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Dopad přímých zahraničních investic z Evropské unie na Singapur
Hrazdíra, Adam ; Klosová, Anna (advisor) ; Taušer, Josef (referee)
The goal of this dissertation is to investigate the impact of FDI flows from the European countries to Singapore. The analysis focuses on the period between 1995 and 2013. The work begins with the review of the relevant literature. The most important findings about spillover, spinoff effects, and the main FDI determinants are summarized in tables. The empirical part reveals the trends of FDI in Singapore with an emphasis on the influence of FDI from European countries. The work contains two main research questions: Does FDI from European countries have a positive impact on GDP growth in Singapore? Is it possible to identify the main determinants that attract FDI in Singapore? Time series analyses and panel analyses are used in the dissertation. Among the most valuable results belong the confirmation of a positive impact of FDI from Europe on GDP growth and the identification of some of the main positive determinants for attracting FDI in Singapore.
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Vstříc Evropské Ratingové Agentuře
Šrůma, Martin ; Klosová, Anna (advisor) ; Calvano, Giuseppe (referee)
This paper contributes to the literature by presenting a detailed summary of existing problems with credit rating agencies and proposing a model of a European Rating Agency that acts as a competitor and benchmark to the established credit rating agencies. European Rating Agency (ERA) as a new entrant will make a difference by increasing rating transparency and reputation cost for rating agencies at the same time. A vital point when developing the idea of an independent rating agency was the minimization of regulation changes. This will help shareholder to better orientate and understand the functionalities of the European Rating Agency which will make its establishment process easier. Reputation cost (capital) are assumed to be the building blocks that support the unique position of current rating agencies. ERA is modelled specifically to target this information and use the fragile concept of trust and reputation to the benefit of all stakeholder.
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Clustering leteckého průmyslu a jeho role v hospodářské výkonnosti
Hladký, Ján ; Klosová, Anna (advisor) ; Coniglio, Nicola (referee)
This dissertation thesis evaluates the role of aerospace clustering in the economic output. The focus on the clusters is based on the already existing theory, namely Michael Porter's book The Competitive Advantage of Nations in which he named clustering as one of the four essential factors that define the economic competitiveness of a country. On the other hand, the aerospace industry shows a huge potential with growing markets in Asia and in the run of the next decades, space exploration has to be reckoned with. In order to give a support to this theory and apply it to aerospace, a two stage analysis has been conducted. Firstly, Leontief's Input-Output analysis has been conducted, to show the importance of exports from this industry. Secondly, a model proposed by Hausmann et al. in 2007 has been adjusted to observe the productivity of aerospace commodities. The results of these analyses are positive and they give evidence to the importance of aerospace clustering. Moreover, they give merits to policy-makers' actions in this area.
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Military expenditure forecasting methods (Economics of European defense industry)
Nepimach, Filip ; Klosová, Anna (advisor) ; Fiott, Daniel (referee)
This dissertation firstly examines literature connected to this topic in chapter 2. Secondly, chapter 3 summarizes necessary methodology and data used throughout the dissertation. Thirdly, it compares the results of military expenditure made by Cobb-Douglas-Solow production function forecast and an Auto regressive model, in chapter 4. Fourthly, in the chapter 5, with a better performing model, it forecasters the military expenditure from 2015 to 2024 for France, Germany, UK and Italy, because they represent more than 65% of European military expenditure and should give us an idea about the course of the European expenditure as a whole. Also, it compares forecasted expenditure of European NATO countries and USA with Canada for the same period. Finally, in chapter 6, we examine whether there is Granger causality between MS and GDP. Simply, if MS Granger causes GDP and vice versa. It was found that AR is a better performing forecasting technique than CDS and that Granger causality results are ambiguous. GDP Granger causes MS only for France and Italy and there is no evidence of opposite causality.
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Je evropská měnová unie optimální měnovou oblastí? Empirická analýza úrpkových a inflačních diferenciálů v eurozóně
Gúth, Ondřej ; Klosová, Anna (advisor) ; Villaverde Castro, José (referee)
The economic crisis of 2008 had substantial impacts on the global economy. The European Monetary Union was affected as well, however, the economic impacts also stirred up political discussions concerning functioning of the European Union and its unity as divergence of economic means among the member countries intensified during the crisis. Inflation and real interest rate differentials have to substantial degree the ability to measure the divergence among the member countries of a monetary union. A number of empirical studies measuring the differentials in the Euro area were conducted since the start of the financial crisis in 2008. These studies show growing inflation and real interest rate differentials among the countries of the Euro area, argue that the European Monetary Union is becoming less stable and often question its future. This paper conducts similar empirical analysis; however, it differs from the above mentioned works of other authors by the larger time gap between the start of financial crisis and the time of conducting the analysis as it uses data until the year of 2013. This paper also contributes to current literature by the methodology it uses. The inflation and interest rate differentials in EMU are calculated by two methods and their results are subsequently compared, which has not been done before. The inflation and interest rate differentials are calculated for the USA as well in order to have an entity which can be considered as a hypothetical optimum currency area and to which the differentials of EMU could be compared. The results of the analysis in this paper will state whether the magnitude of inflation and interest rate differentials is too high and it will also either confirm the trend of divergence of inflation and real interest rates within the Euro area or show that this divergence is only a short-time period phenomenon of after-crisis years. As this is an important and very recent issue of European Monetary Union the results of this paper should form interesting contribution to current literature on this topic.
