|
|
Virtual currencies in real economy: Bitcoin
Šafka, Jiří ; Vacek, Pavel (advisor) ; Polák, Petr (referee)
This paper examines the relationship between virtual currency, the Bitcoin, and the real economy. In the first part the description of the term virtual currency is provided with special focus on Bitcoin. Also the legal and taxation issues are discussed. In the main part the volatility of Bitcoin is inspected using various models from Autoregressive heteroskedasticity models family. We found that the volatility of Bitcoin differs significantly through time and that this relation is captured best by T-GARCH (1,1) model. Finally the relationship between Bitcoin and real economy indicators is observed to be inconsistent and mostly insignificant in time. Thus we conclude that the independency of Bitcoin cannot be rejected. Powered by TCPDF (www.tcpdf.org)
|
|
|
Spectrum Auctions in Telecommunications
Wolfová, Veronika ; Vacek, Pavel (advisor) ; Korbel, Václav (referee)
Telecommunication sector is one of the most developing in last 20 years. The speed of the progress in inventing new technologies has to be balanced by proper radio spectrum management since radio spectrum is a scarce resource. The methods of assignment used in past such as beauty contests or lotteries are no longer those that rule the sector. To keep pace with new technologies, spectrum auctions were presented as a new method that ensures the best results for state. Since the companies are competing for the licenses, final price is getting higher and thereby higher revenues go to the state treasury. In this thesis the behavior of final price in the spectrum auctions was examined. In the end of the work, recommendations to NRAs were presented to conclude the results of the empirical examination. Powered by TCPDF (www.tcpdf.org)
|
|
|
Global IT Outsourcing - Analysis of Trends, Contracts, Decisions and Their Results
Osipova, Anna ; Vacek, Pavel (advisor) ; Čornanič, Aleš (referee)
Informational technology outsourcing has been increasing in popularity over the last decades. It became a trend to transfer IT related processes and activities to an external provider, often located not only in a different country, but on a different continent. Outsourcing IT porcesses to an external provider is an appealing prospect, since the firm can transfer the resources from IT to more important processes. Moreover, since provider can be chosen from virtually anywhere in the world, there is a valid chance of significant IT costs reduction. All those benefits, however, are far from guaranteed. This thesis briefly describes the theory of IT ousourcing, presents current trends in outsourcing of information technologies, lists the common dangers by the decision making process concerning IT outsourcing, presents particular examples of large IT outsourcing contracts and finally introduces analysis of various aspects of IT outsourcing decisions and their results followed by econometric analysis, which examines possible patterns between the particular decisions and their results.
|
|
|
Central Bank Interventions and Their Influences on Exchange rates: The Case of TURKEY
Ucar, Ferit ; Vacek, Pavel (advisor) ; Benáček, Vladimír (referee)
This study attempts to analyze the efficiency of intervention policy in Turkey during the period between 4.1.2005 and 31.12.2012 with a sub period which is between 4.1.2007 and 31.12.2010. For our study purpose, therefore we investigated how interventions with pre-announced auctions as a whole influence the exchange rates. Further, we analyze whether there is an asymmetric effect among the buying and selling transactions with respect to their impact on the exchange rates. In the study, the E-GARCH model is employed to find the asymmetric effect. The final object of this study is whether buying auctions which are conducted to serve for only purpose of increasing international reserves influence the exchange rates. We evaluate the efficiency of transactions in the same direction of central bank statements. In conclusion, the findings did not amount to any significant impact of total transaction on exchange rates. The study findings also suggest that there is asymmetric effect among the selling and buying transactions. The amounts of selling transaction have a negative impact on both level and volatility while buying auctions did not have any significant effect on them. As a new research result, we found that buying auctions served well with respect to their contributions to reserves while they do not...
|
|
|
Post-crisis Re-regulation of Financial Markets
Filipec, Petr ; Kudrna, Zdeněk (advisor) ; Vacek, Pavel (referee)
This paper analyzes the causes of financial crises, and on this basis it proposes possible changes in financial regulation. Throughout the paper we work with a hypothesis that the major roots of financial distress are excess credit growth and substantial capital inflows. We test this hypothesis on a dataset comprising entries from Australia, Japan, the UK, and US over the approximate period 1970-2010. The results confirm that there is a consistent relation of credit development to financial crisis incidences and a somewhat less consistent effect of capital inflows. Furthermore, since we find a robust positive effect of past credit growth on the probability of a crisis occurrence, we propose a change in interest rate policy. Our suggestion implies a consideration of credit to GDP ratio during the execution of the monetary policy decisions on interest rates.
