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Does Bank Regulation and Supervision Impact Income Inequality? Cross-Country Evidence
Meteláková, Zuzana ; Geršl, Adam (advisor) ; Teplý, Petr (referee)
This thesis examines how microprudential policy, as captured by bank regulation and supervision practices, affects income inequality and whether and how the effect of macroprudential policy on income inequality depends on the stance of microprudential policy. The dataset covers 70 countries over the period 1996−2013. Using the GMM estimation method, the analysis provides evidence that tighter microprudential policy leads to a reduction in income inequality as measured by the Gini coefficient. However, the effect of an overall tightening of microprudential policy disappears in countries with low levels of economic development. Among the various microprudential policies, the power and independence of supervisory authorities have the most significant negative impact on income inequality. Moreover, the effects of macroprudential policy tightening on income inequality are amplified when it is implemented within a strict microprudential policy framework. In addition, the results suggest that macroprudential policy tightening is effective in reducing income inequality under a strong microprudential policy framework, while the effect is reversed under a weak microprudential policy framework. This paper contributes to the growing literature on the spillover effects of banking regulation and supervision and...
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Analysing the ESG stocks: Are they less volatile?
Stejskal, Jakub ; Čech, František (advisor) ; Hanus, Luboš (referee)
In this thesis, we investigate the relationship between ESG (Environmental, Social, and Governance) scores and stock volatility using panel data analysis. Focusing on data from 2 095 companies from three major stock exchanges - NAS- DAQ, NASDAQ Nordic, and Johannesburg stock exchange in the time window of 2016-2023, we employ fixed effects and random effects models with robust standard errors. We examine the overall impact of ESG scores on volatility, the influence of individual pillar scores, industry and stock exchange-specific effects, and time-specific effects. The thesis enhances existing literature by exploring three previously unexamined trends: non-linear dynamics between low-ESG score and volatility, the evolution of the trend over time by using an expanding time-window approach, and geographically and market-specific ef- fects by utilizing data from different stock exchanges. The results from our analysis indicate that while the influence of ESG scores on overall stock volatil- ity across the dataset is insignificant, significant correlations were observed in certain industry-specific models. The Technology, Industrials, and Healthcare sectors displayed a significant negative correlation between Governance scores and volatility. Moreover, for stocks listed on NASDAQ Nordic, there was a...
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Determination of Factors Affecting Wage Differentiation in the EU Countries
Kocurová, Tamara
This thesis aims to identify the determinants of wage differentiation in the EU countries using panel data analysis. The literature review provides an overview of the theoretical background of the topic, previous studies on wage differences, the current situation of wage differentiation in the European Union, and the potential determinants and consequences of wage differentiation. The analysis reveals that wages are influenced by various potential variables. However, the application of factor analysis led to the identification of significant factors, namely the economic strength of a country, the level of digitization and working conditions, investment, and the unemployment rate. These findings are consistent with the existing literature. The conclusion offers recommendations for increasing wages based on the research results.
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Vliv makroekonomického prostředí na existenci zombie firem
Sedlák, Pavel
The paper focuses on the identification of the influence of selected determinants on the probability of creation of zombie firms in European countries. The theoret-ical part characterizes zombie firms, describes their identification and their con-sequences on economies. It then describes the structure of firms' liabilities and explains the impact of the institutional environment and firm behaviour on their financing. The empirical part of the paper analyses panel data using fixed effects logistic regression to test the impact of microeconomic, macroeconomic and insti-tutional environments on the emergence of zombie firms. The results are statistically significant and robust.
