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Legal and economic aspects of capital market regulation
Maczvalda, Ladislav Josef August ; Seknička, Pavel (advisor) ; Bažantová, Ilona (referee)
The diploma thesis deals with the issues related to capital market regulation from a more complex point of view. The capital markets represent a significant part of market mechanisms in the developed market-economy countries. They act as a significant means of transfer as well as material artifacts re-allocation. Understanding of capital market in the quality of an interdisciplinary phenomenon is the point of departure. The individual approaches that we have chosen in order to grasp the subject of capital market regulation are the following: law, economics, ethics, and on a limited basis, psychology. The intention is to catch legal regulation (reactive) on the one hand - executed institutionally (provided by the authority of state), and on the other hand a form of regulation represented by the proactive self-regulation approach based on ethical values - the approach of psychology representing a transitional mechanism - with this all set in the context of economic reality and its specific approaches to regulation. The diploma thesis reflects the recent years developments - partly the financial crisis, then the financial market globalisation and internationalisation as well as the Czech Republic integration into European structures. The analytical and descriptive focus prevails in the diploma thesis....
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Reforms of the Ukrainian Energy Industry
Balahura, Milan ; Svoboda, Karel (advisor) ; Lídl, Václav (referee)
The energy sector of Ukraine is of strategic importance not only within the national economy, but is also significant from a European perspective, because it includes transit energy networks that are essential for a large part of Europe. The fundamental problem still remains low energy efficiency of the economy, obsolete infrastructure, dysfunctional system and the absence of major reforms. At the moment, another round of reforms is taking place under the influence of a rapprochement with the European Union, to modernize the sector and adapt it to European standards. This work describes the development of the sector and the reform efforts since independence until today with a particular focus on the gas sector and the period 2014 to 2017. This is particularly the developments in the energy market, pricing policies, availability, security and decentralization of the system. In addition, the work also focuses on the development of energy efficiency, the environment and renewable energy sources. Following on the theoretical basis (especially the theory of institutional economics) through analysis of described facts assesses developments in the reforms and their impact on the whole sector including evaluation of the role and influence of oligarchs in these reform attempts. In terms of reforms, four...
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Reforms of the Ukrainian Energy Industry
Balahura, Milan ; Svoboda, Karel (advisor) ; Lídl, Václav (referee)
The energy sector of Ukraine is of strategic importance not only within the national economy, but is also significant from a European perspective, because it includes transit energy networks that are essential for a large part of Europe. The fundamental problem still remains low energy efficiency of the economy, obsolete infrastructure, dysfunctional system and the absence of major reforms. At the moment, another round of reforms is taking place under the influence of a rapprochement with the European Union, to modernize the sector and adapt it to European standards. This work describes the development of the sector and the reform efforts since independence until today with a particular focus on the gas sector and the period 2014 to 2017. This is particularly the developments in the energy market, pricing policies, availability, security and decentralization of the system. In addition, the work also focuses on the development of energy efficiency, the environment and renewable energy sources. Following on the theoretical basis (especially the theory of institutional economics) through analysis of described facts assesses developments in the reforms and their impact on the whole sector including evaluation of the role and influence of oligarchs in these reform attempts. In terms of reforms, four...
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Autocracy, democracy and economic growth: China vs. EU between 1979 - 2015
Gücklhorn, Jakub ; Procházka, Pavel (advisor) ; Ševčíková, Michaela (referee)
The bachelor thesis examines the role of the political system in optimizing economic policies on example of China and European Union in 1979-2015. The introduction of the theoretical part deals with the importance of economic growth. In the following are described basic approaches to economic growth, which include both the view of neoclassical economics and institutional economics. In the practical part is carried out a comparative analysis of several economic indicators influencing economic growth in order to find out, which political arrangement provides better background for economic growth. The paper concludes that a better background for long-term economic growth is a democratic political order.
