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Help of the fiscal policy to the financial sector in the period of financial crisis
Klimeš, František ; Vostrovská, Zdenka (advisor) ; Pikhart, Zdeněk (referee)
This thesis tries to describe government help to economy during the period of crisis in years 2006 -- 2013 in USA and Iceland with regard to Austrian business cycle theory. This thesis stands critical toward connection of fiscal and monetary policy and their activist policy because this policy was one of the causes of economical fluctuation in last years. Help of fiscal policy connected with monetary policy took primarily form of providing liquidity to financial sector and granting government guarantees to financial institutions and bailing out their risky assets. Regulatory measures are subjected to closer analysis and are commented according to data analysis.
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Analyse of public finances and causes of growing public depts
Dereniková, Soňa ; Czesaný, Slavoj (advisor) ; Pikhart, Zdeněk (referee)
This thesis deals with issues of the public debt of Czech Republic. The aim of this thesis is to find the causes that contribute to adverse developments affecting fiscal imbalances. The set target based on the fundamental hypothesis that the current state of public debt is not due only to economic deficit. The hypothesis is confirmed by the finding that public debt is mainly due to the accumulation of annual budget shortfall, which were formed even in times of economic growth. The theoretical part deals with structure, methodology and opportunities in funding fiscal imbalances. The practical section assesses the development of key entries of public finances in years 2000 to 2012, when Czech economy went through a period of expansion followed by a period of recession. Own contribution of this work lies in trend analysis examined quantities in relation to GDP and the subsequent assessment of urgency of their development. Conclusion of the practical part is dedicated to the key issues that emerged from previous analyzes and proposes possible measures to tackle them.
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Development of mandatory spending in Czech Republic since joining the EU until 2014 with an emphasis on pension reform
Král, Jaroslav ; Poláková, Olga (advisor) ; Pikhart, Zdeněk (referee)
This dissertation work analyzes the structure of mandatory spending in Czech Republic and explores their development since joining the European Union up to year 2014. The work deals with a public sector and with his changes in this period. The main part of the dissertation work analyzes the biggest part of mandatory spending- pension system and its reformation. It tries to clarify, wheather the third pillar of pension system is used for his purpose or for good opportunity to make savings with state support. In this dissertation work is included a part about second pillar of pension system. It analyzes frekvention of using by citizens of Czech Republic and why is it on determinated level. The dissertatoon work analyzes Czech pension funds which deal with both capital pillars. It also includes analyzes of reforms in first pillar - Pay as you go system. It examines oppinions of political parties on changes in pension system and describes their recomendations for future progression of pension system. In the last chapter is analyzed Slovak pension reform, because it was started before Czech reform and it allowes a comparation and edification about some faults.
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Causes of poverty in African continent
Plný, Petr ; Pikhart, Zdeněk (advisor) ; Štípek, Vladimír (referee)
This work researchs whether the cause of poverty in Africa is lack of capital as it's claimed by the theory of the vicious circle of poverty or low rate of economic freedom. The validity of the theory of the vicious circle is a basic prerequisite for the provision of foreign aid. Its opponents claim it put exaggerated emphasis on the narrowly defined capital and it ignores other growth factors, especially the quality of institutions expressed by the rate of economic freedom. The results of a literature search of the vicious circle of poverty. The cumulative regression model panel data confirms the hypothesis about the statistical significance of the impact of changes in the rate of economic freedom the African country on its standard of living. The transformation of the model to models of individual effects but subsequently the hypothesis about statistical significance couldn't unequivocally confirm. Several regression models with cross-sectional data subsequently it accepts the hypothesis of African country with a higher rate of economic freedom it achieves a higher standard of living as well than countries with a lower rate of freedom.
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Finding an Optimal Size of Government
Husár, Ján ; Zajíček, Miroslav (advisor) ; Pikhart, Zdeněk (referee)
In the 20th century, we were witnesses an unprecedented growth of public expenditure across all the developed countries of the world. With this phenomenon was created a hypothesis about the negative impact of public expenditure on economic growth and in response to it, economists did many studies which tried to verify this negative effect. In the 80ties the first studies which confirmed the negative linear dependence of these two macroeconomic aggregates. It means greater public sector has negative impact to economic growth of countries. In the 90ties the studies which verify the nonlinear dependence of the inverted U-shaped curve with a peak where is the optimal size of public sector. This concept is collectively called "Armey curve" or "BARS curve" and my final thesis deals by this concept and my goal is to introduce BARS concept to Czech readers. It reflects the evolution of public expenditure in the 20th century and describes the theoretical and empirical development of the whole concept until now. It means a hypothesis about the positive benefits of government activities in the economy to a certain point - "optimal point" and the negative after this point. The final thesis also offers custom research on a sample of the Visegrad Four countries in years from 1995 to 2012. The aim of the research is to verify the linear dependence of growth of GDP and the share of public expenditure in GDP and the existence BARS curve and the optimal size of public spending across countries.
