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Economy of communion
Vavřina, Marek ; Mlčoch, Lubomír (advisor) ; Štika, Pavel (referee)
The purpose of this thesis is to critically evaluate the way how neoclassical economics describes human behaviour. Most important fact is considered to be that people, during their lives, are becoming members of many communities which more or less influence their decision making. First chapter of this thesis deals with human rationality from different points of view. Following chapter describes theories and types of communities. Thesis also includes mathematical models which show possibilities of economic survival of each member of the community in dependence on their relationships and involvement. Following chapter contains basic theory of Labor - Managed companies. Last chapter describes factual communities in which solidarity and involvement plays crucial role for their survival.
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Comovement of Stock Markets and Commodities: A Wavelet Analysis
Vavřina, Marek ; Vácha, Lukáš (advisor) ; Princ, Michael (referee)
The thesis applies the wavelet analysis to four developed stock market indices (USA, UK, Germany and Japan), four developing stock market indices (Brazil, China, India, Russia) and four commodities (Gold, Crude oil, Heating oil and Natural gas) and it aims to reveal how they comoved in the period of the Global financial crisis, which began in the USA as the Subprime mortgage crisis. Also the potential presence of contagion caused by the bankruptcy of Lehman Brothers bank is investigated. In addition the Granger causality test is applied to give a different perspective and to extend the analysis. Empirical results revealed that the wavelet correlation of stock markets and commodities differ significantly when talking about the short-term and the long-term horizon. This information can be utilized in the portfolio analysis. The wavelet analysis revealed contagion coming from the USA to the German and Brazil stock market, Crude oil and Heating oil market after the bankruptcy of Lehman Brothers. The Granger causality test indicates that there is a very strong causal relationship between stock markets and commodities and it differs at different scales.
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Economy of communion
Vavřina, Marek ; Mlčoch, Lubomír (advisor) ; Štika, Pavel (referee)
The purpose of this thesis is to critically evaluate the way how neoclassical economics describes human behaviour. Most important fact is considered to be that people, during their lives, are becoming members of many communities which more or less influence their decision making. First chapter of this thesis deals with human rationality from different points of view. Following chapter describes theories and types of communities. Thesis also includes mathematical models which show possibilities of economic survival of each member of the community in dependence on their relationships and involvement. Following chapter contains basic theory of Labor - Managed companies. Last chapter describes factual communities in which solidarity and involvement plays crucial role for their survival.
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