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Legal and economic aspects of capital market regulation
Maczvalda, Ladislav Josef August ; Seknička, Pavel (advisor) ; Bažantová, Ilona (referee)
The diploma thesis deals with the issues related to capital market regulation from a more complex point of view. The capital markets represent a significant part of market mechanisms in the developed market-economy countries. They act as a significant means of transfer as well as material artifacts re-allocation. Understanding of capital market in the quality of an interdisciplinary phenomenon is the point of departure. The individual approaches that we have chosen in order to grasp the subject of capital market regulation are the following: law, economics, ethics, and on a limited basis, psychology. The intention is to catch legal regulation (reactive) on the one hand - executed institutionally (provided by the authority of state), and on the other hand a form of regulation represented by the proactive self-regulation approach based on ethical values - the approach of psychology representing a transitional mechanism - with this all set in the context of economic reality and its specific approaches to regulation. The diploma thesis reflects the recent years developments - partly the financial crisis, then the financial market globalisation and internationalisation as well as the Czech Republic integration into European structures. The analytical and descriptive focus prevails in the diploma thesis....
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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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Theory of the Firm from the view of New Institutional Economics and some Aspects of Institutional Framework Quality in the Czech Republic
Vitík, Robert ; Sirůček, Pavel (advisor) ; Soukup, Jindřich (referee) ; Žák, Milan (referee) ; Mlčoch, Lubomír (referee)
This doctoral thesis presents the basic and the main developments of the theories of the firm rooted in Transaction Cost Theory (TCT). Since the article of Coase on the nature of the firm, this question has been elaborated by number of economists. In my point of view, I would like to introduce the last theory developed by the representative of the school called New Institutional Economics. The theory concentrates on the role of institutions. We distinguish institutions formal and informal. The formal are laws, constitution, regulations, contracts and other written rules. The informal don't require a written form and they represent informal restrictions such as rules of behaviour, conventions, traditions and habits. The main purpose of the institutions in their various forms is mainly to protect property rights, enforce voluntary contracts and establish the physical and regulatory infrastructure to facilitate economic activity. Generally, we can call them the rules of the game. They inform us about possible economic behaviour and give us basic restrictions in this sense. First -- the theoretical part of this thesis, we can find a simple model with human asset specificity based on TCT. The main proposition is that transactions with a high level of asset specificity are more probably internalised because the firm handles better such transactions compared to the market, even if asset specificity increases the cost of coordination in the firm. If the hierarchy, for example through the formation of routines, may enhance the efficiency compared to the market, we can modify the previous model. The model developed according to a Knowledge-based view assumes that asset specificity reduces transaction costs inside the firm and increases transaction costs on the market. In the conclusion of the theoretical part is discussed the reply on first formulate hypothesis if the TCT is still compatible with a newer Capability and Knowledge based view. In my opinion based on the presented arguments and views, both theories are compatible, they can answer more questions and explain more issues. The last step links the aforementioned theories into one Theory of firm boundaries. In the practical part of the thesis, I bring basic arguments about the institutional framework quality in the Czech Republic. These arguments rely on the latest studies of the international institutions such The Transparency International, The Heritage Foundation, The Kurtzman Group and mainly The World Bank. Studies reveal certain weak arrangements concerning for example the number of procedures when starting a business, complicated construction permits, rigidity of working hours, time-consuming and administrative demanding tax system, duration of judicial process which results in ineffective contract enforcement and mainly poor protection of property rights. Taking these disclosures into account we have to say that emergent transaction costs are enormous. These transaction costs influence negatively the competitiveness of the firms and the whole Czech economy. Therefore a negative response to the second hypothesis relating to the quality of the institutional framework in the Czech Republic.
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Czechoslovak political and economic transformation in view of institutional economics theories
Kuchař, Pavel ; Lehmannová, Zuzana (advisor) ; Lipka, David (referee)
The diploma thesis looks into the matter of political and economic transformation of Czechoslovakia and Czech Republic through lenses of institutional economics theories. It claims that the transformation measures did not consider the social embeddedness within cultural and historical limitations. The first part of the paper defines the methodology of institutional economics based mainly on Ronald Coase's and Oliver Williamson's work. The following part aims to draw an image of historical and political context of Czechoslovak transformation. The compatibility of conditions, goals and means of the transformation is being considered in the third part. Finally, the work structures and evaluates World Bank's data set that forms an important part of endogenous influences of institutionalisation. The conclusion judges the outcome of political and economical transformation rather critically.
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