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Exchange Rate Pass-Through in Mongolia
Batmunkh, Sanjidmaa ; Holub, Tomáš (advisor) ; Kocourek, David (referee)
This thesis investigates the exchange rate pass-through to consumer prices, and its non-linearity and asymmetry effect in Mongolia. The recursive VAR model and non-linear econometric model are applied using monthly data from January 2000 to December 2013. We find that exchange rate pass-through is high and incomplete both in the short and in the long run in Mongolia. There is a statistically significant asymmetry effect, which states that impact of exchange rate depreciation on consumer price is higher than appreciation. However, we do not find an evidence of non-linearity in consumer price reaction to the large and small absolute changes of the exchange rate relative to its sample average and median as a threshold level. Additionally, we estimate the importance of the exchange rate shock for the consumer price variation using variance decomposition technique. In spite of this relatively high pass through, the exchange rate shocks explain a relatively small percentage of the variation in CPI inflation. Powered by TCPDF (www.tcpdf.org)
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Breaking-up activity of firm and the transaction cost
Kosturák, Matej ; Koubek, Ivo (advisor) ; Kocourek, David (referee)
In my work I focus on the essential components of the bankruptcy and insolvency problem. The basis for understanding of mentioned problem was study of capital structure and it's connection with world of insolvency. Secondly I focus on different aspects of qualitative analysis of bankruptcy, starting with definition of different terms, many times unprofessionally misused, followed by description of four main processes of bankruptcy. These processes connect fundamental causes of bankruptcy with financial and nonfinancial consequences. For an economic paper, it is quiet extensively concerned with insolvency law, concretely with new Czech norm, which is in force since 2008. From legal definition of default, through initiation of insolvency proceeding to the individual options of solution, the reader can clearly understand the core of this paper. As particular contribution I regard part of the paper, where I examine 160 cases of Czech companies and persons under liquidation process. Among the most significant conclusion I consider finding of quite significant differences in the court proceedings of Czech courts, the length of the insolvency proceedings and each of its phases and the ratio of satisfied claims of secured as well as unsecured creditors.
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Veřejné zakázky v municipalitách
Pospíšil, Martin ; Janský, Petr (advisor) ; Kocourek, David (referee)
This thesis deals with the public procurement and the influence of various economic and political aspects on the achieved efficiency of their competitive contracting in municipalities. The theoretical part of the thesis provides an overview of the classic arguments justifying the existence of public procurement and use of competitive contracting for the provision of public services, nevertheless, it also points to certain drawbacks associated with it. Furthermore, the author attempts to describe the possible link between the concentration of political power in the bodies of municipalities and the effectiveness of competition mechanism in public procurement, which is an issue that is still uncharted in the literature. At the end the main aspects of the legislation on public procurement in the Czech Republic are mentioned. The aim of the empirical part of the thesis was to test hypotheses arising from the theoretical part employing econometric methods on a sample of public contracts awarded in the capital and 23 statutory towns in the Czech Republic during the electoral period 2006-2010. In order to test the hypotheses, linear models were developed, to which the method of ordinary least squares was applied, and some robust methods, due to the specific nature of the data. Regarding economic aspects, analysis...
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Extreme value theory: Empirical analysis of tail behaviour of GARCH models
Šiml, Jan ; Šopov, Boril (advisor) ; Kocourek, David (referee)
This thesis investigates the capability of GARCH-family models to capture the tail properties using Monte Carlo simulation in framework of Conditional Extreme Value Theory. Analysis is carried out for three different GARCH-type models: GARCH, EGARCH, GJR-GARCH using Normal and Student's t-distributed innovations on four well-known stock market indices: S&P 500, FTSE 100, DAX and Nikkei 225. After conducting 3000 simulations of every estimated model, the Hill estimate of shape parameter implied by the GARCH-type models will be calculated and the models' performance will be assessed based on histograms, descriptive statistics and Root Mean Squared Error of simulated Hill estimates. Interesting results and im- plications for further research have been identified. Firstly, we highlight the Normal distribution's inappropriate nature in this case and its inability to capture the tail properties. Furthermore, GJR-GARCHT with t-distributed innovations is identified to be the best model, closely followed by other t-distributed GARCH-type models. Finally, a pattern in all Q-Q plots forecasting the simulation study results is appar- ent, with the exception of the DAX. This anomalous behaviour therefore necessitated further analysis and a significant right tail influence was recorded. Even though Hill estimates...
