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Local currencies, theory and practice
Klusák, Václav ; Zajíček, Miroslav (advisor) ; Ježek, Tomáš (referee)
The thesis is focused on local currencies. In response to the current economic crisis, there is a renaissance of interest in the local currencies round the world. The local currency is seen as a useful tool for promoting economic growth. In this work, we concluded that their success is conditioned by several factors. The German local currency Chiemgauer was studied as it serves as an example for other local currencies. I described the Czech relevant discourse and proposed terminology. Further, I presented an overview of complementary currencies in the Czech Republic. The planned local currency of the town of Uvaly (which should be the first genuine local currency in the Czech Republic) was analyzed. Based on the calculated local multiplier I identified potential for a successful role of this forthcoming local currency.
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Labor Market Structure Analysis: MAJОR LEAGUE SОCCER
Hrdina, Martin ; Zajíček, Miroslav (advisor) ; Brožová, Dagmar (referee)
This thesis deals with the determination of the player labour market for the American professional sports league Major League Soccer (MLS). In the theoretical part I focus on the description of the league's development along with the salary politics rules. Using the two stages least square method in the empirical part I then provide the model for the estimation of player's marginal productivity (MRP). In the first step I explain the correlation between the percentages of obtained points by teams with player statistics. In the second step I examine the influence of this variable along with other factors on team's revenues from attendance. Afterwards I compare the calculated player's MRP with their salaries and also test some additional factors that might influence players' salaries. Using this model and also some other simple regressions I conclude that MLS labour market is a monopsony market structure. Besides I found out that forwarders market seems to be the closest part of the MLS labour market to the competitive market structure. In conclusion I discuss possible model's weaknesses, which turned out to be especially dependency of players on their co-players' on-field performance.
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Is it possible to define dominant position on the market?
Topinková, Kateřina ; Zajíček, Miroslav (advisor) ; Koubek, Ivo (referee)
This thesis aims to reveal whether it is economically meaningful to define dominant position on the market. The term "dominant position" is one of the key terms in the anti-trust legislation. Without such definition there is a significant part of the anti-trust law unfeasible. I used some cases judged by the Office for the Protection of Competition in the past ten years that involved considering dominant position issues to show how important the definition of dominant position is. On the cases it is shown that the decisions which are based on very vague basis, mostly without necessary analysis, represent the main issue of Office for the Protection of Competition. Moreover, companies are sanctioned on these questionable verdicts. The result of these issues holds that the decision making of the Office for the Protection of Competition is unpredictable and it is also dependent on different criteria than the real analysis of the market situation.
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The cost of photovoltaic subsidies in UK, Greece and Slovakia
Turko, Dominik ; Zajíček, Miroslav (advisor) ; van Koten, Silvester (referee)
This MA thesis deals with the cost of photovoltaics subsidies in selected European countries. It consists of theoretical and applied sections. The theoretical one provides a brief history of photovoltaic technology and gives a short account of the attitude of European Union towards its support. In the applied part the promotion schemes used in Slovak Republic, Greece and the United Kingdom are described and the total costs of these schemes are estimated based on the best available predictions of future development. The total costs are then computed by adding the support promised. The total costs are estimated to amount to 3,5 bn EUR in Slovakia, 16 bn. EUR in Greece and 13 bn. EUR in the UK.
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Fiscal Policy in Hungary - Mistakes and Perspectives
Salmaová, Erzsébet ; Štěpánek, Pavel (advisor) ; Zajíček, Miroslav (referee)
This thesis examines the development of fiscal policy in Hungary. The first goal of the thesis is to describe in detail the development of basic macroeconomic indicators of Hungary from the turn of the century to the present. The analysis of macroeconomic development should provide basis for the fulfillment of the second goal, i.e. to identify the main causes of the current poor economic situation of the country. Our hypothesis is that the dominant cause of the current problems of Hungary is not the financial and economic crisis, but the irresponsible fiscal policy of the government and the long-term incorrectly set system of social security. The third goal of the thesis is to compare the basic fiscal indicators of Hungary and the Czech Republic and to identify potential similarities or differences in fiscal outcomes of both countries. Our hypothesis is that the growing general government debt in both countries is caused by persistent structural budget deficits. The detailed analysis of the fiscal measures of the Hungarian government confirmed our hypothesis, i.e. that the dominant cause of the current problems of Hungary is not the financial and economic crisis, but the irresponsible fiscal policy of the government and the long-term incorrectly set system of social security. After the comparison of the fiscal development in Hungary and the Czech Republic, we concluded that the fiscal situation in the Czech Republic basically follows the Hungarian trend and the Czech Republic did not get on the verge of bankruptcy only due to a lower initial level of debt and the fact that its budget deficits were not as high as in the case of Hungary.
