|
|
Electoral Geography of Post-communist Countries
Sokol, Petr ; Hnízdo, Bořivoj (advisor) ; Brunclík, Miloš (referee) ; Kouba, Karel (referee)
The thesis "Electoral Geography of Postcommunist Countries in Central and Eastern Europe" deals with the topic of electoral geography, which is a part of the political geography. The basic hypothesis of the paper is based on opinion that the postcommunist countries experienced the twenty years of development in the postcommunist period which made their electoral geography very similar to one in Western Europe. This hypothesis is proved by three different areas of electoral geography. The first part is composed by the analysis of the electoral geography of the founding elections in the 17 postcommunist countries (including the GDR). In the paper is proposed after the research of all 17 countries the categorization of founding elections on the basis of electoral geography. The second part examines the electoral geography of capitals. The research is focused on the size of the lectorate in the capital compare to the whole country, on the diverhgence of electoral results in the capital and in the whole state and on strength of the party families in capitals. Folowing these three areas is proposed the catehorisation of the postcommunist capitals into the five groups. The third part deals with variability of the electoral results inside the state.
|
|
|
Capital Regulation, Bank Ownership and Bank Risks: Evidence from Central and Eastern Europe, and Asia
Gwee, Tian Jie ; Gregor, Martin (advisor) ; Dědek, Oldřich (referee) ; Bruno, Randolph Luca (referee)
The aim of this thesis is to investigate the association of ownership structure and bank risk-taking as well as the effects of capital regulation. This study employs simultaneous equations, panel data and instrumental variables (IV) models on a sample of 192 banks from Eastern Central Europe and Asia Regions from 2005-2014. An assessment was made on how banks adjust their capital level as well as portfolio risks when there is a minimum capital regulatory ratio. The results indicate that firstly, banks react to the capital regulatory pressure by increasing capital and changes in capital and bank risk changes are positively related. Secondly, it is found that Foreign-owned banks have higher default risks than Domestic-owned banks; however, Government-owned banks are more stable in terms of asset risks measure during the year when there is election. When taking the market forces into account, in listed banks, insider owners and institutional owners have positive impacts on asset risks while positive asset risks on listed Government-owned banks only during the election. Finally, the findings also show that when capital regulation is taken as a moderating variable, it has influenced the impacts of ownership structure and bank risk, however, the increasing effects can only be proven for insider owners...
|
|
|
Dopady přijetí eura na přímé investice zemí Střední a Východní Evropy
Hutař, Stanislav
Hutař, S. Impact of the adoption of Euro on direct investments of CEE countries. Diploma thesis. Brno: Mendel University, 2019. The diploma thesis deals with the impacts of the adoption of Euro on direct investments of CEE countries. Impacts of the adoption of Euro on individual countries are identified using multivariate regression models. Panel data analysis is used to detect the impact of Euro adoption on direct investment in all selected countries. The results point to a statistically significant impact of Euro adoption on foreign direct investment inflows both for individual countries and for the general panel model as well. The conclusion of this theses is that an important factor is the period when countries decided to adopt the Euro.
|
|
|
The influence of China on CEE countries' foreign policy preferences
Liškutín, Kamil
The primary goal of this thesis is to address the validity of a popular premise that China has deployed a “divide et impera” strategy in relations with the European Union through the 16+1 Initiative. The contemporary literature predominantly focuses on the analysis of economic aspects. The thesis, however, deploys unique techniques to study non-economic aspects. As such the analysis was conducted via both comparison of state positions derived from the United Nation roll-call data and the speech similarities derived from the United Nations statements. The author concluded that the 16+1 initiative has led to only a very slight increase in similarity of the state’s preferences between the CEE countries and China.
|
|
|
Evolution of housing prices and its determinants in CEE
Šedivý, Jakub ; Polák, Petr (advisor) ; Pečená, Magda (referee)
As housing is one of the important parts of gross domestic product and one of the most significant components of people's wealth it is vital to investigate the determinants of its prices. Therefore, we analyze housing prices in Central and Eastern European coun- tries using pooled mean group estimator and vector autoregressive models. The objective of this thesis is to find out whether the fundamentals of housing prices are comparable across different countries and how the shocks in the economy affect housing pricese. For our analysis we used housing prices per square metre, GDP per capita, unemployment rates, 5-year interest rates, harmonised indices of consumer prices and construction cost indices. The conclusions of using pooled mean group estimator suggest that GDP, un- employment, interest rate and HICP indeed significantly affect the housing prices. The results of empirical analysis of individual countries using vector autoregressive model con- clude that shocks in the determinants affect housing prices with lags of 2 to 3 quarters and that the individual countries are driven by slightly different fundamentals.
