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Fuzzy logic methods for the risk assessment
Kovář, Kamil ; Vymazal, Tomáš (referee) ; Misák, Petr (advisor)
Master´s thesis deals about problematic of fuzzy logic, fuzzy sets and operation with them. Also thesis describing procedure of quantification risks through fuzzy sets, process of fuzzyfication, defuzzyfication a theirs application in the expert systems FMEA and FMECA. Using selected chapters of czech states standards are established critical areas in building process, it is a chapters about quality, safety and environment. With these areas by using fuzzy sets theory are created the procentual input values in the decision program, created by Matlab. Output from program is decision how big the risk rate is and if is necessarily make corrective measures. A concrete example is the production of concrete goods, describing production process and composition of fresh concrete. A practical example, created by using information from real company, is a decision about the risk rate in the qualitative area.
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Hotel Garni
Kovář, Kamil ; Sláma, Ludvík (referee) ; Mohelníková, Jitka (advisor)
Project documentation of garni hotel with wellness service of one basement and three floors from reinforced concrete monolithic skeleton, filled with masonry POROTHERM, horizontal structures prefabricated panels HELUZ, roofed by single-layers flat roof and sloping roof with wooden eaves and metal roofing.
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Essays on Interbank Interest Rates
Kovář, Kamil ; Slobodyan, Sergey (advisor) ; Franta, Michal (referee) ; Burlon, Lorenzo (referee)
Essays on interbank interest rates This thesis studies the behavior of interbank interest rates in the af- termath of the global financial crisis. This crisis and its macroeconomic consequences led to a sharp break in how monetary policy is conducted, with unconventional tools such as quantitative easing (QE) programs gain- ing prominence. One consequence of such policies is a change in the behavior of interbank interest rates. This behavioral change is due to the emergence of excess reserves, which are a side effect of many unconventional policies including quantitative easing. The first chapter explores the nexus between the QE program conducted by the European Central Bank, its policy of negative policy rates and the interbank interest rates. It starts with data analysis that demonstrates two salient features of the behavior of interbank interest rates in the presence of excess reserves. First, when excess reserves are present interbank interest rates are anchored by the deposit rate rather than by the main refinancing rate, as was the case before emergence of excess reserves. Second, the amount of excess reserves is negatively correlated with the level of interbank interest rates whenever excess reserves are present. The chapter proposes a semi- structural time series model that links interbank interest...
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Fuzzy logic methods for the risk assessment
Kovář, Kamil ; Vymazal, Tomáš (referee) ; Misák, Petr (advisor)
Master´s thesis deals about problematic of fuzzy logic, fuzzy sets and operation with them. Also thesis describing procedure of quantification risks through fuzzy sets, process of fuzzyfication, defuzzyfication a theirs application in the expert systems FMEA and FMECA. Using selected chapters of czech states standards are established critical areas in building process, it is a chapters about quality, safety and environment. With these areas by using fuzzy sets theory are created the procentual input values in the decision program, created by Matlab. Output from program is decision how big the risk rate is and if is necessarily make corrective measures. A concrete example is the production of concrete goods, describing production process and composition of fresh concrete. A practical example, created by using information from real company, is a decision about the risk rate in the qualitative area.
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Hotel Garni
Kovář, Kamil ; Sláma, Ludvík (referee) ; Mohelníková, Jitka (advisor)
Project documentation of garni hotel with wellness service of one basement and three floors from reinforced concrete monolithic skeleton, filled with masonry POROTHERM, horizontal structures prefabricated panels HELUZ, roofed by single-layers flat roof and sloping roof with wooden eaves and metal roofing.
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Co způsobilo vzestupy a pády úrokových měr státních dluhopisů během evropské dluhové krize?
