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Analysis and Aspects of Art as an Alternative Investment and its Price Determinants
Mozolikova, Alica ; Benáček, Vladimír (advisor) ; Moravcová, Hana (referee)
The purpose of this thesis is to examine the potential of art as an alternative investment. To do this, we start with a brief history of art market that is followed by an analysis of art market structure. We cover numerous risks affecting the behavior in the market subject to information asymmetry. As far as the feasibility of art as an investment is concerned, we identify different types of alternative investment and compare their potential. Despite high opacity of the art market, more data are being made available giving us an opportunity to present a clearer explanation of the current state of the art market. A question has to be asked, does the value of art solely depend on the subjectivity of human taste or on an opportunity to speculate? The subject of the detailed discussion are, both, internal and external factors, which influence the value of artworks, and hence the sale price. Using econometric analysis of auction records, we aim to uncover objective factors, which determine the sale price. The analyses lead to a conclusion that the price determinants, the most notable of which are auction houses and auction location, affect the sale price to a different extent. Yet, regardless the price, our subjective personal pleasure from a particular art piece might be crucial. JEL Classification Key...
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The Role of the World Trade Organization in the Economic Crisis of 2008-2013
Fiala, Milan ; Parízek, Michal (advisor) ; Benáček, Vladimír (referee)
The World Trade Organization (WTO) has sought to liberalize the international trade market and prevent the rise of protectionism. This bachelor thesis aims to test the impact of the WTO, in particular the impact of the Dispute Settlement Mechanism (DSM), on preventing the rise of protectionism in the times of economic crisis of 2008. The main assumption is the deterrent effect of the Mechanism, it means the more disputes are there in the concrete sector, the less is the sector susceptible to increased protectionism. The second objective is to test the relative change of tariff and non-tariff barriers in times of economic crisis. I expect that the non-tariff barriers have increased and the average tariff rates have decreased, while the compensatory effect is being predicted between the rise in non-tariff barriers and the decrease in tariff rates. In the case of a high increase in non-tariff barriers in one sector, there should be a sharp decline in average tariff rates. Using a simple regression analysis method, a negative relationship between the number of disputes in the sector and the increase in protectionism has been found.
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THE POLITICAL ECONOMY OF TATMADAW: Are Natural Resources A Barrier To An Economic Transition In Myanmar?
Kumbun, Lanung Tu ; Benáček, Vladimír (advisor) ; Růžička, Ivan (referee)
Myanmar's economic freedom is ranked the lowest amongst ASEAN countries. Thus its fact that Myanmar's economy is interfered with by the military regime - The question "Why economic growth and prosperity?" needs to be analyzed in order to understand Tatmadaw's intervention in the economy. The "Are natural resources a an economic transition in Myanmar?" and "How does Tatmadaw control natural resources?" The hypotheses I test here are: (1) "The abundance of entrepreneurial society." (2) "Natural resources are an important factor enabling Tatmadaw to game." (3) "Natural resources partially trigger and fuel civil war between Tatmadaw and ethnic armed groups due to contesting resource grabs." And (4) "China's resource hunger is conducive to Tatmadaw to exploit natural resources". In my
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Economic Integration in North America: Theory and Reality of Rules of Origin
Dotřelová, Anna ; Benáček, Vladimír (advisor)
Rules of origin are somehow overlooked but crucial feature of the free trade areas. They prevent trade deflection but they may also cause changes of producers' behavior. In the first part of this work the impact of restrictive rules of origin formulation will be described. In the later part the attention is focused on the rules of origin in the North American Free Trade Area (NAFTA), their specification as well as their impact on trade. The main aim is to measure the height of NAFTA's transaction costs connected with the preferential treatment. We use a new approach to estimate these costs, based on detailed elaboration of the Harmonized Schedule of the United States, detailed import data on HS6 level and comparison of gravity models' results in different preference margin groups. Our result suggests that NAFTA's compliance costs are somewhere between 4.6% and 4.9% percent of the import value
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Gravity model and efficiency of trade between China and EU countries: Visegrad group, Germany, Austria
Papoušek, Radan ; Benáček, Vladimír (advisor) ; Janský, Petr (referee)
Bibliographic note Papoušek Radan. Gravity model and efficiency of trade between China and EU countries: Visegrad group, Germany, Austria. Praha 2017. 87 p. Master's thesis (Mgr.) Charles University in Prague, Faculty of Social Sciences, Institute of Eco- nomic Studies. Supervisor: doc. Ing. Vladimír Benáček CSc. Character count: 115 210 Abstract The thesis analyzes bilateral trade between China and Visegrad group (V4), Austria, and Germany. I use panel data of 23 countries across 1995-2015 to esti- mate gravity model. I compare the countries among themselves (time-series view) and analyze the development of the crucial variables employed in the model (cross- sectional view). Further, I estimate efficiency scores based on stochastic frontier analysis (SFA). Connecting the findings from all three perspectives provides com- prehensive picture of the trade relations of the given countries with China. The thesis reveals that accession to EU was beneficial for trade between V4 and China. Global value chains (GVCs) also help to intensify the trade exchange between the European countries and China. I find that Austria and Germany exhibit higher effi- ciency scores for their exports mainly due to better positions in global value chains. V4's trade balance with China is very sensitive to the decisions of the international...
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The effect of the New Silk Road on EU-China trade
Philipps, Andreas ; Paulus, Michal (advisor) ; Benáček, Vladimír (referee)
The thesis tries to investigate which impact the new Silk Road announced 2013 by the Chinese president has on EU-China trade potentials. The so called OBOR initiative is an infrastructure project that aims to promote trade facilitation along the ancient Silk Road. The initiative includes more than 60 countries. The gravity model of trade will be applied to run a simulation exercise to estimate trade potentials from the EU to China and vice versa. The results suggest that China can increase its trade potential to the EU. Among the EU countries there are winners and losers. Those countries which participate in the initiative will benefit from an increased trade potential others will lose trade potential.
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Organ Trade in India - The Grey Area
Ramesh, Pavithra ; Salamon, Janusz (advisor) ; Benáček, Vladimír (referee)
Master Thesis Abstract Institute of Political Studies Faculty of Social Sciences Charles University in Prague Author: Pavithra Ramesh Supervisor: Janusz Salamon, Ph.D. E-mail: Pavithra.ramesh14@gmail.co m E-mail: janusz.salamon@univ- oxford.com Phone: +420774960096 Phone: +420731816202 Specialisation: IEPS Defense Planned: June 2017 Topic: Bioethics is the study concerned with the implications of medical procedures, technologies and treatments from the perspective of ethics, philosophy, law and its implementation. It encompasses a wide range of ethical concerns in relation to organ transplants, genetic engineering, artificial reproduction, euthanasia etc. My thesis is an attempt to probe into certain ethical nuances amidst the technological advances in the field of medicine. Particularly, with respect to organ trade in India. Since the origin of medicine the primal goals have followed the Hippocratic Oath of "Cure sometimes, treat often, comfort always." (Adams 1891). The questions this perception of early medicine leaves us with are: Have we withdrawn from the compassion and ethics prescribed with the advent of advanced lab technology? What are the issues around organ trade in India? What causes these issues? And how can this be dealt with? The approach to pursue the answers for the above, revolves around...
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