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Coexistence of Conventional and Islamic Banking: The Impact on Growth and Trade
Hawi, André ; Mejstřík, Michal (advisor) ; Pečená, Magda (referee)
This thesis aims at understanding the impact of Islamic banking development on economic growth and international trade in countries with a dual banking system. For this purpose we use a sample of twenty countries mainly from the Middle East, North Africa, and Southeast Asia during the time period from 1999 through 2014. We employ commonly used panel data estimators such as Pooled OLS and Fixed Effects, as well as the generalized method of moments (GMM) to address a possible endogeneity of the banking development indicators. Our findings show that on the one hand Islamic banking development in countries with a dual banking system hinders economic growth while on the other hand it boosts international trade. The study further discusses why Islamic banking might actually obstruct growth.
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The effect of introduction of Cloud Computing: The case of Venture Capital
Šomvársky, Jan ; Mejstřík, Michal (advisor) ; Čech, František (referee)
The thesis aims to examine the impact of introduction of Cloud Computing on Venture Capital (VC) financing in the United States. In the first part we review features of Cloud Computing and their impact on startup costs in context of VC. In this thesis we consider Amazon Web Services (AWS), introduced in 2006, a pioneer of widely accessible Cloud Computing. In the second part we quantify the cost reduction associated with utilization of AWS against owning IT infrastructure. Results show 529 fold decrease in startup costs in 3- month time frame. In the third part we analyze the impact of introduction of AWS on seed and later-stage investments in context of selected macroeconomic and technological factors. We perform analysis on a comprehensive dataset from National Venture Capital Association using Autoregressive Distributed Lag (ARDL) model to account for a change in lagged values of dependent and independent variables. Main finding of our analysis suggests that seed investments are significantly influenced by the introduction of AWS and subsequent drop in startup costs. Specifically, the decline in cost of startup induced 29.67% increase in seed investments. Further findings indicate insignificant relationship between seed investments and macroeconomic factors. Moreover, according to our results,...
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Export Decision Support Model for the Czech Republic
Couceiro Vlasak, Carlos ; Mejstřík, Michal (advisor) ; Benáček, Vladimír (referee)
In this paper, an Export Decision Support Model applied to the Czech Republic is developed, with the aim of finding export opportunities. The model functions using a filtering process in which a stream of data composed of numerous socio-economic indicators representing the world trade is analysed. For their construction, an extensive literature review was developed relying strongly on a previous EDSM targeted as well for the Czech Republic, as at the moment no explicit rule exist describing its appropriate composition. Then, if a given market, determined by its associated matrix of indicators, fulfils the conditions of the model, then it is retrieved as an export opportunity. After the model construction, it is supplied with two streams of data, for 2010 and for 2014 and, the hypothesis that for both years the output is equal is evaluated. With the intention to infer if the constructed model needs periodical recalibrations for its appropriate use. Finally, a local sensitivity analysis is deployed uncovering the behaviour of the different parameters of the model, a novel approach not yet implemented in an EDSM tailor made for the Czech Republic. JEL Classification F10, F13, F23, M31 Keywords export opportunity, entrepreneurship, international marketing, sensitivity analysis, trade Author's e-mail...
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Foreign Direct Investment in Emerging Markets: Evidence from Russia since 2000s
Suleymanov, Mahir ; Dědek, Oldřich (advisor) ; Mejstřík, Michal (referee)
The main purpose of this thesis work is to analyze the role of FDI in Russian economy and to find out the degree of impact on the economic growth. The empirical research captures 2000-2013 years specifying by quarterly time-series, which investigates the topic based on two hypotheses. These hypotheses mainly revolve over the role of FDI in the economy as a whole and by major economic sectors (financial sector, heavy industry sector and trade sector). The evidence outcomes of the investigation makes it clear that FDI does not always induce the economic growth by sectors, since due to the spillover effect, there is not a warranty that each sector gets equivalent positive impact from the inflow of FDI. Key words: Foreign Direct Investment, economic growth, transition economies, attractive sectors of economy. JEL classification: F21 - International Investment Long-Term Capital Movements.