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Social security for women in pregnancy and maternity and their labor-law protection in the Czech Republic and selected European states
Freibergová, Tereza ; Prachař, Ondřej (advisor) ; Pikhart, Zdeněk (referee)
The birth of a child brings significant changes into a family life and especially into a life of a woman. One of the accompanying element of this time period is a decrease in family income. Therefore, if the government is interested in fighting the issue of aging population or a low birth-rate, its support and protection is absolutely essential during this period of time. This work describes current shape of the social security system and labor-law protection for women during pregnancy and maternity in the Czech Republic and introduces in detail every single social benefit that is provided by the system in case of legal foreseeing of such a social occurence. Simultaneously, it has been done a comparison of our system with the systems of selected European states.
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The effect of an implementation of tuition on a quality of university education system in the Czech Republic
Dvořáček, Alexandr ; Czesaný, Slavoj (advisor) ; Pikhart, Zdeněk (referee)
This diploma thesis examines the impact and consequences of the implementation of deferred tuition in the Czech Republic on an quality and a system of financing of universities. The aim is to determine the real impact of tuition fees on improving the quality of university education and make recommendations for an implementation or a rejection of this form of financial participation. The first part of my thesis contains theoretical views on education and its role in the modern economy, it defines the term "education" as a kind of an economic good and describes the current system of university education in the Czech Republic. The empirical research will be comparing the current situation of university education system in the Czech Republic with the situation in the EU and OECD countries. The analysis will be based on statistical data on the number of people with university education, the volume of investment into this kind of education, the ratio of public and private funding system, the number of students enrolling on universities, total expenditures per student, applying of university student and other labor market indicators. Based on this comparison,the strengths and the weaknesses of the Czech university education will be established and its trend in the last 5 years. Within the scope of a planned introduction of direct financial participation of university students, the principle of deferred tuition will be considered as a potential tool not only to increase private funding in the system, but also to achieve a better standards of university education. The possible effects of the introduction of tuition fees in the country will be estimated based on the experience with the implementation of this system abroad (UK and Australia) and meta-analysis of expert opinion on financing university education system. The conclusion of the thesis includes a summary of the extent to which the inflow of private funds into the system changes the strengths and weaknesses of the university education in the Czech Republic and making recommendations for its implementation.
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Impact of productivity on current account behavior
Pivoňka, Tomáš ; Pošta, Vít (advisor) ; Pikhart, Zdeněk (referee)
This thesis is considered with impact of productivity on current account of Czech Republic. It is based on model presented by Glicka, R., and K. Rogoffa "Global versus Country-Specific Productivity Shocks and the Current Account". In this model productivity is distinguished on country specific and global productivity in countries of G-7. Other authors followed this model by extension or revision. In my thesis I was working with several series of productivity based on different data from some sectors of economy. To capture productivity is used Solow residuum of Cobb-Doublas production function. Country specific productivity shock worsen current account as initial model says. Analysis of time series revealed the most suitable series for description of current account behaviour as series of total industry with investment based on gross fixed capital formation.
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Market efficiency and technical analysis on foreign exchange
Obergruber, Petr ; Pošta, Vít (advisor) ; Pikhart, Zdeněk (referee)
The dissertation name is: "Market efficiency and technical analysis on foreign exchange". The major goal is to explain the basic assumptions for technical analysis to be in operation and these assumptions are applied in the theory first for collecting general datas. Then these datas are applied on a historical datas. The dissertation divedes in 3 major parts. In the first one there is market efficiency in theory from few important economic experts. In the second part dissertation works with general knowledge of the technical analysis from efficient market hypothesis. The last part obtains general informations about foreign exchange called FOREX, it also contains the practical use of the technical analysis and their aplication on a diagram of the prices.
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The Influence of Monetary and Fiscal Policy on Business Cycle
Pikhart, Zdeněk ; Czesaný, Slavoj (advisor) ; Rybáček, Václav (referee)
The purpose of this diploma thesis is to examine the impact of monetary and fiscal policy upon business cycle and the long term growth on the example of Swiss economy. The research approach is the analysis of monetary and fiscal indicators related with gross domestic product. Theoretical part explains business cycle theories, which consider cause of economic fluctuations in monetary and fiscal policy and further describes stabilization role of this particular policies and develop relevant problems within it. In practical part there is conducted research of monetary and fiscal influence upon Swiss business cycle with eligible indicators. The final part summarizes the most important knowledge and provides appropriate recommendations to reduce cyclical volatility of the product and to create a suitable economic and political framework for a functioning economy in the long term.
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