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The impact of the Euro on German economy
Krották, Viliam ; Dědek, Oldřich (advisor) ; Debatz, Laure (referee)
This master thesis analyses the impact of the euro on the German economy. The research is conducted through the examination of German export, GDP level, and labor market. It is also supplemented with the evaluation of the past, current and future stages of the Eurozone. The thesis provides a detailed theoretical background, which explains the motivation for the creation of a common currency. As a tool to prove the validity of my hypotheses I use the synthetic control method, where I model a hypothetical case, in which Germany did not adopt the euro. The validity of my results will be tested by using the confidence intervals and comparing the RMSPE ratio. By using this unique approach, I aim to contribute to the series of academic papers about the validity of the euro. In my research I have come to the conclusion, that the euro has positively influenced Germany's economy.
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Interplay between Bitcoin price and its mining difficulty
Ondruška, Daniel ; Krištoufek, Ladislav (advisor) ; Debatz, Laure (referee)
Cryptocurrencies are well known asset that almost everyone at least heard of. Some of these cryptocurrencies have all of its supply already in circulation, while others do not. Two biggest cryptocurrencies, Ethereum and Bitcoin, have their supply being increased every day through the process known as mining, which many never even heard of. This process and its interaction with price are the main topic of this thesis. Price and hash rate, which is good and flexible index of difficulty of mining, of Bitcoin and Ethereum are studied and it is shown, that there is an interplay among both currencies but also withing the currency itself.
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Neural Networks for Machine Learning in Algorithmic Trading
Koubek, David ; Krištoufek, Ladislav (advisor) ; Debatz, Laure (referee)
This thesis investigates the forecasting ability of the artificial neural network (ANN) models on five major currency pairs and compares the accuracy of several ANN ar- chitectures to the difficult to outperform random walk (RW) benchmark. The ANNs mostly stand ground against the RW, yet fail to attain significantly different results for most of the currencies in out-of-sample testing. A good predictive accuracy of a few ANN models was shown only for the Japanese yen in our results. Less complex neural network architectures supported the notion of having better generalisation capabilities for most of our datasets. JEL Classification C01, C32, C45, C51, C52, C53, C87 Keywords artificial neural networks, machine learning, finan- cial markets, Forex, day trading, algorithmic trad- ing, pattern recognition, computational learning the- ory, backtesting, forecasting Author's e-mail 56374598@fsv.cuni.cz, mrkoubek@gmail.com Supervisor's e-mail ladislav.kristoufek@fsv.cuni.cz Abstrakt Tato práce zkoumá schopnost modelů na bázi neuronových sítí (ANN) předpovídat budoucí cenu pěti hlavních měnových párů a porovnává přesnost předpovědí s těžce překonatelným modelem random walk (RW), který vždy hádá následující cenu jako totožnou se současnou cenou. ANN modely převážně obstály oproti RW, ale pro většinu měn...
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Risk assessment of major shadow banking entities
Hrošovský, Marcel ; Dědek, Oldřich (advisor) ; Debatz, Laure (referee)
Shadow banking is a part of the financial system, that operates similarly to the banking system, however, is typically less regulated. As a result of incorrect risk assessment and insufficient regulation, shadow banking played a significant part in the recent global financial crisis of 2007. My thesis consists of two major sections, in the first section I describe the shadow banking system, I assess its positive and negative features, and I describe the methods for mapping the shadow banking entities. In the second section, I conduct a risk assessment of major shadow banking entities. Based on the evidence I conclude, that even investments that appear risk free under standard market conditions are exposed to incorrect risk assessment, especially when investing into assets with complicated structure, furthermore, in time of systemic contagion, even healthy companies are exposed to runs and lack of credit available on the market to help fund their operations. Keywords Shadow banking, risk, assessment, crisis, regulation
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Examination of the impact of teacher's gender, age and experience on student achievement
Aschermannová, Petra ; Korbel, Václav (advisor) ; Debatz, Laure (referee)
Jednou z klíčových charakteristik učitelů je jejich úspěšnost při předávání znalostí studentům. Tato schopnost je ovlivněna mnoha faktory, mimo jiné i genderovou shodou mezi učiteli a žáky. Přestože samotný význam genderové shody byl v poslední době mnohokrát studován, o jejím ovlivnění dalšími vlastnostmi učitelů není mnoho známo. Tato práce zkoumá, zda zkušenosti a věk učitelů ovlivňují efekt genderové shody na žáky 8. tříd v České republice. Ačkoli jsme nenašli žádný významný vliv zkušeností učitelů na efekt genderové shody, našli jsme malý, ale signifikantní kladný vliv mladých učitelek na výsledky děvčat.
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The impact of the Euro on German economy
Krották, Viliam ; Dědek, Oldřich (advisor) ; Debatz, Laure (referee)
This master thesis analyses the impact of the euro on the German economy. The research is conducted through the examination of German export, GDP level, and labor market. It is also supplemented with the evaluation of the past, current and future stages of the Eurozone. The thesis provides a detailed theoretical background, which explains the motivation for the creation of a common currency. As a tool to prove the validity of my hypotheses I use the synthetic control method, where I model a hypothetical case, in which Germany did not adopt the euro. The validity of my results will be tested by using the confidence intervals and comparing the RMSPE ratio. By using this unique approach, I aim to contribute to the series of academic papers about the validity of the euro. In my research I have come to the conclusion, that the euro has positively influenced Germany's economy.
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