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The impact of the financial and economic crisis on Germany
Kremerová, Kristýna ; Jiránková, Martina (advisor) ; Straková, Eliška (referee)
This thesis focuses on interpreting the impacts of the financial and economic crisis (2008/2009) on the Federal Republic of Germany. With the help of selected macroeconomic indicators, it compares the situation in the country before the crisis, its course and the state in which Germany emerged from the crisis. Additionally, this development is compared with the selected world economies. It also focuses on content analysis of anti-crisis measures of the state, especially the so-called "Konjunkturpakete", and necessary interventions in the banking sector. It then evaluates the amount and evolution of public gross debt. In conclusion, the thesis focuses on the analysis of the country according to the "Macroeconomic Imbalance Procedure" method. Conclusions in our work suggest that the Federal Republic of Germany managed to recover relatively quickly from the crisis, but still suffers from macroeconomic imbalances.
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Analysis of the Economic and Monetary Union crisis based on the Eurozone example
Ševčíková, Michaela ; Rovná, Lenka (advisor) ; Debnárová, Ľubica (referee)
Global economic and financial crisis uncovered serious structural deficiencies of the EU economies - especially of the Eurozone members. High levels of debt have resulted in inability to honour it and state bankruptcies or necessary debt restructurings are a real possibility. This paper analyzes the current Eurozone crisis on the basis of theoretical and methodical foundations of the Optimal Currency Area literature and theory of economic integration. It evaluates the rationality of the Maastricht nominal convergence criteria and analyzes the role of real convergence criteria in like with the introduction of common currency and common monetary policy. It discusses the non-compliance with the Stability and Growth Pact which was supposed to ensure fiscal discipline also after a country's Euro accession. It also deals with the current developments in the monetary and fiscal crisis of the most affected Eurozone members (Greece, Ireland, Portugal) which have already had to ask for financial aid from the EU and the IMF. Tools and measures adopted in this light by the EU and other national and supra-national authorities are also discussed and their partial evaluation is presented. The final section offers possible alternatives of future development of the Eurozone.
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Provisions of Czech republic to reduction of incidence fo crisis on Czech republic
Kopáček, Jiří ; Mirvald, Michal (advisor) ; Bartoň, Petr (referee)
The aim of my bachelor thesis is to analyse anti-crisis provisions of National economic council of government (NERV). I confront the provisions with reality and try to find out, if the provisions are effective or not for now. Proposed provisions, which I devote in the thesis are concerned in changes in payment of insurance of employee and tax liability of firms. The thesis is devided into three main parts. In the first part I shortly devote to causes of financial and economic crisis and consequent establishment of government advisory authority -- NERV. Main topic in this part is change in payment of insurance of employee. To find out of effect of these provisions I use correlation analysis. In the second part I am engaged in change of tax rate of corporation tax. I use theories of economists of supply side (Arthur Laffer). The biggest attention I pay to Laffer curve, which I demonstrate for Czech republic. Final third part of thesis represents effect thereinbefore mentioned provisions on employment in CR, which I then compare with employment in EU.
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Searching for the Role of Germany in Eurozone Crisis
Krsek, Tomáš ; Němcová, Ingeborg (advisor) ; Hnát, Pavel (referee)
In my graduation theses I deal with the eurozone crisis. This crisis can be seen in relation to the causes of it, as a result of many factors of varying importance - the global financial and economic crisis, the State lavishness, the construction of EMU, etc. Eurozone crisis can however be also seen in the inability of states to agree on the future appearance of the eurozone. In the first two chapters I analyze the first mentioned approach, namely financial and debt crisis with regard to their expensiveness. In detail I attend to interconnection of banking and debt crisis and the role of the ECB. In the second part I come to the principal point of my work, another approach to the crisis, namely the attitude of Germany to address problems of EMU. Germany therefore, that as the largest economy of EMU it forms it the most, but also carries the largest share of costs. I will analyze both the priorities of Germany, and his approach to promoted measures from the fiscal compact to Eurobonds. Eventually, through an analysis of the attitudes of actors in Germany - the German Government, the political opposition, the constitutional court, the Bundesbank, the German academics, public opinion - I come to a conclusion that the position of Germany is divided, however, at least for political representation I can not yet speak of fundamental contradictions. But it seems that the German population begins to differ in this way from their political representatives. The future will show us how serious this discrepancy will be and what results will it bring.
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Letter of credit in international business
Pešková, Jana ; Nejedlý, Michal (advisor) ; Hinčica, Vít (referee)
This thesis deals with the letter of credit and its position during recent economic crisis. In the first chapter the term "letter of credit" is explained and the main aspects of the letter of credit, its availability, the letter of credit process and the relationships among parties of this process are described. In the second chapter, the core of this work, the influence of the recent financial and economic crisis on the use of letters of credit is analyzed, as well as the attitude of banks towards letters of credit in the time of crisis.
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Dopady hospodářské krize na ekonomiky vybraných členských států EU
Marek, Lukáš ; Machková, Hana (advisor) ; Pavlík, Zdeněk (referee)
This thesis aims to analyze the origins of the 2007-2009 financial and economic crisis in the US and describe the most significant channels that caused its transmission to the EU countries. Second part of this paper compares both the progress and consequences the financial and economic crisis had for the United Kingdom and Germany with respect to institutional differences of their economic models. Firstly, the second part of this paper focuses on the main institutional patterns including market for corporate control, banking sector, market as a means of financial allocation, labour market flexibility and the economic role of the state. Secondly, using an elaborate micro and macroeconomic data analysis I compare both the progress and the impacts the crisis had on the UK and German economy. Hereby I show that some of the differences in the progress and economic consequences the crisis had for the UK and Germany (price bubble on the real estate market, firms' financial distress, lower domestic and foreign demand and increased unemployment rate) reflected the institutional particularities of their economic models.
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Tax Measures during the Crisis 2008 - 2010
Kostohryz, Jiří ; Kubátová, Květa (advisor) ; Říhová, Lucie (referee)
The goal of this work is to analyse advantages and limits of tax measures taken to fight the crisis in period 2008 to 2010. In this work are motives and consequences (economic stimulation vs. needed state budget income) described. To achieve the goal of this work next methods were used: literature review, analysis, comparison and deduction. The research is focused on tax measures taken to fight the crisis all over the world, then specially in the Czech Republic. The comparison of most frequent tax measures in EU and OECD shows the tendency to take the advantage of stimulation effect of lowering taxes (mostly corporate income tax and taxation of labour). In the analysis of concrete measures economic and tax theory, historical and foreign experience were used. Finally the tax measures taken in the Czech Republic are similar to the main stream all over the world. The Czech anti-crisis measures are focused on lowering taxes more than on government expenditures increasing. In 2009 we can see a tendency to lowering taxes in the Czech Republic. On the other hand emphasis on fiscal function of taxes begins to prevail in 2010.
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The Spanish economy at the beginning of the 21st century
Příhoda, Pavel ; Bič, Josef (advisor) ; Řehořová, Veronika (referee)
This paper analyses the current economic situation in Spain, according to its development in the near past. Apart from the influence of the the global financial and economic crises, the internal factors are also mentioned. These are mainly the creation of the real estate property bubble and the dependence of the economy on the building industry. The main point is to explain the causes and results of the crisis Spain is going through and to outline the future prospects of the Spanish economy.
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