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Determinants of Bank Interest Margins in Mongolia
Chuluunbaatar, Khandsuren ; Dědek, Oldřich (advisor) ; Mejstřík, Michal (referee)
Research on interest margin is an interesting issue since it has been one of the measures of banks efficiency as well as it defines a part of banking system development. This study investigates Net interest margin and its determinants of the Mongolian Commercial banks over the period of 2004-2010.Net Interest margin is determined by Bank Specific variables using Panel data estimation techniques. According to the estimation carried out for the Mongolian banking system, the evidence reveals that, net interest margin positively affects by the level of market concentration (Mongolian banks tend to increase interest margin when market concentration increases), by the level of Capitalization (higher the risk aversion tend to have a higher net interest margin), and operating cost as well as credit risk are negatively associated with interest margin. Keywords Net interest margin, Credit risk, Banking system, concentration, Foreign bank, Market structure
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The Impact of Devaluation through Price and Non-Price Competitiveness on Trade Balance
Celac, Mariana ; Mejstřík, Michal (advisor) ; Patáková, Magdalena (referee)
This thesis examines the relationship between the real exchange rate and trade balance in eight countries with different level of development for the period 1991- 2012. Using merely exchange rate to improve the trade balance refers to price- competitiveness and relies on the satisfaction of Marshall-Lerner condition. Additionally, we articulate the influence of other underlying factors, defined as "non- price competitiveness", proxied with capital stock variable. A Vector Error Correction Model, based on Johansen's Methodology was implemented in our two econometric specifications. The key findings of the classical trade model indicate that M-L condition is met in five countries and devaluation of domestic currency would improve their trade balance in long run. VECM results from second model, which extended the traditional imperfect substitutes framework to include non-price competitiveness factor, shows pronounced influence of product quality on trade balance, capital stock variable being significant in most of the cases. The results show that trade balance reacts to both changes in relative prices and product differentiation, thus non-price competitiveness factors must not be neglected by policy makers. Our findings also indicate the existence of J-curve pattern, as reflected by short-run...
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Four Essays on Financial Stability
Jakubík, Petr ; Dědek, Oldřich (advisor) ; Mejstřík, Michal (referee) ; Kodera, Jan (referee) ; Peltonen, Tuomas (referee)
Recent episodes of financial instability have motivated researchers as well as policy makers to intensify research on financial stability. This thesis contributes to current research and policy discussion by elaborating and empirically testing methodologies, which can be used to measure financial sector vulnerabilities and identify potential risks for financial stability. It further focuses on the link between real and the financial sector as well as possible implications of household financial distress on the aggregate economy. Together with the proposed framework we provide the survey of the current literature on these topics as well as the empirical results. We argue in favour of stress testing methodologies covering the key risks on banks' balance sheets. These frameworks can also be used for emerging markets where data availability is typically limited. It is shown that due to high volatility of credit growth in emerging economies, the static approach assuming constant balance sheet items is not very appropriate. Furthermore, the feedback effect between the financial sector and the real economy might play an important role under certain assumptions, and therefore it should be taken into account by policy makers. This effect can also emerge in the real sector itself as potential instability can...
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Inflation targeting performance in emerging economies and some lessons for Moldova
Talasimova, Irina ; Holub, Tomáš (advisor) ; Mejstřík, Michal (referee)
The present paper has attempted to provide an empirically argumented basis on the existing conflict about effectiveness of IT regime on lowering inflation and inflation volatility. In the first part we perform panel analysis on a group of 43 emerging and developing economies for a more recent period ranging from 1997 to 2011, distinguishing between normal and crisis times as well as between geographical regions. Differently from common studies we applied dynamic panel model specification that controls for reverse causality of regime adoption. Despite broad arguments addresing IT ineffectiveness, our results support the regime and imply that shifting to IT will lower both inflation and inflation volatility in normal times. Model specification during the external shocks was inconclusive on the selected sample with relatively recent IT history. Regarding the geographical IT performance, we outlined that regime effectiveness was uniform along analyzed regions. In the second part we perform a preliminary analysis of a developing economy IT experience and conclude that, even though there are some problems of technical nature and main policy rate is still a weak instrument of transmission channel, the Republic of Moldova chose right time for regime adoption and has made considerable progress towards the...
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Foreign-owned banks and host economies
Fišerová, Tereza ; Teplý, Petr (advisor) ; Mejstřík, Michal (referee)
In the past two decades, significant changes have been shaping and transforming the banking sectors worldwide. Among these trends we find an intensive surge in foreign bank ownership which is especially remarkable in the countries of the Central, Eastern and South-Eastern European region. Using the sample of 17 countries and filtering out more than 140 domestically-operating foreign-owned banks, we examine the determinants of their performance in relation to host country conditions and home country banking sector performance over the period of seven years between 2005 and 2011. Due to the topic's currency, we additionally provide an insight into the link between sovereign debt and bank ownership. By means of system GMM model, or fixed effects model, we reveal that macroeconomic fundamentals of the host country affect the foreign-owned banks' performance but do not suffice in explaining it fully. Moreover, the depth of the current crisis as demonstrated in the home country impacts negatively on the host-country-operating foreign-owned banks. We did not find any convincing evidence of the host sovereign debt and bank ownership nature of relationship.
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