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The construction of a composite indicators and a comparison of living standards of of seniors in Czech Republic and selected OECD countries in 2013
Lukáš, Matěj ; Kotýnková, Magdalena (advisor) ; Řežábek, Pavel (referee)
The aim of this diploma thesis is to create two composite indicators which will provide an informative value about the standard of living of seniors in selected countries of OECD. Using these indicators it will be possible to make a comparison of standards of living on the international level. First of the indicators is Consolidated replacement rate (CRR) which measures income conditions of seniors, which from the economical point of view is considered as the source of standard of living. The construction of CRR is built on theoretical basics from an OECD publication - Pension at Glance 2013. The main component of CRR indicator is a replacement rate which compares income of seniors before and after the retirement. CRR is also composed of two other indicators influencing disposable pension of seniors - imputed rents and services provided by the public sector. The highest values of CRR were reached by Netherlands, Hungary, Iceland and Denmark. On the opposite side the lowest values had countries like Great Britain, Germany and Poland. The reason of this low score for Great Britain and Germany was unavailability of data of private incomes of seniors and therefore it could not be included into CRR. The second constructed indicator is Standard of living of seniors (SLS) which provides a more complex view on the standard of living of seniors using variations of different indicators selected by the author. It includes for example the income situation, risk of poverty and social exclusion or happiness of seniors. Countries with the best values of SLS were Denmark, Netherlands, Iceland and Luxembourg. By far the lowest score was gained by Portugal followed by Estonia, Poland and Greece. In comparison with other countries the Czech Republic was below average among the observed OECD countries with the fifth lowest score of CRR and slightly below average in SLS.
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The relationship of True Money Supply to the standard and alternative economic indicatators in the Czech republic
Lukáš, Matěj ; Svoboda, Miroslav (advisor) ; Šťastný, Daniel (referee)
The goal of this thesis is to test, whether the Austrian school monetary aggregate - True money supply (TMS) reaches a better mutual relationship with national income and inflation than the aggregate M2 used by the mainstream economics. The purpose of this test is the fact that according to the austrian economists TMS is supposed to be based on a coherent theoretical background, whereas M2 was created by using statistical methods. In order to reach a coherent comparison, monetary aggregates were tested not only with the standard aggregates -- GDP and CPI representing inflation, but also with the alternative aggregates coming from the theory of the Austrian school -- Gross Domestic Output and Composite Price Index. These aggregates were analyzed by the correlation, regressive and vector autoregressive analysis (VAR models). The results did not show a better relationship between TMS and the remaining macro-aggregates. However, the theoretical background of a indicator is crucial for the austrian economists, that is why this test does not prove any impropriety of the indicator but only it's worse practical utility.
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