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Ohodnotenie vplyvu sankcií na obchod medzi EU a Ruskom
Hašková, Barbara ; Klosová, Anna (advisor) ; Coniglio, Nicola (referee)
This thesis concerns about the effectiveness of sanctions imposed between Russia and the EU in 2014. Firstly are conducted theoretical foundations of sanctions and their imposition from the EU as well as Russian contra-sanctions. Secondly, the analysis is based on the gravity model in trade in log-linear form and further develop out-of-sample estimations about trade potentials. Although trade potentials did not proved the expected decrease in exports from EU to Russia, the Input-Output analysis of impacts on exports of food products did so. Results yielded calculated impacts on GDP of various countries due to food embargo that are more or less comparable with the actual evolution of GDP and trade flows. Thirdly, the indirect effects of sanctions of third country effect and re-exports are observed from trade patterns. There has been recorded increased exports of food related products from the EU towards members of Euroasian Customs Union as well as increased imports from these countries to Russia. Finally, the results points out decreased economic activity of Russia due to depreciation of domestic currency, capital flight, decline in oil prices and also sanctions adding up to the problems the economy deals with. The economic impacts of sanctions are present in both parties. However, from the political view sanctions did not proved to be effective so far. Russian intervention in Ukraine territory is continuing.
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Výhody a nevýhody snižování nákladů na financování skrze společenskou odpovědnost
Bandžak, Richard ; Klosová, Anna (advisor) ; Tong Clark, Junie (referee)
The dissertation thesis investigates the relationship between corporate social responsibility (CSR) and financial performance (FP) on the sample of 51 Eurozone banks over the period from 2008 to 2014. The investigation is based on a panel data regression analysing the financial data from Bankscope and the social performance data from CSRHub. Return on assets and the ratio of non-performing loans to total loans represent the measures of financial performance and are used as dependent variables. The results of this model have shown a positive and statistically significant CSR-FP relationship. It is argued that even though the results show statistical significance, they do not necessarily include such a strong informational value. This is caused by methodological limitations, such as potentially biased data on CSR, as well as by the theoretical ones. The main theoretical concern, detected in the dissertation thesis, is a need for redefinition of the banks' driving motives of engaging in CSR activities. Banks engaging in CSR activities for merely strategic reasons should be analysed separately on a firm-level as they may otherwise bias the empirical results. Another important aspect of the work was an argument that banks benefit from CSR mainly through the product differentiation. This could not have been tested empirically, but it is assumed that the product differentiation, for example through reputation enhancement, may play a significant role in boosting bank's profits.
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Characteristic of business environment of Colombia, cultural and business particularities
Hořáková, Anna ; Klosová, Anna (advisor) ; Gullová, Soňa (referee)
The aim of thesis is to provide a macroeconomic analysis of the business environment of Colombia that would allow Czech entities to better understand the fundamental characteristics of the Colombian market. After reading this document, the reader should get an overview of the Colombian business environment of political, economic, cultural and technological aspects. The work cover the topic of business relations between the Czech Republic and Colombia. Testimonies and experiences of Czech companies are included in the thesis. The map of strengths and weaknesses is created based on the collected information. Opportunities and threats from the perspective of the Czech business entity are identified
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Current business environment of Chile
Matoušek, Ondřej ; Gullová, Soňa (advisor) ; Klosová, Anna (referee)
This diploma thesis aims to analyse the current state of the Chilean business environment and highlight the benefits, opportunities as well as possible threats of the Chilean market for Czech exporters. The work is divided into four chapters. The initial definition of the business environment and the determination of used methods is followed by the actual analysis of the business environment. PESTLE analysis is used to explore the political, economic, socio-cultural, technological, environmental and legal environment of the country. The outputs are processed using SWOT analysis. The third chapter focuses on the relationship of the Czech Republic and Chile, and the fourth part contains three case studies designed to identify specific sectors that are promising for Czech exporters.
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Impact of Maritime Piracy on International Trade
Hanzlíková, Simona ; Gullová, Soňa (advisor) ; Klosová, Anna (referee)
This thesis attempts to contribute to the discussion over the problem of maritime piracy that poses a threat to maritime transport as well as international trade. The impact of maritime piracy was researched mainly in the context of Somali pirates. Currently the problem concerns other areas, which are the subject of my investigation. The thesis is focused on maritime piracy in the Gulf of Guinea and Southeast Asia, which are the current piracy hotspots. The main goal is to identify the implications of maritime piracy and analyze its impact on international trade in the given regions.
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