|
|
|
Implementation of Ethic Education as a Supplementary Educational Subject in the Czech Republic
Motyčka, Pavel ; Stará, Jana (advisor) ; Vacek, Pavel (referee) ; Smékal, Vladimír (referee)
In this work we have been researching how Ethic Education influences the pupils behaviour and the social climate in the classroom. For this research we have used a mixed quantitative and a qualitative methodology. In the quantitative part we have realized our research through the natural experiment with one observed independent variable which applicated the programme of Ethic Education for basic school pupils and secondary school students. We have observed these dependant variables of pupils behaviour: the amount of the prosocial behavior, the amount of anxiety and the amount of the behavioural problems. In a group we have observed: the quality of the social climate and the amount of the trust. In the qualitative part we have tried to examine how pupils and teachers perceive Ethic Education and what principles they use for it. We have used these methods of collecting information: a nomination technigue, a questionary About Your Fellowstudents, a questionary About Your Emotions, a questionary CES, a questionary SDQ. In the qualitative part we have used a questionary with this open question. We think that we can make a conclusion about this research that in the quantitative part the hypothese proved that Ethic Education reduces the amount of the anxiety and the other emocional aspects within the pupils...
|
|
| |
|
|
Accumulation of Foreign Exchange Reserves: Asian Case
Tůma, Ladislav ; Vacek, Pavel (advisor) ; Vokatá, Petra (referee)
Bachelor's thesis deals with development of accumulation of foreign exchange reserves in selected Asian countries. In the first chapter various reasons for holding reserves are described. Apart from standard operational purposes, signs of neo-mercantilist and self-insurance motives can be identified in the case of Asian countries. Subsequently, reserve holdings are compared with measures of adequacy. During the 1990's all countries in the sample exceeded criteria suggested but during the first decade of the twenty-first century the growth of foreign exchange reserves slowed down in relative terms. In the econometric part a fixed effect model was designed. Policy analysis proved the presence of structural break after the Asian crisis in 1997. The model was used for prediction of reserves after financial crisis in 2008. Before 2008 accumulation in of reserves in examined states had common trend, however after 2008 trends in sample countries diverged.
|
|
|
Predatory Pricing in Transport Sector: Case Study of the STUDENT AGENCY, s.r.o.
Dobiáš, Adam ; Vacek, Pavel (advisor) ; Vaško, Dan (referee)
Predatory Pricing in Transport Sector: Case Study of the STUDENT AGENCY, s.r.o. Abstract This paper deals with predatory pricing in transport sector. A situation when one company sells its product at a very low price, intending to illegally drive competitors out of the market. Aim of this paper is to discuss mentioned issues in transport sector and to explain methods of solving predatory cases according to the newest guidelines of the European Commission, national competition au- thorities and national courts. Market delineation, dominance determination and predation cost analysis is discussed. Not only theoretical aspect of predatory behaviour and its impact on competition but also a detection of predatory pri- cing by authorities is discussed. Special attention to the specifics of transport sector is given. The core of this paper is an analysis of STUDENT AGENCY, s.r.o. case from year 2008, when mentioned company was accused of predatory pricing on their bus line Praha-Brno. Keywords predatory pricing, antitrust, competition, re- levant market, dominance, transportation, SS- NIP test, Reverse Cellophane Fallacy, Office for the Protection of Competition, STUDENT AGENCY, s.r.o.
|
|
|
Meta-Analysis in International Economics
Havránek, Tomáš ; Horváth, Roman (advisor) ; Stanley, Tom (referee) ; Wörz, Julia (referee) ; Vacek, Pavel (referee)
The dissertation consists of three papers presenting applications of meta-analysis in international economics. The first paper examines the effect of common currency on international trade, while the remaining two papers address the relationship between foreign investment and the productivity of domestic firms. An introductory chapter puts these applications into perspective. In the first application I present a meta-analysis of the effect of currency unions on trade, focusing on the euro area. I find strong publication bias in the literature. The estimated trade- promoting effect of currency unions other than the euro reaches more than 60%. In contrast, the euro's trade-promoting effect is insignificant when I correct for publication bias. The empirical literature on this topic shows signs of the so-called economics research cycle: the relation between the reported t-statistics and publication years has an inverse U-shaped form. During the last decade more than 100 researchers have examined productivity spillovers from foreign affiliates to local firms in upstream or downstream sectors. Yet results vary broadly across methods and countries. To examine these vertical spillovers in a systematic way, in the second application I collect 3,626 estimates of spillovers and review the literature quantitatively....
|
guest ::
RSS feed.