is to determine the date of entry into...
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Comparison of the Market Regulation in the EU and in the USA in the Context of Economic Crisis
Beránek, Jaromír ; Hraba, Zdeněk (advisor) ; Borkovec, Aleš (referee)
Jaromír Beránek - Comparison of the Market Regulation in the EU and in the USA in the Context of Economic Crisis Abstract: Once the U.S. real estate bubble burst in 2007 and most of the major American banks ran into a financial distress following the rising number of mortgage defaults, few foresaw that these problems would grow into the biggest global crisis since 1930s. Soon it turned out that the fall was inevitable. Due to the lack of regulation an uncontrolled growth in bad credits occurred over the years preceding the crisis outbreak. Financial institutions, silently supported by credit rating agencies, started pushing complicated and opaque investment instruments into the hungry market, and investors gladly bought them, motivated by the promise of high bonuses. The ongoing process of globalization and international linking of financial markets significantly accelerated the evolvement of the crisis and contributed to its spread around the world. Burdened by the immense costs of bank bailouts governments of many countries faced a threat of an imminent bankruptcy, and were forced to seek international aid. In the EU, the USA and on the international scene, several initiatives arose, striving to create effective regulatory reforms and to strengthen tools for a timely identification and prevention of...
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Sovereign wealth funds (SWFs) and their regulation
Kreysa, Vlastimil ; Borkovec, Aleš (advisor) ; Hraba, Zdeněk (referee)
Sovereign wealth funds and their regulation The aim of this work is to provide a comprehensive explanation of the current issue of the role and activities of sovereign wealth funds in financial markets and to try to summarize current international regulatory framework, as well as to outline possible changes in this system. This question comes from description and interpretation of the most important international "soft-law" rules on sovereign wealth funds - the so- called Santiago Principles (Generally Accepted Principles and Practices) and the OECD's related legislation. The reason for selection of this topic is a fact that issues related to existence of sovereign wealth funds and their legal regulation have not been discussed sufficiently in Czech scientific circles. This work is divided into four chapters. The first chapter is an introduction to the aforementioned issues. In the second chapter, which consists of two sections, the work is concentrated on general characteristics of existence of sovereign wealth funds. The first section is focused on definition of the term "sovereign wealth fund", categorization of such funds on the basis of their characteristic features and analysis of legal nature of these funds. The second section is devoted to influence of sovereign wealth funds on financial...
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Common agricultural Policy of the EU - problems and attempts for reform
Nováková, Markéta ; Hraba, Zdeněk (advisor) ; Borkovec, Aleš (referee)
This diploma thesis tackles the issue of key reforms of the Common Agricultural Policy (hereinafter "CAP") made by the European Union (hereinafter "EU") during the last years and includes the context and the reasons which led to it. Despite the range of positive results which the CAP of the EU brings, it is followed by controversy. Agriculture as a topic rouses emotions and remains to be a delicate theme which often divides politicians. Disputes concerning conception of the policy are lead not only on the European and domestic level but also on the grounds of international organisations. Those which I would like to emphasize are particularly negotiations before the World Trade Organisation which tries to liberalize the international trade. A focus of this thesis is put on analysis of the development after year 2003 when the last significant turnover of the policy took place. Since this turnover until today we are witnessing only gradual changes. The aim of this thesis to analyse and evaluate whether if and in what areas did the EU make a change in the policy which reacted on its's objective issues and critics. After a brief introduction of the policy, the first part of the thesis focuses on specific problematic issues of the CAP that are criticised. I will attempt to describe and explain selected...
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Free movement of workers in the EU and economic justification of its restriction in Germany and Austria
Kaplanová, Lucie ; Bažantová, Ilona (advisor) ; Borkovec, Aleš (referee)
Summary: It is the basic purpose of this thesis to handle the topic of free movement of workers within the European union. As the first point we have tried to explain some economic aspects of free movement of workers. We have explained that opening of national labour markets has generally a positive impact on national accounts (represented mainly by the gross domestic product). However, the contribution to the increase in the gross domestic product growth rate can be usually observed only in the long term. To the contrary the liberalization of the labour market can lead to an increase in the unemployment rate in the short term. And mainly fear of a higher unemployment rate represents one of the most significant reasons for limitation of entries of foreign employees to the domestic labour market. We have described the legal framework of free movement of workers within the law of European communities, both primary (included in treaties) and secondary (included in regulations and directives). On practical examples - real legal cases - we have explained principles of direct and indirect discrimination, which is prohibited within the European Union both generally and in the area of free movement of persons. We have defined a worker as a person who performs a particular activity for his or her employer, based on...
