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The Determinants of International Tourism Demand
Vencovská, Jana ; Strielkowski, Wadim (advisor) ; Fišerová, Tereza (referee)
This bachelor thesis focuses on identifying the key factors affecting international tourism demand. Additionally, it provides an assessment of the economic impact of tourism, which is followed by an overview of possible interpretations of the terms "tourism" and "tourist" and their evolution in time. Based on a review of existing literature, the next part discusses the meaning of the term "tourism demand", the ways how this demand can be measured and on its main determinants. The last chapter of the thesis is dedicated to an econometric analysis of the determinants of the demand for tourism to the Czech Republic from thirty-eight different countries. The data on the number of guests registered in collective accommodation establishments collected by the Czech Statistical Office was used as a measure of tourism demand. The period between years 2000 - 2012 was investigated. The model was specified in a dynamic form, which allowed us to account for the Word-of-Mouth (WoM) effect and to reflect the importance of tourists' loyalty. The Arellano-Bond generalized method of moments (GMM) estimation method was used to estimate the model. One of the main conclusions of the analysis is that 31% of the tourist arrivals are attributable to habit formation and the WoM effect. The results further show that tourism...
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Epidemiological aspects of Lyme Borreliosis in Czech Republic
Fišerová, Tereza ; Janovská, Daniela (advisor) ; Čelko, Alexander (referee)
The aim of this bachelor work was to collect and to evaluate the data on the incidence of Lyme borreliosis in the Czech Republic in the last ten years (2003-2012). First, a comparison of the incidence of this disease in the administrative regions of the Czech Republic was made, which indicated noticeable differences between the regions. Then, the data for the South Bohemia Region and Vysočina Region were analyzed in a more detail to identify the main factors, which could contribute to the increased incidence of this disease. A brief history of the incidence of Lyme borreliosis worldwide and its etiology is also provided, together with an overview of its clinical manifestations and spread, as well as the corresponding laboratory diagnostic methods and methods of prevention.
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The impact of Online Banking on Bank Performance
Halili, Rrezarta ; Cahlík, Tomáš (advisor) ; Fišerová, Tereza (referee)
The performance of commercial banks is changing due to the technology improving day by day. The purpose of this study is to highlight the challenges that are derived from Adoption of online banking. The engage of the five European countries with a period of study from 1999 - 2010 to adoption of online banking is the core idea of this study. The empirical analysis would employ data obtained from 22 commercial banks from the following countries: United Kingdom, Germany, Czech Republic, Latvia, and Poland. We want to show that the adoption of online banking increase the bank performance indicator. With the application of the Instrumental Variable concludes that adoption of Online Banking is negatively related with three bank performance indicators as: Return on Equity (Roe), Return on Asset (Roa) and Margin (Mrg) as a main fault to global financial crisis.
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Voting in central banks: An empirical analysis
Jonášová, Júlia ; Horváth, Roman (advisor) ; Fišerová, Tereza (referee)
The aim of the thesis is to assess informative power of the voting records of central banks. The research concentrates on the following aspects: predictability of future repo rate changes based on the voting records in longer horizons, level of disagreement in Monetary policy committee (MPC) and financial markets' expectations, comparison between results of the analysis before and during the financial crisis and weighting every vote according to attendance of the policymaker. The results confirm that voting records are, indeed, informative about future monetary policy changes and can increase predictability of the particular central banks. Negative dispersion coefficient for the Bank of England (BoE) and Czech National Bank (CNB) suggests that increase in uncertainty stimulates looser monetary policy. For the BoE and Riksbank voting records signal the change of the repo rate approved also at the further meetings, which is partially true for the Czech Republic and Poland. Regarding the period of financial crisis, it is shown that markets heavily rely on the minutes as the source of knowledge and the magnitudes of the estimate for the skew coefficient are much higher. The effect of experience is present in the case of CNB and National Bank of Poland (NBP).
