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Regulatory Impact Assessment of change in the Law of Protection of Competition
Šafka, Jiří ; Vacek, Pavel (advisor) ; Baxa, Jaromír (referee)
In September of 2009 the Law No. 395/2009 Coll. of significant market power in the sale of agricultural and food processing products and its abuse was adopted, which later came in force in 2010. Since the adoption the law is accompanied with problems, especially its very bad formal, as well as content imperfections. Thus complete abolishment of this legal standard was considered in year 2011. Following this act, it is proposed that the Act No. 143/2001 Coll. of protection of competition should be amended on those parts of law of significant market power, which proved to be beneficial for the competitive environment. Prior to the adoption of this amendment it is necessary to develop according to the directives of the European Union a Regulatory Impact Assessment, a document that analyzes the current situation, and through consultations with concerned individuals, propose possible solutions to the situation. In order to propose objective solutions, it is necessary to look into content and formal aspects of aborted law, find out the parts which have justifiable existence in the legislation, and after comparison with other European Union countries consider the form of criteria which will be assessed according to finding a distortion of competition. All this, if possible, with the lowest expenses and...
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How Tax, Labor Market and Product Markets Reforms Influence Foreign Direct Investment
Tydlačková, Stanislava ; Vacek, Pavel (advisor) ; Serdarevič, Goran (referee)
This work analyses industry level Foreign Direct Investment (FDI) inflows in order to find out if their determinants are the same for all industries or if they differ and how. The second important question is if various qualitative variables as labour market or product market liberalization or taxation determines flows to individual industries. I analyse seven industries by System GMM model for period from 1994 till 2009. The results suggests that inflows to each industry are driven by distinct set of determinants. While there are nearly non-significant determinants for agriculture among explanatory variables I used, there is many of them significant for services. Concerning qualitative variables, labour market liberalization influence FDI inflows to manufacturing and mining, product market liberalization influence inflows to transportation and electricity, gas and water industry. The level of taxation seem to be significant determinant of FDI inflows to manufacturing. Keywords FDI, Foreign direct investment by industry, Structural reforms, Labour Market, Lib- eralization, GMM, taxation 4
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Residential real estate market during the financial crisis : empirical evidence from the CEE region
Hrachovec, Martin ; Vacek, Pavel (advisor) ; Streblov, Pavel (referee)
1 Abstract This thesis investigates the housing price determinants and possibilities of housing price bubbles in the residential real estate markets of Central and Eastern Europe before and during the economic crisis of 2007-2009. Using data from international institutions, national central banks and national statistical offices three quantitative methods are applied. Price-to-income ratios suggest housing price bubbles that were eliminated during the crisis in three out of five countries covered. Second approach of simple panel data models sheds additional light on housing price bubbles and indicates GDP growth, unemployment and average real wage as the main determinants of housing prices in the region. First indication of severe housing price persistence in CEE is demonstrated by the results of the models as well. More reliable results for housing price determinants are obtained from variance decomposition and impulse response functions of vector autoregression models. Each country is modeled separately and substantial differences exist between the countries. Poland is the only country that does not exhibit housing price persistence and dynamics in Austria are less volatile as compared to the new EU members in the sample. JEL Classification G12, E39, R21, R31, R32 Keywords residential real estate, housing...
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Attractiveness of foreign direct investment in Ukraine
Shepel, Nataliia ; Vyhnánek, Tomáš (advisor) ; Vacek, Pavel (referee)
This thesis examines the investment climate and foreign direct investments' attractiveness in Ukraine. The theoretical approach for the explanation of foreign investors' decision-making is presented on the basis of the selected theories of transnational corporations. Descriptive and comparative analysis of the investment flows in Ukraine since its independence is made on the basis of statistical data from the National Statistics Committee and World Statistical Databases. Analysis of variables which I regarded to have a potential influence on foreign investors' decision-making in Ukraine was held. The econometric method of regression analysis was used to determine the significant factors among the chosen for the analysis.
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Antitrust policy from a point of view of institutional economics
Jelínek, Martin ; Mlčoch, Lubomír (advisor) ; Vacek, Pavel (referee)
This bachelor thesis called Antitrust policy from a point of view of institutional economics is considered to be a sort of enlargement of conventional approaches of antitrust policy toward different market structures. It begins with a short introduction into antitrust and basic causations of market structures, conduct of market entities and total performance. The central point of this paper concerns an analysis of different market structures and the anticompetitive and pro-competitive behaviour they initiate. In each chapter, the optimum approach of antitrust policy I provided as well as the extent and form of intervention designed to eliminate the anticompetitive impact of such structure and spur the efficiency. The analysis reflects not only the conventional economic principles, but contributes with the institutional ones. Many of antitrust litigations are mentioned in this paper to demonstrate the link between the theory of market competition and the practice. First, the paper focuses on horizontally and vertically integrated firms. Then it discusses a particular market industry - the network industry that creates a specific market structure. Later on, there is a state aid discussion and its potential anticompetitive impacts not only in one state economy but also within the framework of the entire...
