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An Analysis of Hedge Fund Strategies
Deckert, Gabriel ; Ježek, Tomáš (advisor) ; Mládek, Josef (referee)
This diploma thesis deals with hedge funds' strategies' analysis. First part is about an introduction into collective investment schemes, shares funds and investment funds. The reader can find the pros and cons of collective investment schemes in the next part. The second section focuses on investment approaches of four hedge fund strategies: global macro, directional, event-driven and relative value, whereby the strategies' classification corresponds with the most common databases of financial providers. They are divided into subcategories and each strategy is characterized by its principle. Special attention is paid to a specific kind of a hedge fund, the so called Fund of Funds. The strategies' rates of return in different market conditions are compared in the conclusion.
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Is common fiscal policy an essential condition for the functioning of the optimal currency area?
Fehér, Richard ; Mládek, Josef (advisor) ; Štěpánek, Pavel (referee)
This thesis deals with the adjustment mechanisms, which should mitigate the effects of assymetric shocks in monetary area. According to the theory of Optimum Currency Areas (OCA), synchronization of business cycles has been observed as the cause of assymetry. Primarily we focused on the functionality of the adjustment mechanisms in the countries of Economic and Monetary Union (EMU), whereas the impact of recent crises has shown that these mechanism do not work sufficiently. One possible reason is the fact, that in EMU there is no risk-sharing mechanism through fiscal transfers. Therefore, the work deals with fiscal policy in euro area, its possible reforms and offers the concept of fiscal federalism as one of the possible models for the fiscal structure in EMU. We analyzed how fiscal systems in the U.S., Australia and Canada were performing during recent crisis and how they could be an inspiration for prospective reforms in EMU.
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Political cycle in times of economic crisis
Joska, Jan ; Czesaný, Slavoj (advisor) ; Mládek, Josef (referee)
The diploma thesis analyzes, whether became in the case of the development of real GDP, inflation and unemployment in the Czech Republic and the USA to systematic influence these macroeconomic indicators of the ruling parties and their political orientation. The work is focused on the period from the beginning of the 1990's of 20th century to the present, with an emphasis on the pre-crisis and crisis periods of the current economic crisis. Tested are two fundamental theoretical concepts. The first one is a model of opportunistic theories of the business cycle, then the second one, the model of the ideological theory of the economic cycle. The work also analyzes whether there was in these two states deliberate influencing of government expenditure in electoral periods in order to increase the chances of government politicians for re-election. The work also explores the similarities and differences of the pre-crisis and crisis periods of the current economic crisis to the great depression of the 1930's of 20th century.
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Analysis of the pension systems with focus on the funded pillar
Baumruk, Luděk ; Jílek, Josef (advisor) ; Mládek, Josef (referee)
The diploma thesis deals with the privatization of the pay-as-you-go pension systems, and it aims to theoretically and empirically disconfirm the widely spread imaginary benefits of the transfer to the fully funded social security system. These so-called social security myths are inherently connected with the transformation of the implicit pension debt to the explicit debt which, as confirmed by the designed multiple regression model, has a negative influence on rating and therefore on financing expenses of certain states. The thesis also focuses on legislative modifications of pension funds in the Czech Republic which fundamentally add to almost zero real annual yield. After subtraction of deferred expenses and revaluation reserve held in equity of particular pension funds, the average real annual yield in recent fifteen years is actually negative.
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Financial market regulation in the EU and the USA after the financial crisis
Nováková, Jana ; Jílek, Josef (advisor) ; Mládek, Josef (referee)
The aim of this thesis is to do an in-depth research into the development of regulation and supervision over the financial and bank markets in the European Union and the USA at the time of the ongoing financial crisis. The first part deals with general theoretical attitudes and targets of regulation and supervision over financial markets. Furthermore, it focuses on the effects of the financial crisis and the problems faced by European as well as American banking institutions and on the rescue measures taken by national governments. The second part presents a comprehensive view on the individual steps and regulating propositions taken by the EU and USA. In the main, it describes the regulation reform and the new architecture of the supervising system over the financial sector. The conclusion of this work is a summary of the acquired knowledge about the regulation reform and the supervision over the financial sector and its objective is to evaluate the impact on the world economy produced by this reform.
