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Comparative analysis of the development of holding sovereign securities in the banking sectors of the eurozone countries in 2005-2015
Topinka, Tomáš ; Pekárek, Štěpán (advisor) ; Bednář, Milan (referee)
The bachelor thesis is focused on the comparative analysis of holdings of sovereign securities in the banking sectors of the European Monetary Union member countries, especially during the financial and debt crisis. Based on the graphical analysis, it identifies and clarifies the volatility observed at the level of certain groups of countries. The work comes with the statement that, especially during the debt crisis, the so-called home-bias is reinforced and thus exposes the banking sector to the credit risk of the state. At the same time, bachelor thesis advocates setting up regulatory requirements to ensure, that a level of regulatory capital is created that objectively reflects the credit risk of the state.
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Impacts of President Reagan´s Economic and Political Conception on the US Economy Development
Pavlov, Adam ; Šlajs, Jan (advisor) ; Bednář, Milan (referee)
The purpose of my bachelor thesis is to prove, that supply-side theory and policy conducted by Ronald Reagan during 1980´s provided good economic results, while creating conditions for healthy economic growth and helped to secure the positon of the United State of America on international political area. In the theoretical section I deal with putting the situation of United State of America in to the post-war context, which is essential for understanding the economic and political situation. Further I present the theoretical basis, which created foundation of Ronald Reagan policy. In the practical section I utilize the induction and deduction methods for analyzing empirical data, further I utilize contextual analysis in order to interpret policies conducted by Ronald Reagan.
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Analysis of impacts using the non-conventional instruments of the ČNB monetary policy in the period 2013-2016 on stability of the czech economy
Miňhová, Kristýna ; Pekárek, Štěpán (advisor) ; Bednář, Milan (referee)
In reaction on existence of economic cycles, the period of economic growth is changed with the economic recession, which can grow in the crisis eventually. In such a case, the task of economic policy is to direct the economy in the right direction, back to the boom. The thesis focuses on monetary policy and its ability to achieve this task. The aim of the thesis is to analyze the influence of foreign exchange interventions used in the period of 2013-2017 on the restoration of financial and (macro)economic stability of the Czech Republic. For this purpose, time series of indices describing the stability, the financial stress index and the economic stress index are constructed. A comparative analysis proves that the financial and (macro)economic situation in the Czech Republic has started to stabilize shortly before the unilateral exchange rate commitment to the euro and the impact of foreign exchange interventions cannot be certainly confirmed.
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Perspectives of Transatlantic Trade and Investment Partnership: benefits and potential risks
Bednář, Milan ; Ševčíková, Michaela (advisor) ; Zamrazilová, Eva (referee)
It is possible that the economic condition of Europe after the global financial crisis of 2008-2009 prompted idea of trade liberalization. This diploma thesis deals with the Transatlantic Trade and Investment Partnership (TTIP), a proposed free trade agreement between the European Union and the United States of America. Main goal of the thesis is to provide economic evaluation of the deal, and to assess the claim that TTIP would be beneficial for the European Union member states. Main used method is a theoretical analysis supplemented by regression analysis. The theoretical part is focused on basic economic principles of international trade and related concepts. Main tools used to assess this agreement are described in more detail as well. The analytical part deals with economic linkages between the two regions, with emphasis on the development and current status of non-tariff barriers to trade. The thesis also contains a summary of potential benefits and risks. Finally, a potential impact of TTIP on the Czech Republic and the issue of Brexit is presented. The European Union and the United States of America are linked by strong economic ties. However, trade barriers between those two entities still exist and hamper international trade. The analysis indicates that if the contract was to be impactful and significant, it must focus on a substantial reduction of bilateral non-tariff barriers to trade. This implies that TTIP could interfere with sectoral regulations. In addition, it is not certain that achieved revenues would be automatically higher than costs given the number of perceived risks. Panel data gravity models are used to quantify the potential impact of trade liberalization on export of goods of the EU28 countries to the USA. Significant elimination of trade barriers could increase EU exports to the USA by more than 20%.
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Bill Clinton's Fiscal Policy - Success or Coincidence?
Bednář, Milan ; Tajovský, Ladislav (advisor) ; Chalupecký, Petr (referee)
This thesis deals with fiscal policy in the United States during the time of President Bill Clinton, particularly with budget surpluses which occurred by the turn of the 21st century. Public finances reached the surplus after 30 long years and from this perspective it represented an extraordinary event which is still discussed. I investigated following hypothesis: "Is Bill Clinton largely responsible for the budget surpluses?", because he is often credited for them, especially among the general public. I analyzed major economic factors, especially information technology, which probably affected economic as well as fiscal situation. I subsequently confronted the findings with the evolving structure of revenues and expenditures. I conclude that mostly exogenous circumstances helped reach the surpluses, the economy benefited from a large number of effects. Bill Clinton, in fact, could not significantly influence many of them.
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