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Which determinants influence the fuel excise duty collection?
Šubrt, David ; Rod, Aleš (advisor) ; Slaný, Martin (referee)
The thesis searches for determinants of excise duty collection in the Czech Republic and quantifies them using ordinary least squares on data from years 2008-2012. The most important determinants are: Czech excise duty, the effect of winter and toll rate in Czech Republic, all of which have a negative influence on the Czech excise duty collection; excise duty in Germany and Poland and traffic density, all of which have a positive influence on the Czech excise duty collection.
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Discussion on exchange-rate regimes: Hayek versus Friedman
Hájek, Jan ; Potužák, Pavel (advisor) ; Slaný, Martin (referee)
This bachelor thesis follows up approaches of F. A. von Hayek and Milton Friedman on international monetary arrangements. Analytical part contains research of work of both authors. In Hayek's work, the theory of income chain flows is highlighted first and second, synchronization of growth of export sectors and fall of import sectors across the whole national economy during depreciation is stressed in the flexible exchange rate regime. From Friedman's work those parts are chosen which are consistent with Hayek's theory. Primarily, differences between effects of speculation demand for foreign currency are mentioned. In the synthesis of both approaches, three international monetary systems are defined (international real gold standard, pseudo-gold standard and clear floating). The aim is to choose a system, which is the best for creation of wealth, therefore the one, where prices do not lose their information value. The thesis shows that the system with international real gold standard is the most suitable. Furthermore, the hypothesis that says, that approaches of both authors are compatible, is refused. The last chapter deals with the international monetary perspective of the Czech Republic.
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The Influence of Weather and Calendar Cycles on Trading Volumes at World Stock Exchanges
Kovaľová, Andrea ; Vozárová, Pavla (advisor) ; Slaný, Martin (referee)
Studies investigating stock-exchange anomalies -- mainly with respect to returns and volatility -- have been emerging in recent years and decades. This work explores whether weather conditions, days of the week, length of daylight, seasonal affective disorder, holidays, and lunar phase affect trading volume. Segmented into two parts, the work primarily analyses time-series cross-sectional data covering 12 major stock exchanges and spanning from January 2010 to March 2015. The other part of the work focuses on a detailed analysis of the New York Stock Exchange using only time-series data obtained for the time period from January 2001 to December 2009. Additionally, this period is further split to two time spans as the NYSE fundamentally changed its trading system during the period in question. We find strong evidence of the Monday effect -- manifested in low trading volume on Mondays -- recognizable in the time-series cross-sectional part of the analysis, as well as in the time-series part. Other aforementioned anomalies either do not affect the trading volume significantly or their effect is statistically significant only in one of the two parts of the analysis.
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Methodology of the Phillips Curve from the Austrian perspective
Němec, Ondřej ; Slaný, Martin (advisor) ; Čermáková, Klára (referee)
This bachelor's thesis examines the Phillips curve from a few different points of view. It shows the econometric method that was used to construct the Phillips curve and explains why, from Austrian School of economics' point of view, this method isn't a valid approach to examining the nature of human action. It explains the connection between money supply and price level and discusses consequences of monetary expansion. Using the Austrian business cycle theory it explains the true relationship between rate of inflation and rate of unemployment and argues that in the long run, this relationship is positive. This hypothesis is also supported by empiric observation using Niskanen's model of the Phillips curve.
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Why central banks target a positive rather than zero inflation?
Horák, Petr ; Potužák, Pavel (advisor) ; Slaný, Martin (referee)
This bachelor thesis deals with the reasons why central banks set inflation targets positive and not zero. The central bank has three main reasons for positive target. One results from inaccurate measurement of inflation by CPI, which overstates inflation. Economists don't concur about size of this upper bias, but that is surely significant. Another reason for the positive inflation target may be asymmetric nominal wage rigidity. Again, there is not consensus about existence of wage rigidities, but in this case, possible impact of nominal wage rigidities on the optimum inflation is very limited. The last main reason is the fear of achieving the zero lower bound of nominal interest rates, and thus the inability to stimulate economy by lowering interest rates. Central banks have also less conventional tools of monetary policy, and therefore the fear of achieving the zero lower bound may be exaggerated. The result of economic models is optimum inflation in a range from negative to marginally positive, thus considerably less than usual inflation target.
