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Finance and Growth Nexus: CEE & Central Asia and Beyond
Enkhbold, Buuruljin ; Horváth, Roman (advisor) ; Chytilová, Julie (referee) ; Korosteleva, Julia (referee)
Buuruljin Enkhbold Finance and Growth Nexus: CEE & Central Asia and Beyond Abstract (English) This thesis investigates the effect of financial development on economic growth using both global sample and regional samples focusing on Central and Eastern Europe (CEE) and Central Asia during the time period 1960-2013. The results of fixed effect panel and system GMM estimators suggest that the effect of private credit on growth had been neutral until 2007 and the effect turns negative if the time period is up to 2013. The negative effect of private credit on growth has been the largest for CEE and Central Asia, particularly for non-EU countries in the region. Stock market capitalisation and lending deposit spread have consistent effects regardless of the choice of time frame which implies that economies benefit from larger stock markets and lower lending deposit spread. Keywords: financial development, credit, stock market, spread, growth, CEE and Central Asia, generalized method of moments (GMM)
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Cost planning of PPP projects in the Czech Republic
Ehrenberger, Marek ; Teplý, Petr (advisor) ; Chytilová, Julie (referee)
English The thesis explores the topic of cost planning of Public-Private-Partnership (PPP) projects in the Czech Republic, especially with respect to institutional settings and road infrastructure. First, the PPP concept is introduced from a theoretical perspective and compared to traditional public procurement. Then the financing of PPP projects is discussed in the context of project finance and the European PPP market. The main part of the thesis focuses on public procurement of road infrastructure and the advantages of the PPP organizational structure. Initially, flaws of the procurement institutions are identified and a number of solutions suggested. The solutions cover four main areas: improvement of procurement laws, better qualifications of public officials, strategic planning of needed roads and asset management perspective on the existing infrastructure. The question whether Czech institutions are hindering the potential of PPP projects is answered positively. Follows a thorough empirical analysis of a World Bank PPP model for highways through a Monte Carlo simulation. A particular case of R35 motorway is evaluated as a PPP project and key drivers of public and private NPV are identified and compared across three different scenarios. Heavyweight traffic intensity, its toll revenue and...
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Thermal Insulation of Apartment Buildings: Decision-making Process and Effect on Energy Savings
Častorálová, Lucie ; Ščasný, Milan (advisor) ; Chytilová, Julie (referee)
Thermal Insulation of Apartment Buildings: Decision-making Process and Effect on Energy Savings Abstract In order to lower the emissions of green-house gases it is necessary to explore the wide range of the energy efficiency options. This thesis attempts to analyse the effect of thermal insulation installed in the multi-family apartment buildings during the period of 2006-2012 in the Czech Republic. We also investigate whether providing governmental funding further improves energy performance of the insulated apartment buildings. In addition, we examine the collective decision-making processes of members of the multi-family apartment building associations, including their attitudes towards thermal insulation of their houses. The basis of this thesis is the econometric panel data model (with 45 apartment buildings and their energy consumption before and after the insulation) evaluated by the fixed effects method with cluster confirming that the insulation, investments and public funding had all significant and negative impact on the energy consumption in the buildings, when energy consumption was adjusted for weather conditions. After the analysis it was concluded that the more the owners invest in thermal insulation, the more they will save in the long run. The governmental funding led to even greater...
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Influence of German Bundestag Elections on the Stock Market Performance in Visegrad Group Countries
Skála, Jakub ; Horváth, Roman (advisor) ; Chytilová, Julie (referee)
This thesis deals with the behaviour of stock markets during the period of election process. We focus on the influence of elections to the German Bundestag on stock market performance of the countries allied in Visegrad Group during the reference period 1994-2013 covering six Bundestag elections. Germany is a major export partner for all members of Visegrad Group - the Czech Republic, Hungary, Poland and Slovakia. We examine whether there are abnormal returns on stock markets in Visegrad Group countries around the date of German Bundestag elections. We thus examine if the fact that performance of German economy is important for performance of economies of countries allied in Visegrad Group means that Bundestag elections influences their stock markets. We also analyze the influence of elections to German Bundestag on domestic stock market during the reference period 1961-2013. To measure the effect of elections we employ event study methodology using the mean-adjusted return model to measure normal returns. Our event window consists of 65 trading days around the election day (-15,50). We use the estimation window of 100 days (-150,-51). We assess our main hypothesis for each country around every Bundestag elections in our reference period separately over three event windows and also over eight event...
