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Economic crisis 2008-2010 in Baltics
Nedvěd, Petr ; Hlaváček, Michal (advisor) ; Kracík, Jiří (referee)
The main objective of the Bachelor's thesis is the description of causes, course and consequences of the economic crisis 2008-2010 in the Baltic countries. The biggest emphasis is placed on developments in the financial and real estate sector and the labour market. Attention is also focused on the vigorous solution of the crisis that is often given for exemplary action in the crisis period. The thesis also contains a brief description of the region's economic history and the development of the economic crisis 2008-2010 in the world. The main chapter focuses on the crisis development in the Baltics, including the basic causes of the economic downturn. The final chapters describe the current economic situation in the Baltics, bring a comparison with selected European countries and outline a short-term outlook for further development of Estonia, Latvia and Lithuania. The contribution of this thesis is mainly that it shows a possible effective solution of economic problems. Especially the PIIGS countries, which are still in crisis and urgently need to restore their competitiveness and confidence of the financial markets, should pay attention to the example of the Baltic countries that managed to start high growth of their economies relatively soon after the deep slump.
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The Structure of Electricity Market of the Czech Republic and the Impact of the Legislative Proces on the Market Participants
Kšírl, Jakub ; Kracík, Jiří (advisor) ; Cingl, Lubomír (referee)
The object of this thesis is the electricity market in the Czech Republic and its legislation, specifically the fundamental law of energy legislation i.e. the law no. 458/2000 Coll. (Energy law). The first part is devoted to history and reasons for the establishment of new energy law, its structure and new changes brought by the law. The next part describes the current structure of electricity market, participants in the electricity market and their relationships with each other. The fourth part focuses chronologically on the amendments of the Energy law, their impact on participants of the electricity market and on the powers and duties of state regulators. The last part concentrates on the price of electricity for end users, especially on the regulated part of price and it describes the ancillary market.
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Analysis of German Electricity Market
David, Vojtěch ; Kracík, Jiří (advisor) ; Čornanič, Aleš (referee)
Bachelor thesis analyses situation at electricity market in Germany. It shows historical development of liberalization of monopolist market. Structure of market is investigated. Thesis comments other legislation and its dependency. Granger causality test did not derive any causality between real GDP and electricity consumption. There was used data from 1970 to 2009. Thesis comments environment in point of German view. Thesis predicts next development.
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Analysis of transfer mispricing of commodity exports in African countries
Zachar, Martin ; Janský, Petr (advisor) ; Kracík, Jiří (referee)
Governments around the world are burdened by what is estimated to be a $160 billion annual tax loss stemming from transfer mispricing. Developing countries may be even more susceptible to this phenomenon due to their lax reporting and regulatory standards. However, research done to date on transfer mispricing with regards to developing countries is very limited. This paper investigates commodity transactions between selected African countries and the world for 2008-2009, looking for pricing anomalies in both absolute terms and in relation to global mispricing averages. The data was examined using linear regression models, volume-based analysis and case study analyses. While the former two did not find convincing evidence of substantial price distortions, the latter uncovered several anomalies that may point to mispricing. These results point to the fact that transfer mispricing occurring in developing countries is in line with that of the rest of the world.
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Level of competition on the gas market in the Czech and in the Slovak Republic
Blahová, Alexandra ; Kracík, Jiří (advisor) ; Babin, Adrian (referee)
Alexandra Blahová - Level of competition on the natural gas market in the Czech and in the Slovak Republic Abstract The liberalization of the domestic gas market is a continual process which holds both potential benefits and challenges for the future. The trend has been to unbundle the former vertical companies and boost efficiency through the opening of the wholesale market to new suppliers. The objective of this thesis is to analyse the current situation on the Czech and Slovak gas markets and define the most important factors affecting the gas prices for the end-customers. For the purposes of this analysis we focus on the following three major areas. Firstly, the theoretical framework which aims to identify specific features of the natural gas market. Secondly, the commercial and technical perspective discovers the development of the natural gas markets in the Czech and in the Slovak Republic. Finally, the corporate perspective attempts to analyse business strategies of the incumbent company on the market and compare the two different pricing mechanisms: the traditional long-term contracts mechanism versus the spot markets. This thesis provides evidence that natural gas plays an important role in the national energy policies and it is even expected to grow in the upcoming period. Equally, the character...
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Strategic Role of Credit Rating agencies on Financial Markets
Matyska, Tomáš ; Gregor, Martin (advisor) ; Kracík, Jiří (referee)
The thesis deals with the role of credit rating agencies (CRAs) on financial markets. While in years prior to the financial crisis credit ratings were considered to be trustworthy as evaluations of investment risks, the crisis has proved this premise wrong. The reason for the credit ratings failure -- whether it was due to inaccurate models and/or an intention -- is therefore crucial for setting up appropriate regulations. This thesis suggests that one of the reasons was the conflict of interest arising from the CRAs business model that was additionally enhanced by the use of credit ratings for regulatory purposes, such as capital adequacy. Many investors thus had to choose investments primarily on the credit rating basis, which created the incentives for the CRAs to systematically overestimate the investments' quality.
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Energy taxation as an environmental policy instrument
Cimrová, Michaela ; Hrubý, Zdeněk (advisor) ; Kracík, Jiří (referee)
The recent trend of the environment protection leads to introduction of new policy instruments to reach given goals. The most effective seem to be incentive-based instruments as taxes on energy products and electricity because they efficiently influence consumer and producer behaviour in order to mitigate energy consumption. This thesis is motivated by increasing requirements of implementing such environmental policy into individual tax systems. Energy taxation increases prices of the products, thus leads to the lower energy consumption and the emission abatement. Moreover, if additional revenues are used to cut existing distorting taxes, other positive effects can be reached. This will be discussed as the question of double dividend hypothesis. In the Czech Republic, the year 2008 denoted an important milestone when new taxes on solid fuels, gas and electricity were introduced as the first phase of ecological tax reform. The trend of introduction of new ecological taxes plays an important role not only for producers and providers but also for households since it brings a few pitfalls in the form of significant price regulation. The effectiveness of energy taxation and its distributional, macroeconomic and social welfare effects will be assessed. The general equilibrium analysis follows to show the major...
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Renewable energy sources and project evaluation
Tošovský, Prokop ; Kracík, Jiří (referee) ; Dědek, Oldřich (advisor)
Firstly, this paper describes the European and particularly the Czech energy policy that aims to foster projects using renewable energy sources. The different European systems for supporting production of electricity from renewable energy sources are specifically discussed. These systems can be grouped into price-based and market-based systems and the specific rules usually differ from country to country. The Czech Republic uses the price-based system based on feed-in tariffs (green bonuses). The laws which support the production of electricity from renewable energy sources (particularly combined heat and power plants) are mentioned, focusing mainly on the description of the feed-in tariff system currently applied in the Czech Republic. An evaluation of a concrete project, combined heat and power plant using renewable sources of energy (biomass) as fuel, is carried out in the second part of the paper. This practical section uses the theoretical background and information given in the first part of the paper.
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