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The impact of vaccinations on the development of Covid-19 pandemic
Kulhánek, Vít ; Kalabiška, Roman (advisor) ; Bauer, Michal (referee)
This thesis aims to examine the e ect of vaccination on the development of the Covid-19 pandemic. The three key variables are used as dependent vari- ables: the number of new cases, new deaths, and hospitalization. The dataset containing numerous countries and capturing periods from 2020 to 2022 was obtained, therefore a panel data estimator was employed. Moreover, the Czech Republic and Israel were selected for deeper investigation, and their data were filtered from the dataset. The data structure changed from panel data to time series, so OLS regression was selected as an appropriate method. In all mod- els, vaccination variables and also several others were included in lags because a time gap is necessary to increase individuals' immunity in the case of the vaccine. Last but not least, the excess deaths analysis is created and focuses on investigating excess deaths caused primarily or secondarily by the Covid-19 pandemic. Furthermore, it predicts the amount of money not paid in the form of pensions till 2030 for the elderly who are included in the excess deaths. Fi- nally, it compares this amount of money with the expenditures associated with vaccine purchases. JEL Classification C01, C23, I10, I31 Keywords Covid-19, vaccination, panel data, time series data Title The Impact of Vaccinations on the...
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Vliv korupce na ekonomický růst v zemích EU
Horvatová, Martina
Horvatová, M., The influence of corruption on economic growth of member states of the European Union. Bachelor thesis. Brno: Mendel University, 2016. This bachelor thesis deals with the influence of corruption over the economic growth of member states of the European Union. The thesis describes the evolution of economic growth and the climate of corruption, the institutional environment, and a fight against the corruption in the European Union. The analysis of the influence of corruption over the economic growth with help of multiple regression in the panel data set is used in order to reach the goal of the thesis. The conclusion of the thesis summarizes all findings, and the possible recommendation of limiting the corruption within the European Union is proposed.
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Rozdíly ve výši příjmů a starobních důchodů u mužů a žen v ČR
Slanařová, Barbora
This diploma thesis deals with differences in income and pension between men and women in the Czech Republic. The target was to evaluate time series and panel data of income and pension of both sexes and to evaluate the existence of differences by using econometrics methods. From the performed analysis was forecast the future development for next three years and then was created the marketing recommendation for retail store regarding the focus on consumers in the pension in the end.
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Does monetary policy reinforce the effects of macroprudential policy?
Livorová, Barbara ; Geršl, Adam (advisor) ; Ehrenbergerová, Dominika (referee)
This thesis examines whether the efects of macroprudential policy on credit and house price growth difer across diverse phases of the monetary policy cycle. The dataset covers 33 advanced and 39 emerging market countries in the period 1990-2019. Using the GMM estimation method, the results for individual types of macroprudential policy instruments and their cumula- tive efect represented by macroprudential policy index show that tightening of monetary policy does on average reinforce the efects of macropruden- tial policy on credit and house price growth. Furthermore, the efects of various types of macroprudential policies on credit and house price growth difer depending on the monetary policy cycle phase. The results suggest that macroprudential policies are efective in curbing house price growth in advanced countries but less so in emerging markets. The efects of macropru- dential policy tools on credit growth are somewhat larger in emerging market economies than in advanced economies. The thesis contributes to the growing literature on the efectiveness of macroprudential policy on credit and housing markets and on the interaction between macroprudential and monetary poli- cies. JEL Classifcation E52, E58, G21, G28, E32 Keywords Macroprudential Policy, Monetary Policy, Credit Growth,...
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Kalíšková, Klára ; Flek, Vladislav (advisor) ; Fialová, Kamila (referee)
Active labour market policy is a widely used labour market intervention, which should increase the efficiency of labour market and help increase regular employment. However, its real impacts on labour market conditions are ambiguous. Although the literature concerning effectiveness of active labour market policy (ALMP) measures is extensive, there is no conclusive evidence regarding which ALMP measures are efficient and to what extent. The effectiveness of active labour market policy depends on many circumstances including characteristics of a given measure and conditions in a corresponding labour market. Therefore, decisions regarding implementation of ALMP measures should be based on high- quality and systematic evaluation of impacts of these measures in the given labour market. In the Czech Republic there is no regular system of active labour market policy evaluation, but the need for evaluation is even more urgent in the current economic crisis. The thesis offers both theoretical and empirical analysis of the active labour market policy effectiveness. Theoretical analysis introduces a comprehensive labour market model, which is grounded in the findings of existing literature and enables us to identify possible macroeconomic effects of ALMP measures on aggregate labour market situation. Second...
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