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Evaluating the Effectiveness of Interventions to Promote the Education of Girls in Rural Cambodia
Hrabik, Brittney ; Cingl, Lubomír (advisor) ; Chytilová, Julie (referee)
0 Abstract The use of educational interventions to increase female educational attainment in developing countries has the potential to both provide women with more advantageous economic opportunities and contribute to economic growth. Achieving gender equality in education is an important first step towards achieving gender equality in the labor market. This thesis examines educational intervention programs that promote female education in rural Cambodia, and focuses in particular on conditional cash transfers. One such conditional cash transfer program in Cambodia is examined in more detail to determine its effectiveness. A qualitative evaluation was conducted in the form of focus groups and interviews with students, parents, and community members in the villages where the program was implemented. While the results of the study confirm the effectiveness of conditional cash transfers in increasing female attendance in school, the evaluation also revealed other factors that influence girls to stay in school. The study concluded that increasing the number of university-educated females in a girl's life through a mentoring program could have a positive effect on female educational attainment. Though further quantitative study is needed to investigate the effectiveness of such an intervention, this approach...
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Analysing Transition Process of Russia: Foreign Direct Investment Distribution across Regions
Iusufova, Elza ; Alimukhamedova, Nargiza (advisor) ; Chytilová, Julie (referee)
The purpose of this thesis is to shed more light on the determinants for attracting foreign direct investment (FDI) into the regions in case of Russia. As a novel contribution to the general literature on FDI, a new variable of quality-of-life, which has not been used in previous works, is tested for its impact on FDI. Using a sample of 70 regions for the year 2013, we find that the two variables have the strongest effect on determining FDI inflows towards Russia: gross regional product and investment risk. While other variables as regional population, quality-of-life index, educated population, level of industrialization and transportation are fount not to be significant. This implies that most regions in Russia have similar level of development, which makes them not different from their neighbours, and hence not attractive for foreign investors. Powered by TCPDF (www.tcpdf.org)
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Millennium Development Goals: Comparison and Analysis of Armenia, Azerbaijan and Georgia
Bunatyan, Hayk ; Cahlík, Tomáš (advisor) ; Chytilová, Julie (referee)
This thesis analyses three South Caucasus countries: Armenia, Azerbaijan and Georgia. The main point of analysis is the eight Millennium Development goals created by United Nations, during Summit on September 8, 2000. Each of the countries will be analyzed individually and then compared with each other to see the strong and weak points of each of the countries in the process of reaching the eight MDG goals. I will try to include all-important factors, which may play role in distinguishing those points. The main goal of my thesis is to prove and try to show that my hypotheses, which are mentioned below in the thesis proposal are really actual and might benefit the South Caucasus region.
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Growth opportunities and financing of renewable energy in Germany and Czech Republic
Tyuleubekov, Sabyrzhan ; Janda, Karel (advisor) ; Chytilová, Julie (referee)
According to Directive 2009/28/EC overall share of RES in EU energy consumption must be 20% and 10% in transport consumption. The 2020 target for Germany is 18% and for the Czech Republic is 13%. The major financial supporting schemes in the Czech Republic and Germany include feed-in tariffs and green bonuses. Likewise, we propose some ways to resolve some flaws of RES, such as intermittency character of RES, free-rider problem in case of quota obligations scheme etc. Though European Commission approved the shift from FIT scheme towards auction scheme, we analyse the dependence between FITs and installed capacities of RES. As a result of this analysis we obtained optimum intervals of FITs for some types of RES. Powered by TCPDF (www.tcpdf.org)
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Walras equilibria and emission allowances
Kouřílek, Matěj ; Červinka, Michal (advisor) ; Chytilová, Julie (referee)
Global efforts to prevent climate change has been a catalyst for the emergence of many innovative ideas to mitigate this phenomenon. One of them was an introduction of emission markets where polluters share aggregate quantity of so-called pollution permits, e.g., the European Union emission trading system. This work analyses the behaviour of firms and a relation between the European Union Allowances quantity and their price on the Czech market. Furthermore, possible consequences of the EU emission trading system policy on the Czech emission and energy market are analyzed. To do so, we develop equilibrium model which uses an innovative concept of the Cournot-Nash-Walras equilibrium. The model estimates 25 and 14 percent increase in emission allowances price between years 2014-2015, and 2014-2020, respectively. We also find that non-innovating firm can lose significant market share.
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An Analysis of the Chinese Labor Market
Shin, Eunyoung ; Cahlík, Tomáš (advisor) ; Chytilová, Julie (referee)
An Analysis of the Chinese Labor Market Eunyoung Shin Abstract The purpose of this thesis is to analyze China's labor market. Before main analysis, we examine modern history of China. Based on the history, we discover background of China's economic growth and side effects which are represented as inequality. While China pursues uneven regional development policy, regional disparity problems have been emerged. To meet our goal, we have three factors: employment, average wage, and tertiary education attainment. First, we provide overall labor market situation from various angles: urban-rural, sector, and ownership type. Second, we examine our three factors by province. Finally, we summarize results of analysis and make a comparison about provinces. All data employed in this paper are extracted from National Bureau of Statistics of China and reference year is 2005, 2010, and 2014.
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