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Costs and benefits of the privatization process in a period of transition economy in the Czech Republic since 1990
Kozel, Tomáš ; Ševčík, Miroslav (advisor) ; Mládek, Josef (referee)
The 90th years were a period of tranzition of Czech economy, whose a key part was the privatization. Specific initial situation of the Czech / Czechoslovak economy was the decisive point to choose historically quite unique privatization strategy of combining standard and nonstandard methods of privatization. This strategy would imply a number of advantages, but also some concerns. Particularly the use of previously untested voucher privatization brought some concern about potential negative impacts. The aim of this thesis is to evaluate the benefits and costs of the transformation privatization. It will be evaluated the privatization process itself as well as its longer impacts. Special attention is paid to the privatization of large state banks. In conclusion, partial results are summarized and it is said an overall assessment of privatization.
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The problems of economic development in African countries
Kocábek, Martin ; Ježek, Tomáš (advisor) ; Mládek, Josef (referee)
This diploma thesis points to the barriers which impede backward African countries in economic development. It sees an imperfect institutional environment of the poor countries as a major issue. It outlines the problems on specific cases of Rwanda, Botswana and Kenya and it also suggests possible solutions for overcoming persisting poverty. The first chapter focuses on explanation of development theories and effectiveness of foreign aid. The next chapter regards economic development from the institutional point of view. Moreover, it presents the theoretical concept of property rights as the main factor of economic prosperity. The last theoretical chapter describes a role of government and its effect and effect of interest groups on the economy of particular country. The economic policy development of concrete African countries is discribed in analytical part of the thesis. In conclusion of the work the particular findings are summed up and furthemore, the certain solutions which should help to overcome big poverty in poor African countries are offered.
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Business solution of poverty
Chodorová, Monika ; Mládek, Josef (advisor) ; Chalupníček, Pavel (referee)
The poverty is the common part of the human history. The majority of the world had to face the poverty during the time period and it was neccessary long time period for activation. Some countries solved the problem of poverty faster than others. Unfortunately, there are some countries, which still have to face poverty, espicially countries in Asia, South-America Countries and African countries. The goal of this study is explanation, why we have to face poverty in the 21 th century. This study tell us which factors help to find solution of the problem with poverty. I would like to focus espicially to poverty and providing education in African countries. The part of this study will be explanation how the education systems are created. I would like to get some information about the investment in education.
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Fair Trade - Its Functions and Impacts on the Trade with Thirld World Countries
Janda, Michal ; Mládek, Josef (advisor) ; Doležalová, Antonie (referee)
The aim of this work is to provide a comprehensive view on the issue of trade with Third world countries using the concept of fair trade. First, the discussion focuses on how fair trade should look like and how it should be different from the free market. Furthermore, this work deals mainly with the functions and effects of Fair Trade licensing, which sets out properly against the aforementioned interventionist concept of fair trade. After unloading the basic characteristics of licensing, its evolution and structure of the relevant licensing authorities, an economic analysis of the effectiveness of Fair Trade licenses in achieving the set goals follows. Possible impacts of Fair Trade on the society as a whole are discussed as well. The main aim is to answer the question whether Fair Trade is really the right approach to trade with poor producers from Third world countries and whether it is really necessary to abandon the free market conditions to achieve fair treatment and rewarding.
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The Role of Institutional Decentralization in China´s economic development
Kaše, Pavel ; Mládek, Josef (advisor) ; Řežábek, Pavel (referee)
The bachelor thesis focuses on the process of reforms of Chinese institutional environment since 1978. The first part deals with the definition of quality institutional environment, theoretical attitudes to the role of a government in an economical growth of a country and description of unique qualities of the Chinese economy. Next parts focus on the explanation of individual reform steps and its impacts on Chinese national economy and comparison of Chinese reforms with Vietnamese reforms as similar kinds of reforms of Southeast Asian countries. The main contribution of the thesis is an analysis of success of the Chinese institutional environment reformation that can be used as the guideline for a convenient economic policy in developing countries.
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