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Discrete versions of continuous financial models
Graeber, Jiří ; Hurt, Jan (advisor) ; Zahradník, Petr (referee)
This thesis studies the continuous-time financial models and their discrete versions, used for simulations and parameters estimations. Firstly, various stock price development and interest rates models are introduced. As a result of their uncertain future dynamics, these are defined as continuous-time stochastic processes. Secondly, a summary of discrete versions of continuous-time models, formed by Euler and Milstein discretization schemes, i.e. two most frequent ways of approximating a time-continuous stochastic process, is looked at. According to these discrete versions, simulations with different parameters are conducted in the third part of the thesis in order to illustrate individual behaviour of these models. In the conclusion, a comparison of a unique trajectory specified by the real data of one year interest rates swaps and of the simulations of Vasicek and Cox-Ingersoll-Ross model with parameters estimated from the real data is shown.
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Casuistry of patient after amputation above knee
Zahradník, Petr ; Holubářová, Jiřina (advisor) ; Hulvová, Petra (referee)
Title of thesis: Casuistry of patient after amputation above knee Abstract: General part of this thesis includes definition, causes and potential complication, which can occur after the amputations. It also includes possibilities of rehabilitation and physiotherapy for the diagnosis. The content of special part is detailed casuistry of patient, who has been rehabilitated in rehabilitative facility for walking-school and backaches. Keywords: amputation, stub, walking-school, backaches
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Jednorozměrné difusní stochastické diferenciální rovnice s aplikacemi ve finanční matematice
Zahradník, Petr ; Štěpán, Josef (advisor) ; Vošvrda, Miloslav (referee)
In this thesis, the aim is to employ some of the advanced probability and calculus techniques to financial mathematics. In the first chapter some major facts from continuous - time probability theory are presented. In the second chapter, one - dimensional stochastic diferential equations are introduced, we touch upon the questions of existence and uniqueness of solutions in full generality, construct a weak solution to the Engelbert - Schmidt equation and thoroughly present a known procedure called a Feller's test for explosions. In chapter three, focus is directed to a brief presentation of the well known Dirichlet problem. The problem is also interpreted financially, applied to options valuation and related approximations are implemented. The fourth, final, chapter concentrates on the Cox - Ingersoll - Ross model. Techniques derived in the second and third chapters are employed to thoroughly study the model properties.
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The Economy of the Selected Municipality
Fousek, Ondřej ; Zahradník, Petr (referee) ; Pernica, Martin (advisor)
The bachelor thesis deals with the regional authority, namely the township. This thesis will be closely focused on investment plan of the township in the years 2009 - 2013. The practical part describes the township Pecka in general terms but also the financial situation of the township is considered. The center of the bachelor thesis is the investment plan of the building observatory in Krkonošská view, financial part of the project and possible impact on the implementation of this project to management of the township.
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Evaluation of the Voluntary Association of Municipalities Financing
Kostková, Naděžda ; Zahradník, Petr (referee) ; Lajtkepová, Eva (advisor)
The bachelor thesis is aimed at the financing of the voluntary association of municipalities. The theoretical section outlines the budget system and basic concepts, budget incomes and expenses. The practical section of this work deals with analysis of incomes and expenses of budget of the voluntary association of municipalities Region MTJ. There is analyse the progress and structure of budget incomes and expenses, evaluated the management of the voluntary association of municipalities.
