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Inflation Target Setting in Emerging Markets
Orosz, Előd ; Horváth, Roman (advisor) ; Herrmannová, Lenka (referee)
This thesis focuses on emerging market economies which are using inflation targeting as a monetary policy framework. We present an analyses of development of inflation target in emerging market economies and detected its determinants by econometric methods. We used Random Effects Interval Regression, Ordinary Least Squares, Random Effects Generalized Least Squares and Fixed Effects estimator. The thesis contains two main parts. First part surveys theoretical background of inflation targeting focusing on emerging markets. Second part contains an empirical study on inflation targeting. We find out that inflation target in emerging countries is affected by more factors than central banks report. Moreover we found out that price level has an inverse effect on inflation target if we examine just emerging countries, than if we examine whole group of inflation targeting countries.
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Investice do otevřených podílových fondů zaměřených na emerging a developed markets
Roháček, Martin
Roháček, M. Emerging and developed markets mutual funds investment. Diploma thesis. Brno: Mendel University, 2019. The main aim of the diploma thesis is to give a recommendation to an investor about mutual funds investment. The diploma thesis compares risk and return of chosen mutual funds for different investment horizon lengths. The author is focused on factors, having an influence on risk and return. The main feature for final recommendations is a level of a market development.
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Sentiment a akciové trhy rozvíjejících se zemí
Hussein, Kamil
This thesis studies effect of sentiment in Emerging markets. More specifically investigates market sentiment inflowing from developed markets and its impact on emerging markets. There are used developed markets’ implied volatility indices and indices of emerging markets to quantify the relationship between developed market’ sentiment and emerging markets’ economies. The influence of Emerging markets by sentiment deriving from developed markets is analysed by VAR model and Granger causality. The results of this thesis show that the Indian stocks market is influenced by all three developed markets investigated, which are USA, the United Kingdom and Germany. The Russian market is affected by sentiment from the United Kingdom. US’ sentiment produces significant impact on the Mexican stock market. Other analysed markets, which are the Turkish and Brazilian market, are not shown to be significantly influenced by any of the developed countries studied.
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Russia-China relations within the framework of BRICS and their international significance in terms of neo-marxist theory and neoliberal institutionalism
Rybachenko, Diana ; Kučerová, Irah (advisor) ; Parízek, Michal (referee)
Neo-Marxism and neoliberal institutionalism are applied to investigate which factors determine the cooperation of emerging powers and what consequences it may have globally within the case of Russia-China relations in BRICS. To this end, congruence analysis is applied. Based on available data, comparison of predictions with observations reveals that the majority of evidences accord with neo-Marxism. Russia and China affirm their position against the predominance of one center in the international arena and emphasize common commitment to a more equitable multipolar world order that is permanently reflected in the statements of Russian and Chinese leadership. The trade war between the US and China since 2018 is one of the evidence of the growing disintegration of the existing world order. Building a new order is based on the creation of regional coalitions of the countries that share common views on specific issues. Within the framework of BRICS, Russia and China have already taken measures towards own financial institutions as an alternative source of funding. The leaderships of both countries believe that emerging economies should have a greater voice and representation in international financial institutions. Their primary interest is the reform of the International Monetary Fund so that it...
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Three Essays on Central European Foreign Exchange Markets
Moravcová, Michala ; Horváth, Roman (advisor) ; Komárek, Luboš (referee) ; Baumohl, Eduard (referee) ; Pappas, Vasileios (referee)
This dissertation thesis consists of three essays on new EU foreign exchange markets (FX), i.e. the Czech koruna, Polish zloty and Hungarian forint. In the first two essays, the impact of foreign macroeconomic news announcements and central banks' monetary policy settings on the value and volatility of examined exchange rates is analyzed. In the third chapter, the conditional comovements and volatility spillovers on new EU FX markets is examined. The aim of this thesis is to contribute to the existing empirical literature by providing new evidence of the examined currencies during periods, which have not been examined yet (after the Global financial crisis (GFC), during the EU debt crisis and during currency interventions in the Czech Republic). The first essay (Chapter 2) examines the impact of Eurozone/Germany and US macroeconomic news announcements and monetary policy settings of the ECB and the Fed on the value of new EU member states' currencies. It is a complex analysis of 1-minute intraday dataset performed by event study methodology (ESM). We observe different reactions of exchange rates in pair with the US dollar on the US macroeconomic announcements and Euro-expressed FX rates on Germany macro news during the EU debt crisis and after it. We also provide evidence of leaking news, showing...
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Inflation Target Setting in Emerging Markets
Orosz, Előd ; Horváth, Roman (advisor) ; Herrmannová, Lenka (referee)
This thesis focuses on emerging market economies which are using inflation targeting as a monetary policy framework. We present an analyses of development of inflation target in emerging market economies and detected its determinants by econometric methods. We used Random Effects Interval Regression, Ordinary Least Squares, Random Effects Generalized Least Squares and Fixed Effects estimator. The thesis contains two main parts. First part surveys theoretical background of inflation targeting focusing on emerging markets. Second part contains an empirical study on inflation targeting. We find out that inflation target in emerging countries is affected by more factors than central banks report. Moreover we found out that price level has an inverse effect on inflation target if we examine just emerging countries, than if we examine whole group of inflation targeting countries.
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Global Luxury Industry
Kováříková, Zuzana ; Filipová, Alena (advisor) ; Zeman, Jiří (referee)
This thesis is basic overview of luxury sector in the international environment. The paper deals with the development of international luxury markets and examines the impact of global economy on the overall performance of the luxury sector. It also explores the issue of democratization of luxury and degradation of luxury brands affected by the wave of globalization and the expansion of luxury brands on emerging markets.
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South Africa's Entry to the BRICS
Hegyiová, Barbora ; Šaroch, Stanislav (advisor) ; De Castro, Tereza (referee)
The aim of this bachelor thesis is to compare the economy of South Africa with the economies of the BRIC countries and to analyze the main areas of common interest of the group established after South Africa's entry to the BRICS. The text is divided into three chapters. First one provides a brief overview of the development of BRICS, form defining the term BRIC to South Africa's acceptance into this group. Second chapter compares the economic situation in South Africa with the situation of other BRICS member countries, specifically GDP development, fiscal and monetary stability and position in international economic relations. Third chapter analyzes four main areas of cooperation of BRICS, namely the reform of some international institutions, strengthening mutual economic relations, sustainable development issues and maintaining peace and global security.
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