Václavíček, Tomáš ; Chytil, Zdeněk (advisor) ; Kovář, Kamil (referee)
This study examines the determinants of government bond spreads vis-a-vis Germany for eleven EMU member countries in the period 2000Q1 to 2013Q3 with a special focus on the European Debt Crisis. The aim of the thesis is to test whether selected financial, fiscal and macroeconomic variables have an impact on government bond spreads. A novel contribution is testing whether there has been a significant change of government bond spread determinants following the ECB interventions in summer 2012. Variables reflecting the sustainability of public finance, liquidity of government bonds, risk aversion and competitiveness of a particular country were found to be significant determinants of government bond spreads, unlike banking sector indicators. Government bond spreads thus increase in response to rising debts and deficits and the loss of international competitiveness. No significant change in the composition of government bond yield determinants as a whole was found for the period after the ECB interventions, despite changes in several variables. Results of the thesis suggest that it is important to follow a sound fiscal policy and to prevent a deterioration of a country's international competitiveness in order to keep government bond spread of a particular country low.
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When do stable democracies emerge? Mending the view of economics and political science
Kovář, Kamil ; Müller, Karel (advisor) ; Dvořáková, Vladimíra (referee)
This thesis deals with the economic theories of democracy and democratization and their synthesis with political science theories. First discussed is the 'static' model of Acemoglu and Robinson (2006), which focuses on economically motivated political conflict between elites and masses, and in which stable democracy emerges in countries with medium levels of economic inequality. The second discussed 'dynamic' approach comes from the North, Wallis and Weingast (2009), who postulate the existence of two social orders that inextricably combine economic and political elements . In the third chapter I argue that the economic models of democratization are not able to capture the dramatic spread of democracy around the world in the last three decades. For this purpose, they would have to include normative preference for dermokracy and political science concept of legitimacy. It is concluded that the synthesis of economic and political science models is essential for proper understanding of emergence of stable democracies.
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Strategie působení ČR v EU: kupředu ni krok: Jak se konkrétně česká vláda staví k jednotnému trhu, posílení hospodářského růstu, energetické politice a vybraným institucionálním otázkám?
Kovář, Jan ; Kovář, Kamil ; Tichý, Lukáš
Po třech letech svého působení naplnil dnes již bývalý kabinet Petra Nečase jeden ze závazků ze svého programového prohlášení, a to když 15. května letošního roku schválil Strategii působení ČR v EU. Český kabinet měl v plánu schválit dokument, který by zahrnoval aktivní a koncepční evropskou politiku státu a definoval základní rámec a priority jejího střednědobého a dlouhodobého uplatňování, jehož cílem je definovat podobu a nástroje k naplňování aktivní evropské politiky České republiky (str. 3). V praxi však dala vláda za vznik pětadvacetistránkovému textu, který je spíše taktikou, jak reagovat na aktuální a střednědobé iniciativy a legislativní návrhy na unijní úrovni, než strategií střednědobého až dlouhodobého působení ČR v EU. Následující text se snaží kriticky zanalyzovat tři vybrané priority, které ve Strategii vláda pojmenovala: institucionální otázky a otázky primárního práva EU; jednotný trh a posílení hospodářského růstu; a energetickou politiku. Zde je na místě uvést, že i když je Strategie působení ČR v EU poměrně krátký dokument, vláda diskuzi otázek spojených s EU neomezovala pouze na čtyři výše zmíněné priority.
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Run on Money Market Mutual Funds in 2008.Old Fashioned Panic or Rational Response?
Kovář, Kamil ; Chytil, Zdeněk (advisor) ; Mirvald, Michal (referee)
Money market mutual funds (MMMFs) constitute one of the largest parts of modern financial system. Their nature is such that for a long time they were seen as perfectly safe investment, on par with insured banks. However, dramatic events of the financial crisis of 2007-2008 result in what was called run on MMMFs. This run on MMMFs which occurred in September 2008 was one of the most important parts of financial crisis of 2007-2008. This paper attempts to understand why large scale withdrawals from MMMFs occurred and if these withdrawals followed some clear pattern. In order to do this I construct several models which test whether runs on MMMFs were discriminate or indiscriminate in relation to their portfolio holdings. These models are tested on novel dataset. Results of these tests proved to be conclusive only partly, as time variables indicate that in at least one week of September 2008 the runs were indiscriminate, but concerns about the correctness of the specification remains.
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