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Analysis of the causes and consequences of five crises of the european integration process in the context of economic and political development after Maastricht Treaty
Ševčíková, Michaela ; Loužek, Marek (advisor) ; Daňhel, Jaroslav (referee) ; Zahradník, Petr (referee) ; Strejček, Ivo (referee)
This paper analyses the essential aspects, causes and consequences of contemporary European integration process and examines the performance of individual EU countries. The analysis is done through the view of five crises: first the political and institutional; second the public finance, respectively the debt; third the different quality and competitiveness of single economies; fourth the banking, financial, respectively economic; and fifth the view, which focuses on the psychological aspect of trust. Substantial measures proposed or implemented by the EU institutions are subjects of analysis (European bonds; tax on financial transactions, banking union, fiscal pact and bail-out fund), including their critical evaluation, especially activist policy of the European Central Bank. Summary is contained in the SWOT analysis. This work also proposes recommendation for further development in the Czech Republic. The research section made by testing selected variables among 2003-2012 based on the method Beta convergence confirmed, that instead of theoretical assumption of faster real convergence of EU countries, the divergence between the core and periphery countries took place in the examined period. Beta convergence is confirmed within the designated groups in the new EU member states in the pre-crisis growth and in the overall monitored period. The second method -- the cluster analysis created groups, respectively clusters of countries that are the most similar based on selected indicators. On the one hand, the repeated grouping of core countries into one common cluster was verified with different options of the model. On the other hand, the used Ward's method showed, among others, that in majority of observed periods the countries commonly categorized into periphery groups (such as Italy and Ireland) have greater economic similarities to the core countries rather than countries such as Spain, Portugal and Greece.
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The Impact of Exchange Rate Volatility on Czech Real Export
Jurečka, Peter ; Brůžek, Antonín (advisor) ; Zahradník, Petr (referee)
This diploma thesis deals with the impact of real exchange rate volatility on real export of the Czech Republic. In the first part, theoretical aspects of this relationship are examined, explaining both - positive and negative ? effects on bilateral and aggregate trade flows. Further on, empirical data and econometric tools are employed to capture the relationship between real export and its main determinants for the case of Czech Republic in the past decade. After the brief theoretical introduction to time series econometrics, the particular export demand model is proposed and various cointegration techniques are explained and applied to examine the long-run equilibrium but also short-run dynamics.
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Japanese Economy: Factors of Development and Business Cycles
Stuchlíková, Zuzana ; Cihelková, Eva (advisor) ; Neumann, Pavel (referee) ; Fárek, Jiří (referee) ; Zahradník, Petr (referee)
Cílem disertační práce je nalézt, pojmenovat a vysvětlit hlavní faktory, které vedly k celkovému oslabení a nestabilitě japonské ekonomiky v 90. letech 20. století. Práce vysvětluje základní ekonomické vazby v japonské ekonomice a hledá odpověď na otázku, zda recese v 90. letech způsobily faktory převážně cyklické, nebo spíše faktory dlouhodobějšího charakteru, tedy strukturální a systémové. Práce rovněž vymezuje a hodnotí hlavní rysy, změny a trendy ve vývoji hospodářských cyklů a ve zdrojích růstu japonské ekonomiky z dlouhodobého hlediska. Dále práce hodnotí současný stav japonské ekonomiky a dosud provedené vládní reformy, nastiňuje nové trendy ve vývoji japonské ekonomiky s ohledem na její měnící se postavení v globalizovaném světovém hospodářství. The dissertation focuses on the cyclical development of the Japanese economy, particularly from the beginning of the 1990´s. The objective of the thesis is to find, identify and explain the main factors that have caused stagnation and instability of the economy in this period. The author aims to make clear some basic ties in the Japanese economy and identify specific features of Japanese business cycles and sources of the GDP growth in the 1990´s and today (compared to the previous development and to some other developed countries). She also seeks to assess economic policy measures made by the Japanese governments and the Bank of Japan countering the stagnation and recessions and to sum up briefly the current situation of the economy and possible dangers for its future.
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Vliv volatility směnného kurzu na reální export České republiky
Jurečka, Peter ; Brůžek, Antonín (advisor) ; Zahradník, Petr (referee)
This diploma thesis deals with the impact of real exchange rate volatility on real export of the Czech Republic. In the first part, theoretical aspects of this relationship are examined, explaining both - positive and negative ? effects on bilateral and aggregate trade flows. Further on, empirical data and econometric tools are employed to capture the relationship between real export and its main determinants for the case of Czech Republic in the past decade. After the brief theoretical introduction to time series econometrics, the particular export demand model is proposed and various cointegration techniques are explained and applied to examine the long-run equilibrium but also short-run dynamics.
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