|
|
|
Determinants of the residential real estate prices in the CEECs
Stefanov, Adam ; Hlaváček, Michal (advisor) ; Chadimová, Kateřina (referee)
The development of residential house prices has been watched since the global economic crisis in 2008, because overpriced house prices and their following burst was one of the main factors of this crisis. The goal of this work is to analyse the influence of macroeconomic factors on house price growth in ten Central and Eastern European countries since the beginning of the third millennium. The main used methods are P/I and P/R ratios, graphical comparison of price leader effect of the capital city, and house price development and panel data analysis. P/I and P/R ratios show a slowly forming bubble in some countries, but they still do not reach pre-crisis values. Graphical analysis of the price leader effect confirmed the leader effect of the capital. Panel data analysis with fixed effects method was divided into several parts according to the frequency of the data and geographical relationship between countries. Analysis shows connection between house prices and economic growth, real wages and unemployment rate. In some regions, analysis points to the influence of the demographic factors or financial market development. Diversity of the results is caused by the fact that house prices are determined by different factors in different regions. Issues with the data also play some role in these...
|
|
|
Size and Value Premiums in Returns of the Central and Eastern European (CEE) Stocks
Rolevski, Borche ; Novák, Jiří (advisor) ; Vacek, Pavel (referee)
This thesis provides evidence of size and value premiums in returns in the Central and Eastern European (CEE) region, through its analysis of financial markets in 12 countries. Following the portfolio construction methodology of Fama and French (1996) we use a sample of 1245 stocks and record that small stocks outperform big stocks (size premium) and value stocks outperform growth stocks (value premium). In addition, we create nine portfolios to test the Fama and French three-factor model and show that the factor-mimicking portfolios that have been documented in the developed markets, SMB (small minus big) and HML (high minus low), also capture most of the cross-section variation in average stock returns in the CEE region. We demonstrate a similar pattern in terms of size return as documented in the U.S. market, but with small differences in the value returns found. Although the Gibbons-Ross-Shanken (GRS) test does not reject the null with 95%, we do not agree that the model completely explains the variation in average returns across the portfolios. The GRS rejects the null at 90% and implies that other factors are omitted from the model. Nevertheless, this thesis contributes to the literature applying asset pricing models to the CEE region, and should provide insights to investors active in the CEE...
|
|
|
Tourism development in the region of Central and Eastern Europe
Vlaháčová, Lucia ; Jarolímková, Liběna (advisor) ; Kvítková, Zuzana (referee)
The aim of this thesis is to evaluate development of international tourism in the subregion Central and eastern Europe from 1990 to present and to estimate future trends in this area. Mentioned objectives are achieved by monitoring of key indicators of international tourism and by analysis of selected selective factors of tourism development. Using secondary data and correlation analysis, the thesis measures level of fulfillment of hypothesis stated at the beginning. Thus, the thesis focuses on objective part of selective factors of tourism development only. The results show strong correlation between selected variables. In conclusion, the thesis sets out factors with the greatest impact on future tourism development in the subregion.
|
|
|
Prepared for the Worst: Counter-terrorism in the Visegrad
Stehlík, Jan ; Hokovský, Radko (advisor) ; Bureš, Oldřich (referee)
The study investigates the development of counter-terrorism in the Czech Republic, Hungary, Poland and Slovakia between 1989 and 2017, with a focus on developments of the Criminal Code and changes in the institutional framework. A description of counter-terrorism developments is constructed for each country. Subsequently, general hypotheses about counter-terrorism development derived from existing literature are tested using causal-process tracing tools, resulting in preliminary conclusions about the causes of the identified developments. The results indicate that changes in the Criminal Code were primarily driven by external pressure from international organisations, whereas institutional changes tended to result from country-specific processes, threat perception and inspiration from abroad. Keywords: Counter-terrorism, terrorism, Visegrad, Central Eastern Europe, Czech Republic, Hungary, Poland, Slovakia
|
|
|
Analysis of contagion between energy and CEE financial markets
Kosar, Mariia ; Horváth, Roman (advisor) ; Geršl, Adam (referee)
This work analyzes the contagion effects between energy and CEE financial markets during the two crisis periods (global financial crisis 2008-2009 and energy market crisis 2014), using a sample of daily data from 2004 till 2015. We detect contagion by observing the degree and structure of two dummy variables for specified crisis periods included into the quantile regression models on the basis of a dependence measure called "coexceedances". Our results show that there are significant contagion effects present between the gasoil and CEE stock markets during the 2008-2009 period and mixed evidence of contagion between crude oil market and CEE stock markets. CEE stock markets do not appear to exhibit significant contagion effects with energy markets during the recent energy market crisis. These results substantially differ from those found in the developed European markets. In particular, our results indicate that energy markets and stock markets in developed Europe seem to display significant contagion effects during the 2014-2015 period. Keywords: Central and Eastern Europe, contagion, energy market, quantile regression
|
guest ::
