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Essays on the Remittance Inflows Sent to Ukraine from Abroad
Kuntsevych, Iuliia ; Filer, Randall (advisor) ; Fungáčová, Zuzana (referee) ; Lubyová, Martina (referee)
This dissertation deals with topics of remittances in Ukraine and corruption in the Czech Republic. Chapter 1 analyzes remittances sent by Ukrainian emigrants to their country of origin. It explores the dependence on remittances of a household's spending on human capital, savings and donations, against the backdrop of the political situation in Ukraine in 2004. The paper also explores the effect of the political instability in Ukraine on how the households receiving remittances used them. The results of a Ukrainian Longitudinal Monitoring Survey (ULMS) are used to explore households' decision to spend on human capital development, save, or donate money; depending on their political views and future expectations. The main hypothesis tested is whether the individuals who supported and/or were involved with the Revolution (``pro-orange"), and who were optimistic about the future of Ukraine after the Orange Revolution, saved/donated more money than those who did not support the Revolution `(`pro-blue-white"). In addition, the level of influence of remittances received from relatives or friends outside Ukraine on decisions to save and donate money is analyzed. The results show that the political views of respondents do not have a significant effect on decisions to save and/or donate money. However, respondents'...
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Interbank markets, monetary transmission and bank efficiency
Lešanovská, Jitka ; Geršl, Adam (advisor) ; Hlaváček, Michal (referee) ; Fungáčová, Zuzana (referee) ; Brei, Michael (referee)
The dissertation thesis comprises three essays which interlink monetary policy transmission and bank characteristics, particularly bank cost efficiency, in the light of recent financial crisis. The first essay focuses on the development of the interbank market risk premium in the Czech Republic during the global financial crisis. We explain the significant departure of interbank interest rates from the key monetary policy rate by a combination of different factors, including liquidity risk, counterparty risk, foreign influence, interbank relations, and strategic behavior. The results suggest a relevant role of market factors, and some importance of counterparty risk. The second essay examines the pass-through from financial market interest rates, directly influenced or targeted by central banks, to the rates that banks charge firms and households. It examines the pass-through mechanism using a unique data set of Czech loan and deposit products and focus on bank-level determinants of pricing policies, especially cost efficiency, which we estimate employing both stochastic frontier and data envelopment analysis. The main results are threefold: First, the long-term pass- through was close to complete for most products before the financial crisis, but has weakened considerably afterward. Second, banks...
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Essays on the Remittance Inflows Sent to Ukraine from Abroad
Kuntsevych, Iuliia ; Filer, Randall (advisor) ; Fungáčová, Zuzana (referee) ; Lubyová, Martina (referee)
This dissertation deals with topics of remittances in Ukraine and corruption in the Czech Republic. Chapter 1 analyzes remittances sent by Ukrainian emigrants to their country of origin. It explores the dependence on remittances of a household's spending on human capital, savings and donations, against the backdrop of the political situation in Ukraine in 2004. The paper also explores the effect of the political instability in Ukraine on how the households receiving remittances used them. The results of a Ukrainian Longitudinal Monitoring Survey (ULMS) are used to explore households' decision to spend on human capital development, save, or donate money; depending on their political views and future expectations. The main hypothesis tested is whether the individuals who supported and/or were involved with the Revolution (``pro-orange"), and who were optimistic about the future of Ukraine after the Orange Revolution, saved/donated more money than those who did not support the Revolution `(`pro-blue-white"). In addition, the level of influence of remittances received from relatives or friends outside Ukraine on decisions to save and donate money is analyzed. The results show that the political views of respondents do not have a significant effect on decisions to save and/or donate money. However, respondents'...
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Future of Inflation Targeting in the Russian Federation
Navrátilová, Alice ; Fungáčová, Zuzana (advisor) ; Raková, Marie (referee)
Hereby presented Master Thesis deals with an analysis of preparedness of the Russian monetary policy for adoption of inflation-targeting regime. We define the impact of different factors on the level of inflation and consequently their importance in the process of predicting inflation in the period from January 2006 to September 2012 in the Russian Federation. The selection of the factors is based on theory and on the examination of the Russian monetary policy environment, taking into account the credibility, transparency and accountability of the monetary institutions and the financial sector and real economy specifications. The analysis of interconnections among the factors is based on a vector autoregressive regression model VAR(4) as well as on Granger causality test and impulse-response analysis. Our results indicate that the major role in inflation formation among the chosen variables, the exchange rate prevailed in the observed period and the interest rate gained in importance to certain extent. Thus the Russian Central Bank has proceeded to prepare the monetary policy rule for the adoption of inflation-targeting regime. Nevertheless, building more sound monetary and financial institutions, successful implementation of flexible exchange rate and abandoning exchange rate targeting, as...
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Privatization and Stock Market Creation: Evidence from Transition Economies
Fungáčová, Zuzana ; Hanousek, Jan (advisor) ; Fidrmuc, Jarko (referee) ; Hasan, Iftekhar (referee)
Research Journal Articles Working Papers Research in Brief Series Dissertations Other Publications Featured Article Dissertations Date: Friday, June 26, 2009 - 14:00 Zuzana Fungáčová: "Privatization and Stock Market Creation: Evidence from Transition Economies" Dissertation Committee: Jan Hanousek (chair) Randall Filer Evžen Kočenda Jan Švejnar Abstract: The importance of finance for growth has already been confirmed in numerous studies. This relationship is especially crucial for the transition economies where financial systems had to be built from the scratch after the collapse of central planning. This work investigates stock markets that constitute an important part of the developed financial system. Functioning stock markets are found to be necessary even if the country's financial system is bank-based. In fact, in the transition countries stock markets are a relatively new phenomenon. Even though in comparison to the developed countries these markets remain still underdeveloped, they have been evolving as an important complement to the banks in the course of the transition process (EBRD Transition Report 2006). Stock markets emerged to help with the transformation of the state-owned assets to private hands and afterwards also with the rearrangement of ownership structures. They were also expected to...
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