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Supervision of the Integrated European Banking Market
Trpčevski, Ivan ; Mertlík, Pavel (advisor) ; Vacek, Pavel (referee)
The aim of the thesis is to analyse the Europe-wide banking supervision. The thesis points out the problems and shortcomings of the pre-crisis framework, analyses mutually competitive proposals for change that emerged during the crisis and possibility of their implementation. It incorporates the appraisal of adopted legislative changes prepared by the European Commission and their impact in this context. Therefore, core of the thesis is a pre- crisis fragmented supervision and the European System of Financial Supervisors adopted in November 2010. The thesis points out the need to address fiscal issues along with the supervisory setting. Despite a very narrow focus of the thesis, it is characterized by a holistic approach. The topic of banking supervision at the level of the European Union is considered in a much broader institutional context, in the context of the integration of the banking sector during the past 30 years, and the latest financial crisis, as well. The thesis is evolutionary. It points out that there is no institutional form of efficient banking supervision. The process of institutional change, leading to the achievement of efficient supervision of the banking sector, is perceived rather as a long-run, in-depth process. It follows institutional changes in a much broader context than...
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What determines financial development in the former Soviet Union countries : remittances, institutions or human capital?
Plešinger Lozinschi, Victoria ; Vacek, Pavel (advisor) ; Glazar, Ondřej (referee)
This paper is an attempt to find out the determinants of the financial deepening in a panel of 15 Former Soviet Union countries and Mongolia. The explanatory variables are good institutions, human capital and remittances. The main results of the model are: (1) Remittances do influence positively financial deepening in this set of data when using random effects models; (2) Human Capital has a negative impact when using fixed effects; (3) Institutions do not have any impact; (3) Russia does not behave differently than other countries in this model; (4) Natural endowments of hydrocarbon do not influence the relationships between financial deepening and the three explanatory variables.
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Crystalex Nový Bor : from IPB heritage to the loading test of the Czech Insolvency Act
Čása, Tomáš ; Richter, Tomáš (advisor) ; Vacek, Pavel (referee)
Crystalex Nový Bor: From IPB Heritage to the Loading Test of the Czech Insolvency Act Summary The presented study describes and analyzes the course of insolvency proceedings in Crystalex Nový Bor, one of the largest corporate bankruptcies resolved under the Czech Insolvency Act. The core of the work focuses on description and assessment of the case from the point of view of economic efficiency. The analysis of a large corporate bankruptcy case defined the key aspects of the proceedings and evaluated them in the context of the existing legal framework. The case confirmed strengthened position of secured creditors, but could not find evidence for opportunistic abuse of this position. The Czech Insolvency Act respected pre-bankruptcy entitlements and the absolute priority rule. On the other hand, the course and the role of the moratorium and delays in the distribution of the liquidation proceeds were weak aspects of the proceedings. The selected method of insolvency resolution through liquidation and sale of the core operating assets together under one contract appeared the most plausible from the point of view of the type of distress in the company. Keywords: case study, financial distress, insolvency, insolvency proceedings, liquidation, asset sale Bibliographic record Čása, Tomáš: "Crystalex Nový Bor: From...
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Merger Control in the European Union
Moldovanu, Victoria ; Serdarevič, Goran (advisor) ; Vacek, Pavel (referee)
The main goal in this paper is to make an in-depth analysis of the regulatory situations that can arise during mergers when political involvement takes place. The research is based on four controversial merger cases of undertakings within the same country (E.On-Ruhrgas), European Union countries (E.On-Endesa, Unicredit-Hypoverein) and between companies from the USA (Boeing-McDonnell Douglas) that have effect on the European market. We analyze the four mergers using Michele Ruta and Massimo Motta models from the paper "A Political Economy of Merger Policy in International Markets" (2008). By the end of the research we reached the conclusion that due to some lapses in the European Commission Merger regulation at the time of the mergers, as well as due to government involvement in the mergers, they are not always cleared in the benefit of the market competition or consumer welfare, but due to nationalistic interests of governments to have big players on the market or to keep governmental power in certain industries, even with the risk of harming competition. Along with this, from the mergers analyzed here, it becomes clear that local or union authorities scrutinize the foreign acquirers more.
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The Efficiency of Regulation in the European Union
Serdarevič, Goran ; Mejstřík, Michal (advisor) ; Žigić, Krešimir (referee) ; Vacek, Pavel (referee)
This dissertation deals with the topic of economic regulation, focusing on applying empirical methods to assess the efficiency of regulatory measures used in different areas of the EU economy. It consists of three parts, the first part looks at the functioning of the EU merger control, the second and third focus on the relationship between regulation, competition and investment in telecommunications markets. The first chapter deals with the EU competition policy and the specific area of merger control, analysing empirically the impact of introducing more economic approach in evaluating competition effects of mergers at the EU level. Our key finding is that the regulatory reform introduced in 2004 has, to some extent, enhanced the efficiency of European merger control. This implies that the Commission's assessments of mergers under the new regulation post the 2004 reform are more consistent with the independent market evaluations. We find that the probability of an anti-competitive deal being cleared decreases significantly under the new regulatory framework. Nevertheless, the occurrence of unnecessary remedies imposed on pro-competitive mergers has not decreased as the result of the new merger control. Overall, our results indicate that more economic approach applied post 2004 reform increased the...
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