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Influence of Culture on Macroeconomic Stability
Šenkýřová, Jitka ; Baxa, Jaromír (advisor) ; Gregor, Martin (referee)
This thesis investigates the effect of individual countries' cultural character- istics on macroeconomic stability. Macroeconomic stability is a general con- cept that comprises the stable development of several economic parameters - inflation, government budget, external debt, gross domestic product, and oth- ers. The mainstream economics investigates these indicators usually as being shaped only by wealth, political stability and institutions. However recently, the economic literature reveals the relationship between some of the individ- ual cultural characteristics - mainly trust - and macroeconomic (in)stability. This thesis is the first attempt to analyze the effect of complex set of cultural characteristics on macroeconomic stability. Through the lens of panel data re- gression it is shown that the macroeconomic stability is significantly affected by cultural characteristics. In particular, more individualistic countries tend to have lower macroeconomic stability. Furthermore, in countries where people feel stronger fear about uncertainty the macroeconomic stability is also weaker. On the contrary from the previous studies, the positive effect of higher trust on macroeconomic stability is not confirmed. JEL Classification C33, E03, Z10, Z19 Keywords Macroeconomic stability, Cultural economics,...
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Deflation and Its Implications for Macroeconomic Stability in Europe
Gorobetchi, Marina ; Ryska, Pavel (advisor) ; Kočenda, Evžen (referee)
The subject of this thesis is the relationship that exists between deflation and the macroeconomic stability of the economy. Much literature has been published on this topic, but there is still a dearth of quantitative research based on strong empirical work. In the present work I have used a set of large panel data composed of 18 countries over 34 years in order to analyze the relationship between changes in inflation and output growth in a more complete and rigorous fashion. I use 3 different econometric models, namely fixed effects, random effects and the generalized method of moments. I chose these models in order to more appropriately examine the contemporaneous and lagged correlation between prices and output of countries. I also introduced foreign direct investment as a control variable to avoid the presence of potential bias. The empirical work presented in this paper leads to several findings. First, there is an insignificant relationship between a country's GDP growth and its deflation rate. Second, the relation between inflation and GDP growth is significant, and this relation becomes even positive when the econometric model is conducted on the data excluding outliers. Third, FDI positively contributes to and is partly responsible for the level of economic growth of the countries...
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The Comparative Analysis of Competitiveness of the Visegrad Group
Šteflová, Šárka ; Klosová, Anna (advisor) ; Dubravská, Pavla (referee)
The thesis deals with the analysis of competitiveness of the Visegrad Group. The aim of this thesis is to analyze the competitiveness of the Visegrad countries - the Czech Republic, Hungary, Poland and Slovakia. The countries will be examined in today's competitive environment within the Visegrad Group and the European Union. The analyze is based on data available from public sources and statistics. The work is divided into three chapters. The first part is devoted to the theoretical definition of competitiveness and methods of how to measure the competitiveness of the state. The second chapter introduces Visegrad Group and its common characteristics. The another part of the work is focused on the macroeconomic indicators - inflation, government debt and GDP per capita. The foreign trade and territorial and commodity structure of exports in the last ten years are also examined in this part. In the third chapter there is an analysis of the competitiveness based on investigation of labor productivity, labor costs, expenditures on research and development and tertiary education. In conclusion there is an evaluation of competitiveness of Visegrad Group based on the Global Competitiveness Index in 2011-2012.
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Perspectives of the further development of the european integration in context of globalization
Fiala, Petr ; Hnát, Pavel (advisor) ; Tunkrová, Věra (referee)
The consequences of globalization connected to the world market liberalisation and increasing global competition have uncovered and deepened many weaknesses of the European Union and its position in the world economy. The thesis is aimed to describe the contemporary economic condition of the EU and to provide a notion aboat its further development. This depends mostly on efficient ways how the EU will face new challenges. I try to distinguish EU's most serious challenges and introduce the strategies responding to them. I will also offer an appraisal of these strategies and outline its limits.
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Character and progress of investment policy in countries of asian tigers in period of economic miracle
Prokopová, Michaela ; Petrášek, František (advisor) ; Zabranská, Monika (referee)
In this diploma paper, I would like to explain and prove reasons of economic boom in selected countries in East Asia between 1965-1997. I focus on Asian Tigers namely on investment policy. I would like to answer the questions, what were the specifics of Asian Tigers, what contributed to economic growth the most, what implements were used within investment policy, how was this investment policy successful in individual countries and what role public sector (government) played. I focus on the role of human and physical capital, the role of foreign direct investment and I sum up their impact on economic growth in countries of Asian Tigers.
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