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Growing Role of Switzerland in Commodity Trade
Sláma, Ondřej ; Janský, Petr (advisor) ; Fišerová, Tereza (referee)
Growing Role of Switzerland in Commodity Trade Ondřej Sláma Abstract This thesis assesses causes and consequences of Switzerland becoming the world's leading commodity hub. In both the replication and the extension of existing esti- mates, I find support for the hypothesis that Switzerland declares unusually higher (re-)export prices for commodities which are also on average under-priced as devel- oping country exports to Switzerland. The transfer pricing manipulation process implies a potential capital loss for commodity exporting countries along with other movement of either illicit or illegal financial flows. The highest annual estimate of $117 billion loss for developing countries trading with Switzerland suggests substan- tial issue in times of development aid turmoil. I attribute such grievous matters to Switzerland's low effort to meet international norms of international trade and trade transparency. The transfer pricing manipulation might also serve as a vehicle for money laundering, terrorist financing, corruption, or tax and tariff evasion and avoidance, as the data imply. JEL Classificiation F14, F23, F39, F62, F63, O24 Keywords illicit financial flows, transfer pricing manipulation, transparency, commodities Author's email slama.ondrej@gmail.com Supervisor's email jansky.peta@gmail.com 1
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Inheritance procedure
Fišerová, Tereza ; Frinta, Ondřej (advisor) ; Pohl, Tomáš (referee)
I have chosen the subject of Inheritance procedure in order to get more familiar with this area of law. With the help of effective legal regulations this thesis was aimed to make a thorough analysis of the inheritance procedure and to find a better solution to some of the problematic aspects of the current legislation. In the introduction I briefly deal with some of the historic events. At the same time, I mention changes which will be introduced by the new civil code. Then, the inheritance procedure is generally charecterised and I deal with the authority and competence of the courts, with the subjects of the inheritance procedure and with its delivery. The next part looks into the process specifically. It includes the following chapters: Initiation, Further progress, Inheritance administrator and the preliminary measures, Preparation of materials for the proceedings, Proceedings, Settlement of the common property of spouses, Inventory of assets and liabilities, Final resolution on the heritage, Overindebted heritage and Corrective tools. The chapters which follow deal with the dependencies among the inheritance, enforcement and insolvency proceedings. In the final chapter I summarize my suggestions which I concluded during the process of writing this thesis, as well as present my own attitude to...
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Foreign-owned banks and host economies
Fišerová, Tereza ; Teplý, Petr (advisor) ; Mejstřík, Michal (referee)
In the past two decades, significant changes have been shaping and transforming the banking sectors worldwide. Among these trends we find an intensive surge in foreign bank ownership which is especially remarkable in the countries of the Central, Eastern and South-Eastern European region. Using the sample of 17 countries and filtering out more than 140 domestically-operating foreign-owned banks, we examine the determinants of their performance in relation to host country conditions and home country banking sector performance over the period of seven years between 2005 and 2011. Due to the topic's currency, we additionally provide an insight into the link between sovereign debt and bank ownership. By means of system GMM model, or fixed effects model, we reveal that macroeconomic fundamentals of the host country affect the foreign-owned banks' performance but do not suffice in explaining it fully. Moreover, the depth of the current crisis as demonstrated in the home country impacts negatively on the host-country-operating foreign-owned banks. We did not find any convincing evidence of the host sovereign debt and bank ownership nature of relationship.
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Foreign-Owned Banks and Host Economies
Fišerová, Tereza ; Teplý, Petr (advisor) ; Mejstřík, Michal (referee)
In the past two decades, significant changes have been shaping and transforming the banking sectors worldwide. Among these trends we find an intensive surge in foreign bank ownership which is especially remarkable in the countries of the Central, Eastern and South-Eastern European region. Using the sample of 17 countries and filtering out more than 140 domestically-operating foreign-owned banks, we examine the determinants of their performance in relation to host country conditions and home country banking sector performance over the period of seven years between 2005 and 2011. Due to the topic's currency, we additionally provide an insight into the link between sovereign debt and bank ownership. By means of system GMM model, or fixed effects model, we reveal that macroeconomic fundamentals of the host country affect the foreign-owned banks' performance but do not suffice in explaining it fully. Moreover, the depth of the current crisis as demonstrated in the home country impacts negatively on the host-country-operating foreign-owned banks. We did not find any convincing evidence of the host sovereign debt and bank ownership nature of relationship.
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Regime-Switching Models and Their Application in the Financial Markets
Fišerová, Tereza ; Vošvrda, Miloslav (advisor) ; Skuhrovec, Jiří (referee)
The thesis is divided into two parts. The theoretical part introduces the reader to the theory of ARCH-type models and their extensions which are represented by the Markov regime-switching models that allow for capturing of structural breaks in the data dynamics. In addition, the first part summarizes the current state of art. In the empirical part, the model of Klaassen (2002) is adopted to find evidence on the existence of two distinct volatility regimes in four of the Central European stock markets (Austria, the Czech Republic, Germany and Poland). The model is also used as a tool for economic crises identification. Analysis of the daily and weekly observations covering the period from January 3, 2000 to December 31, 2010 provides three remarkable results. First, MRS-GARCH(1,1) model is adequate for modelling stock market volatility in Central Europe. Second, the high volatility regime tends to be associated with a financial crisis. Third, the current crisis is exceptional in terms of its duration in comparison with previous works' conclusions.
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