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Economic and legal aspects of mergers and acquisitions in the Czech environment
Spina, Filip ; Borkovec, Aleš (advisor) ; Hraba, Zdeněk (referee)
Mergers and acquisitions represent a complex process of buyout of one company by another one and a subsequent process of reciprocal merge of companies to one successive company. It constitutes in a common business experience a frequently used tool designated to ensure a company growth and to reach a main entrepreneur goal - profit maximization. This effect may be achieved due to the fact that mergers and acquisitions facilitate to enter new markets easily to some extend or to gain access to new product line or to access new technology or know how and finally to improve competitiveness by attaining sufficient size of entrepreneurship or by implementation of economies of scale. To execute such transactions successfully and to maximize all positive effects, one has to take into account several various economic and legal aspects. This transaction is also very complicated and comprises many partial steps emerging from both legal requirements and requirements based on common business experience. On that account the transaction represents also array of risks that have to be minimized. Therefore it is possible that a preparation and implementation of mergers and acquisitions may be perceived from both legal point of view and economic point of view, where each has its own specifics. A goal of this thesis is...
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The position of the Central Bank and its impact upon economy (in relation to the global financial crisis)
Kašák, Petr ; Borkovec, Aleš (advisor) ; Hraba, Zdeněk (referee)
Název práce EN: Position of the central bank and its influence upon economy (in the context of global financial crisis) Shrnutí EN / Summary: The thesis focuses on the definition of the role of the central bank, particularly the Czech National Bank, from the legal and economic viewpoint. It also describes the global financial crisis and demonstrates conclusions adopted earlier against its background. The basis of the thesis is the description of the Czech National Bank as an institution and position of its representatives. It focuses on the independence of the central bank and it mentions its responsibility in this context. These phenomena are analyzed on the basis of constitutional and statutory texts and a conclusion is drawn on a relatively high independence and only a small responsibility of the Czech National Bank. We stress that the Czech Naitonal Bank is a highly transparent institution. Attention is paid to the organizational and personal structure of the Czech National Bank. In the first part of the thesis, the Czech National Bank is defined as a public legal person representing one degree of the two-degree bank system endowed with a high level of independence. The following parts deal with the activities of the CNB. In particular they define monetary policy, its aims and tools, issuing activity,...
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Global and financial economic crisis
Polanský, Jan ; Borkovec, Aleš (advisor) ; Hraba, Zdeněk (referee)
The thesis analyzes and describes recent global financial and economic crisis, some current economic problems and historical roots of the crisis. First passages of the work characterizes theoretical terms and historic economical crises, recessions and important economical events. Next part of the thesis is focused on events of the recent financial and economic crisis. The work contains description of the problems with financial innovations, rating agency, banks, modern capitalism and prevention of the crisis. The text also presents some new economical legal rules in USA and EU related to financial and economical crisis. Last chapter of the work is focused on the crisis of the European currency EURO and Greek economic situation.
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Due care and professional managemet
Matějka, Lukáš ; Borkovec, Aleš (advisor) ; Hraba, Zdeněk (referee)
This thesis is dealing with problems connected with the term The care of proper manager, that forms the basic requirement of quality of work margin in czech companies. The content is divided into nine chapters. The first chapter brings an introduction into the dilemma. It is stated here why have I chosen this topic, why do I consider this topic to be important and I am laying down the aims of my thesis. In the end, there are mentioned the methods which has been used while writting this thesis. The second chapter, the most extensive one, is focused on Proper manager' s care as a term. It is trying to define, describe and file this term legislatively; not only in terms of company law, but also in the scope of other legal enactments. Then the work focuses on subjects on which is laid the duty of conducting issues with Proper manager's care. Then there is mentioned the historical evolution of this term. In, according to my opinion, the most important part of this thesis; the term Proper manager's care is determined in comparison with the terms Appropriate care and Professional care. All these terms are later assigned to certain models of formulation of requirement of quality of work margin. The third chapter is dedicated to the issues of breaking of the proper manager's care and to the consequences of...
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The status and the role of central banks in the EU
Malíčková, Jana ; Bažantová, Ilona (advisor) ; Borkovec, Aleš (referee)
RESUMÉ - THE STATUS AND THE ROLE OF CENTRAL BANKS IN THE EU This diploma thesis compares the Czech National Bank, the Slovak National Bank, the Bundesbank and the European Central bank. Central banks play a significant role in every state and they have big influence on economy of each state. Therefore, their legal regulation as well as precise definition of their competencies are essential. The thesis focuses on their establishment, legal base and legal form, organisation and independence (institutional, financial, personal and functional). Its aim is also to compare tasks, monetary policy, issuance of banknotes and coins, banking and financial regulation and supervision. Establishment of a central bank depends significantly on the historical background of the given state (or union). All of the described banks are settled in regulations of the highest legal importance on the particular state (or union), which is not usual, and also in many other legal acts. Members of the highest body are selected after the agreement of the legislative and executive powers. The Czech National Bank is an exception, since the members of its Bank Board are appointed by the president without a counter signature. The budgets of the central banks are separated from the states' budgets and they are approved by the central banks....
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