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COMPARISON OF DIRECT TRADE AND FAIR TRADE
Rolenc, Robin ; Slaný, Martin (advisor) ; Chytil, Zdeněk (referee)
Purpose of this thesis is to explore the question whether a new market through Direct trade, due to the absence of certification bodies and different market conditions ad-vantages over the already running Fair trade. Comparisons are coffee markets. Coffee is the most traded product in Fair trade. The research method is the comparison of dif-ferent systems. These are compared on the basis of the foregoing analysis of selected features of each market. According to the results, the comparison suggests that Direct trade can really bring benefits to participants on both, the end users and producers. In the case of end consumers are mainly the high quality final product. In the case of pro-ducers are primarily benefit higher purchase prices.
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Determinants of youth unemployment
Lakotová, Lenka ; Slaný, Martin (advisor) ; Brožová, Dagmar (referee)
This thesis deals with the determinants of youth unemployment It uses the panel data regression analysis of EU countries. The work assembled models with the dependent variable the unemployment rate and the model is estimated for each demographic group. The models are represented by institutional variables, the macro-economic variables, demographic variables and variables representing education. The goal is to prove or disprove the hypothesis that individual determinants affect differently to the youth unemployment rate and unemployment rate of main age group. Partial task is to answer the question whether more significant determinants of unemployment rate are institutional or macro-economic determinants. The result of the analysis work is that institutional factors are not important determinants of unemployment rate. Conversely, macro-economic variables, GDP growth and inflation are significant determinants. Significant determinants are also variables representing education. The estimated coefficients of these significant determinants and variables employment labor protection and the tax rate are higher for young people than for the main age group. However, there was not found determinant that would be robustly more significant for youth than for main age group.
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Znamená více volného obchodu větší stát?
Blaščík, Adam ; Špecián, Petr (advisor) ; Slaný, Martin (referee)
My thesis examines a paradoxical relationship between the openness of a country to the international trade and the size of its government. My hypothesis is that the openness causes growth of the government sector. Panel of five middle European countries is used for empirical verification of the hypothesis. I use the sum of import and export over GDP as a suitable proxy for openness of a country and total government revenue over GDP as a proxy for scope of a government. Using the random effects estimator, I found the negative effect of openness on the government size, but I failed to find this effect significant or robust. Hence, I discuss alternative explanations.
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Costs and benefits of alcohol probition in the Czech republic
Rokošová, Lucie ; Komrska, Martin (advisor) ; Slaný, Martin (referee)
This diploma thesis compares the profits and costs of the prohibition adopted in the Czech Republic during September 2012. The prohibition that lasted two weeks was a reaction of the Czech government on series of intoxication due to the proof of toxic methanol. The thesis detects, based on the comparison of the value of saved lives and costs that the prohibition cause, the effectivity of the government interference on the market oriented economy. The profits of the prohibition are defined as a value of saved lives of people, who would die because of the intoxication if the prohibition would not be adopted. The value of the human life is defined by DALY (disability-adjusted life years), the willingness to pay for prolongation of own life and the amount of potential juridical refunds. The costs of the prohibition are formulated as a value of unsold goods and services. Diploma thesis considers also impact of prohibition on tax collection. We can state that, based on the cost-benefit analysis, the adopted prohibition was economically effective.
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Vplyv dane z finančných transakcií na kvalitu trhu: Príklad Francúzska a Talianska
Šramko, Filip ; Jílek, Josef (advisor) ; Slaný, Martin (referee)
This thesis explores the impact of securities transaction tax (STT) on stock market quality. In order to identify the effects of STT on trading activity and market quality two recent STT introductions in France and Italy are analyzed. The effects are observed on panel data in four periods utilizing several trading activity and market quality measures. Following previous literature difference-in-differences approach is applied using various control groups including German and Spanish equities. The results point to significant decrease in trading activity and increase in bid-ask spreads in France following STT imposition. The impact on volatility is statistically insignificant across different specifications and estimation periods. The results for Italy are inconclusive due to possible contamination by political events, but the evidence indicates decrease in trading activity following STT introduction.
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