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Analysis of infuence of given factors on the price of black coal
Švec, Daniel ; Zajíček, Miroslav (advisor) ; Babin, Jan (referee)
The bachelor thesis deals with the relationship of the price of thermal coal and chosen variables on the European market. It describes principles of business with coal on both local and international basis and summarizes pricing of thermal coal. It examines the connection of the price of thermal coal with the price of its closest substitutes. Using regression analysis it determines variables that have the biggest impact on the price. It is shown, that in the long run, the price of thermal coal follows the pattern of its substitutes, energy commodities. With an increase of natural gas price by one dollar, the price of thermal coal increases by 0,275 dollars. An increase of crude oil price by one dollar increases the price of coal by 0,155 dollars. The most significant impact on the price has variable representing the transport costs required to transport coal. With an increase of one dollar of transport costs, the price of thermal coal on European market increases by 1,279 dollars.
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International trade development of South Korea with EU and USA in 2009-2014
Čellár, Adam ; Zajíček, Miroslav (advisor) ; Procházka, Pavel (referee)
The thesis analyses the international trade of South Korean republic between years 2009 and 2014. The main aim is to analyze free trade agreements which Korea adopted lately. Specifically free trade agreements with European Union and United States of America. Diploma thesis is evaluating their influence on economic development of participating countries. Both free trade agreements are similar to each other in their scope and how ambitious they are. The time difference between these agreements is only one year. The introductory part is dedicated to Korean economic miracle. In other words this part is about key drivers of Korean economic development since beginning of 1960 until today. Next part after examines the development of economic relations between European Union and Korea. Korea became one of the most important trading partners for EU in contrary the great distance between countries. Applicative part analyses the influence of free trade agreements on international trade between countries and macroeconomic situation. For this purpose I processed basic macroeconomic data and detailed data about international trade. I try to evaluate positive and negative consequences of free trade agreements on involved economies. Major part is dedicated to FTA between EU and South Korea. Analyze consist of statistical data from different sources and couple position papers of official European institutions. Thesis examines the influence on major macroeconomic indicators, specific sections of international trade and the influence on trade with cars and car related parts in detail. The same procedure is applied for the analyses of KORUS free trade agreement. Similar data are used in order to maintain the consistency and comparability. Summary of observed conclusions is available at the end of each part.
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Air pollution - invisible threat?
Šitinová, Kristina ; Zajíček, Miroslav (advisor) ; Louda, Jiří (referee)
This paper examines the influence of air pollution on humans. Suggesting the possible consequences of each action of air pollutants on human health but also the possible economic impacts of air pollution. It primarily exploers the effects of concentration of suspended particulate matter (PM10) on the incidence of chronic obstructive pulmonary disease. The response variable in the regression model serves to determine the effect of PM10 on the incidence of chronic obstructive pulmonary disease was a percentage share of patients with chronic obstructive pulmonary disease among the clients of the General Health Insurance Company in individual regions of the Czech Republic. Explanatory variables were the mean annual concentration of PM10 and gross added value per capita. The model suggests that there is a statistically significant positive correlation between the incidence of chronic obstructive pulmonary disease in the Czech Republic and PM10 concentrations.
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Znamená příjetí eura zdražování? Experimentální studie z České republiky
Bohumínský, Roman ; van Koten, Silvester (advisor) ; Zajíček, Miroslav (referee)
In the euro area, the changeover to the euro was accompanied by fears of increases in prices by consumers. However, in most countries the changeover had barely any effect on inflation indices, but a significant effect on perceived inflation and even now people still believe that the price increase was more dramatic than it was in reality. This paper examines the situation in the Czech Republic, being one of the last countries in the EU which have not adapted the euro yet. I am especially interested in finding whether a changeover would lead to price increases even though Czech citizens have got plenty of time to indirectly familiarize with the euro currency. The analysis is based on a laboratory experiment. With this method I am studying the effects of transition to euro on consumer behavior. In addition, I compare the results (indirectly) with those of other European countries. Under the framework of posted price experiment, it can be concluded that, in the particular sample, the changeover to euro currency does in fact affect the outcome of trade at least temporarily. In this case, the changeover from CZK to EUR leads to elevation of prices and reduction of the traded quantities, especially right after the changeover. The main reason for this is that the producers (sellers) tried to exploit the changeover situation in order to increase their profits. All the presented results are significant at 5% level.
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Financial markets regulation
Pokorný, Tomáš ; Ježek, Tomáš (advisor) ; Zajíček, Miroslav (referee)
The financial markets have undergone a very dramatic evolution in the last 100 years. Multiple attempts to regulate the evolution were part of the development. They reacted mostly on economic crises, whether on the capital market or in the banking sector. This thesis describes the developments in the US and European financial markets. Most important part of the thesis contains an analysis of the causes, course of action and impacts of the financial crisis, it evaluates current crisis in the terms of functionality of the financial crisis regulation system as well as suggestions and discussions how tho improve regulation in the USA and the European Union.
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