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Economic vs. regulatory capital of financial institutions
Matuška, Tomáš ; Teplý, Petr (advisor) ; Kocourek, David (referee)
Economic vs. regulatory capital of financial institutions This thesis is focused on Assets and Liability Management connected with economic and regulatory capital. The main aim is to analyze development of these capitals and their influence on bank's output. In the first, theoretical, part of thesis we follow up the division of risk categories, we define an economic capital and its management and quantification methods. Then we focused on development of international bank regulation and its current and future state. The regulatory capital is defined as well as its management. The last chapter of theoretical part is dedicated to ratings. Then the most important, analytical, part follows. We analyze data of top 50 world banks from year 2007 to 2011. We use especially quantitative methods and OLS regression. We investigate development of economic and regulatory capital during and after the crisis and changes in division of risks they cover. We looking for a relationship between these capitals as well as its impact on bank's rating. At the end of the analysis we focused on relationship between capital adequacy and bank's profitability and we consider reasons of bank's lack of transparency about economic capital. Finally we conclude the results of the analysis. The most important discovery is undermining of...
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Business cycle theory from the point of view of the Austrian school economics
Malárik, Lukáš ; Ryska, Pavel (advisor) ; Kocourek, David (referee)
This bachelor thesis analyzes business cycle theory from the point of view of the Austrian school of economics which sees the main problem in expansion (boom) driven by low interest rates, contrary to mainstream school, which considers the time of recession with insufficient expenditures as the main problem. Therefore, in the first part of this thesis is provided theoretical framework which describes the main features of the Austrian business cycle theory. After the theoretical explanation follows the second, practical, part of the thesis in which I employed the theory from the first part in order to interpret the situation in Japanese economy since 1980 until present. The main reason is that after the bust of 1990 is Japanese economic still not fully recovered in spite of many recovery attempts based on mainstream macroe- conomic approach. At the end of the thesis it is shown that the Austrian business cycle theory is capable of interpreting the economic development in Japan as well as propose solutions that will lead to recovery. 1
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Funding of non-profit- organizations in the area of consumer protection
KOCOUREK, David
This diploma thesis deals with analysis of forms of financing of a specific non-profit organisation in the field of consumer protection and preparation of proposal for improvement including its economic assessment. The work is focused on the TEST Civil Consumers? Association (TEST CCA). The first part of the thesis is made up of literary research. In terms of the actual thesis, working hypotheses were first determined, which were subsequently assessed on the basis of data gained during an interview with the Vice Chairman of the administrative board of TEST CCA, Mgr. Karel Pavlík, MBA, or on the basis of information gained from approx. 200 respondents by means of enquiry. When formulating proposals for improvement, I above all concentrated on the possibility of gaining further subscribers to the dTest magazine, which is closely related to strengthening of the financial independence of the association. I recommended holding a presentation of TEST CAA in shopping centres in individual regional cities in the Czech Republic. In my opinion, it would also be of benefit to publish adverts in the press.
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Chosen problems of consumer protection
KOCOUREK, David
My bachelor thesis is aimed at finding out the consumers' knowledge of their laws. Concretely it's focused on consumer law in field of tours. The thesis consists of two parts. The first one is the literary abstract with some theoretical information on basic terms, which are used in the bachelor thesis. The second part describes the marketing research, which I organized in order to find out the consumers' knowledge of their laws. I carried out some face-to-face interviews with accidentaly chosen respondents and noted their answers into a question-form. Afterwards the detected data were analyzed. The results are presented in tables and graphs to be provided in a well-arranged form. Finally I proposed some recommendations, which in my opinion could help consumers to better understand their laws (as an example I recommended a deeper promotion of consumer laws on television and radio) and I consulted the results of my research with the Consumers Defence Association in Budweis.
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