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Digital currencies: Analysis of Bitcoin demand
Janota, Martin ; Skuhrovec, Jiří (advisor) ; Cahlík, Tomáš (referee)
This thesis examines motives of demand for digital currency Bitcoin. We estimate transaction and speculative motives of Bitcoin users and their impact on the emerging digital currency. We analyze Bitcoin data and argue that external Bitcoin trading is mostly influenced by speculative motive. Speculative trade volume on average appreciates Bitcoin exchange rate. However internal Bitcoin transactions are driven mostly by transaction motive and are largely independent on Bitcoin trading. Speculative and non-speculative motived users thus coexist in separate circuits, interacting mostly indirectly through exchange rate and acceptability of Bitcoin. In the last part we argue that quantity theory of money is well applicable on transaction-based data, which Bitcoin provides, and use it to estimate money velocity and output index. We show that growth of Bitcoin accounts brings significant network effect and along with number of transactions largely explains growth of output index. Author: Martin Janota Thesis name: Digital currencies: Analysis of Bitcoin demand
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Estimating the Euro effect with Synthetic Control Method for Eastern Europe
Janota, Martin ; Teplý, Petr (advisor) ; Vošvrda, Miloslav (referee)
Estimating the Euro effect with Synthetic Control Method for Eastern Europe Abstract This thesis estimates the effect of Euro adoption on newest Eurozone members using synthetic control method. The effect is estimated on income per capita and GDP growth. Estimates indicate overall indecisive effect for Slovakia and Malta, neutral effect for Estonia and negative effect for Slovenia and Cyprus. The cost of Euro for Cyprus is estimated to be as high as 1/3 of GDP per capita. In some cases the direction of the effect changed before and after the financial crisis. The quality of inference suffers from low number of observations. Methodological assumptions are discussed, concluding that quality of Eastern European time series likely causes substantial bias in the results.
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Estimating the Euro effect with Synthetic Control Method for Eastern Europe
Janota, Martin ; Teplý, Petr (advisor) ; Vošvrda, Miloslav (referee)
Estimating the Euro effect with Synthetic Control Method for Eastern Europe Abstract This thesis estimates the effect of Euro adoption on newest Eurozone members using synthetic control method. The effect is estimated on income per capita and GDP growth. Estimates indicate overall indecisive effect for Slovakia and Malta, neutral effect for Estonia and negative effect for Slovenia and Cyprus. The cost of Euro for Cyprus is estimated to be as high as 1/3 of GDP per capita. In some cases the direction of the effect changed before and after the financial crisis. The quality of inference suffers from low number of observations. Methodological assumptions are discussed, concluding that quality of Eastern European time series likely causes substantial bias in the results.
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Digital currencies: Analysis of Bitcoin demand
Janota, Martin ; Skuhrovec, Jiří (advisor) ; Cahlík, Tomáš (referee)
This thesis examines motives of demand for digital currency Bitcoin. We estimate transaction and speculative motives of Bitcoin users and their impact on the emerging digital currency. We analyze Bitcoin data and argue that external Bitcoin trading is mostly influenced by speculative motive. Speculative trade volume on average appreciates Bitcoin exchange rate. However internal Bitcoin transactions are driven mostly by transaction motive and are largely independent on Bitcoin trading. Speculative and non-speculative motived users thus coexist in separate circuits, interacting mostly indirectly through exchange rate and acceptability of Bitcoin. In the last part we argue that quantity theory of money is well applicable on transaction-based data, which Bitcoin provides, and use it to estimate money velocity and output index. We show that growth of Bitcoin accounts brings significant network effect and along with number of transactions largely explains growth of output index. Author: Martin Janota Thesis name: Digital currencies: Analysis of Bitcoin demand
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E-governmemt in the Czech Republic
Janota, Martin ; Mates, Pavel (advisor) ; Toth, Petr (referee)
Práce se zabývá problémem elektronické komunikace ve vztazích mezi orgány veřejné správy a občany. Nejprve se věnuje samotnému pojmu e-governmentu, jeho vývoji ve světě, v Evropské unii a v České republice a přínosům a problémům, které jsou s elektronickou správou spojeny. Následně zkoumá současnou situaci na poli elektronické komunikace orgánů státu a občanů v České republice, problém zabezpečení předávaných dokumentů pomocí elektronického podpisu a dále představuje některá funkční řešení, která jsou v České republice v této oblasti již k dispozici.
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