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The Political Budget Cycle of Municipalities in The Czech Republic
Pinlová, Adriana ; Kalabiška, Roman (advisor) ; Palanský, Miroslav (referee)
This thesis focuses on the political budget cycle at the municipal level in the Czech Republic. Using a sample of all 6 254 municipalities observed between 2010 and 2022, it examines whether elected councillors manipulate the public budget in an attempt to secure re-election. Using a fixed effects model, it anal- yses the influence of election and pre-election year on changes in the volume and structure of municipal expenditures. The thesis also offers a comparison of municipalities with extended powers, municipalities with an authorised mu- nicipal office and the remaining smaller municipalities. The results confirm the presence of a political budget cycle for all types of municipalities in the Czech Republic. Before elections, there is usually a reduction in current expenditures (especially in the area of administration) and a subsequent increase in capital expenditures (especially in the areas of transport, culture, sport and leisure activities), which are highly visible and attractive to voters.
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Public Procurement and Budgeting of Municipalities
Šafářová, Kristýna ; Kalabiška, Roman (advisor) ; Janský, Petr (referee)
This thesis analyzes the spending behavior of municipalities regarding public contracts, mainly the relationship between municipal public procurement spending and fixed capital formation, using a unique panel dataset containing data on 3,404 Czech municipalities for the years 2011- 2022 made specifically for this purpose. The relationship was found significant and positive regardless of other municipalities' characteristics: size, regional affiliation, and political affiliation. Although the distribution of spending on public procurement during municipal election terms pointed to a certain degree of opportunistic spending in the years of elections, no definitive conclusion could be made for the subset of parties present both in the municipal and national government at the same time. It was also found that in most cases, the established national political parties ruling in municipalities are more likely to invest in all three main contract types (construction works, services, supplies) as opposed to having no contract when compared to independent candidates. A prediction of future short-term gross fixed capital formation was ruled out as unreliable using the dataset in question. JEL Classification C55, C81, H57, H72 Keywords public procurement, budgeting of municipalities, municipal capital...
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Salary Determinants and the Salary Cap in the NFL
Pachl, Michael ; Kalabiška, Roman (advisor) ; Havránková, Zuzana (referee)
This thesis examines the main determinants of National Football League (NFL) players' salaries and percentage cap values in the team with focus placed on players with veteran NFL contracts. Furthermore, it extends the existing literature by adding the analyses of defense skill position players alongside with the study of individual positions and by being up to date with the latest ratification of the Collective bargaining agreement (CBA). To measure the effect and significance of chosen independent variables on the players' salaries, OLS and quantile regression are used for offense and defense skill position analyses, followed by an additional OLS regression of individual positions. One of the most important findings of the thesis is that the player's percentage cap value shows a significant positive dependency on the draft position even during senior contracts. Moreover, the player's performance constructed using the fantasy football statistics has been proven positive and highly significant across all positions. Keywords American Football, NFL, Salaries, Draft Title Salary Determinants and the Salary Cap in the NFL
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Comparison of Different Investment Opportunities during Unstable Times
Filonau, Ilya ; Kalabiška, Roman (advisor) ; Kukačka, Jiří (referee)
The goal of this diploma thesis is to take an insight into the world of investment during unstable economic times based on the example of the selected country, Germany. The thesis seeks to analyze the performance of five different investment options, real estate, REIT, Stock market, Gold and Bitcoin, and compare them, while identifying the most important macroeconomic factors influencing the value of the investment options. The methodology of the diploma thesis is represented by a time series analysis based on the time period between the first quarter of 2000 and the first quarter of 2023. Additionally, the technique of econometric estimation is applied, where, in total, six models are created. In the end, it is concluded that gold is the most superior investment choice, while the least attractive one is the REIT Index, representing indirect real estate investment due to its relatively unstable nature and unpredictability. JEL Classification J11, R30, D81, G11, E27 Keywords Real Estate, COVID-19, Investment, REIT, Stock Index, Gold, Bitcoin, Economic Recessions, Germany, Portfolio, Risk Title Comparison of Different Investment Opportunities during Unstable Times
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Dopad demografického vývoje ČR na stav veřejných financí ČR
Vaverka, Vojtěch ; Kalabiška, Roman (advisor) ; Švarcová, Natálie (referee)
The bachelor thesis deals with the impact of population ageing on the pension system in the Czech Republic. Population ageing increases the number of pensioners per working person. Since the pension system in the Czech Republic operates on the pay-as-you-go principle, which means that workers pay pensions to people who are currently receiving pensions. This population change is leading to a deterioration in the state of the pension system. In this paper, the development and sustainability of the pension system is predicted on the basis of historical figures. Although the results of the forecast show that the pension system will be stable in the coming years, once the strong generations retire, the pension system will start to face problems. The evolution of the pension system reflects events in the recent past, in particular the war conflict in Ukraine. Events from the more distant past are also reflected in the fact that when the generation of the so-called Husák children retire the balance of the pension system will deteriorate significantly. On the contrary, when the generation born in the 1990s, after the fall of the communist regime, when fertility was low, retires, the pension system will improve.
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The impact of vaccinations on the development of Covid-19 pandemic
Kulhánek, Vít ; Kalabiška, Roman (advisor) ; Bauer, Michal (referee)
This thesis aims to examine the e ect of vaccination on the development of the Covid-19 pandemic. The three key variables are used as dependent vari- ables: the number of new cases, new deaths, and hospitalization. The dataset containing numerous countries and capturing periods from 2020 to 2022 was obtained, therefore a panel data estimator was employed. Moreover, the Czech Republic and Israel were selected for deeper investigation, and their data were filtered from the dataset. The data structure changed from panel data to time series, so OLS regression was selected as an appropriate method. In all mod- els, vaccination variables and also several others were included in lags because a time gap is necessary to increase individuals' immunity in the case of the vaccine. Last but not least, the excess deaths analysis is created and focuses on investigating excess deaths caused primarily or secondarily by the Covid-19 pandemic. Furthermore, it predicts the amount of money not paid in the form of pensions till 2030 for the elderly who are included in the excess deaths. Fi- nally, it compares this amount of money with the expenditures associated with vaccine purchases. JEL Classification C01, C23, I10, I31 Keywords Covid-19, vaccination, panel data, time series data Title The Impact of Vaccinations on the...
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Effects of Population Ageing on the Pension Systems in EU
Králová, Adéla ; Kalabiška, Roman (advisor) ; Palanský, Miroslav (referee)
This bachelor's thesis comprehensively analyses the demographic and economic challenges of selected European countries due to an ageing population. The study involves a demographic projection for the period up to the year 2150, highlighting the anticipated increase in the old-age dependency ratio, thereby imposing a growing burden on the working-age population. The significance of individual demographic variables on the old-age dependency ratio is anal- ysed in the panel data regression, indicating that life expectancy has the most significant impact. The demographic projection is further utilised to construct generational accounts to calculate generation-specific pension payments and ex- penditures. Generational accounts show that increasing payments from younger generations will not be enough to cover future pension expenditures, indicating the long-term unsustainability of the PAYG system.
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