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Is import of goods from european countries to Czech republic more or less influenced by changes in nominal and real exchange rates than in non european countries?
Vereš, Jan ; Stroukal, Dominik (advisor) ; Slaný, Martin (referee)
This bachelor thesis analyses the connection between import of goods from foreign countries to Czech Republic and the exchange rate changes. The initial hypothesis of this paper is to prove that the depreciation of domestic currency has positive influence on balance of trade balance. For this purpose there is eight econometric models which were created by using time series from years 2003 to 2016. These models are divided in pairs among four chosen countries. For each country two models were created that follow the development of trade balance between Czech Republic and one of the countries in two different time frames. All the models always use the real effective exchange rate, growth rate of GDP for Czech Republic and growth rate of GDP for one of the countries as explanatory variable. It is connected with the second task of this thesis, which is the analysis of the differences in the behaviour of the models that belong to the countries which are members of the EU and these that are not. The aim is to find out whether the existence of tariffs on imported goods from countries out of the EU causes visible differences in the behaviour of the variables that were included in the models. Based on the outcomes of all eight models the main hypothesis has been proved right for three out of four countries. In the models for Germany, China and France the relation of real exchange rate and trade balance came out as positive in long term, in short term the outcome was ambiguous. The second question of this thesis has been answered, but its added value is questionable. The final models for each state do show some noticeable differences and they can be used to determine if the influence of the change of exchange rates on trade balance is smaller or bigger in the countries where tariffs are used. On the other hand, from the results we can learn that the sample of only four countries is insufficient for the deduction of any conclusions.
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Do women with children have lower wage rate than childless women?
Lukášová, Nikola ; Brožová, Dagmar (advisor) ; Čermáková, Klára (referee)
The aim of the thesis is to demonstrate if women with children in the Czech Republic have a lower wage rate than childless women. The data from WageIndicator Foundation was processed by using the the least squares method. The conclusion is that motherhood has a negative impact on salaries. I also found that the depreciation of human capital influences only women with two or more children. It can be caused by the lenght of maternity leave. The main finding is that the wage penalty for motherhood actually exists. And the society and politicians should give the motherhood penalty more attention in the future.
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Analysis of the Economic Development of BRICS Countries in 2007–2015
Berka, Kryštof ; Procházka, Pavel (advisor) ; Dyba, Karel (referee)
The aim of the bachelor's thesis is economic development assessment among and within BRICs countries in the context of developed world during 2007-2015. Based on yearly panel data, an analysis for following macroeconomic indicators was carried out: gross domestic product, inflation rate, unemployment rate, current account on the balance of payments, exchange rate. The profound analysis of selected indicators is instrumental in the comparison of member states and is supplemented by the comparison of BRICs and G6. Based on its evidence, I come to a conclusion that the BRICs as a whole succeeded in establishing as a strong global actor. That has been achieved with the help of global financial crisis, but also with regard to the economic policy implemented in 2007-2015. As a result, GDP of BRICs in terms of GDP of G6 achieved stable growth rate leading to its increase by 52 %. Besides providing main findings, outcomes of this thesis enable to identify main weaknesses and strengths of BRICs economies affecting the prospects for continuance of stable economic growth.
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Use of Interest Rate Models for Interest Rate Risk Management in the Czech Financial Market Environment
Cíchová Králová, Dana ; Arlt, Josef (advisor) ; Cipra, Tomáš (referee) ; Witzany, Jiří (referee)
The main goal of this thesis is to suggest an appropriate approach to interest rate risk modeling in the Czech financial market environment in various situations. Three distinct periods are analyzed. These periods, which are the period before the global financial crisis, period during the financial crisis and in the aftermath of the global financial crisis and calming subsequent debt crisis in the eurozone, are characterized by different evaluation of liquidity and credit risk, different relationship between financial variables and market participants and different degree of market regulations. Within this goal, an application of the BGM model in the Czech financial market environment is crucial. Use of the BGM model for the purpose of predicting a dynamics of a yield curve is not very common. This is firstly due to the fact that primary use of this model is a valuation of interest rate derivatives while ensuring the absence of arbitrage and secondly its application is relatively difficult. Nevertheless, I apply the BGM model to obtain predictions of the probability distributions of interest rates in the Czech and eurozone market environment, because its complexity, direct modeling of a yield curve based on market rates and especially a possibility of parameter estimation based on current swaptions volatilities quotations may lead to a significant improvement of predictions. This improvement was also confirmed in this thesis. Use of swaptions volatilities market quotations is especially useful in the period of unprecedented mone- tary easing and increased number of central banks and other regulators interventions into financial markets that occur after the financial crisis, because it reflects current market expectations which also include future interventions. As a consequence of underdevelopment of the Czech financial market there are no market quotations of Czech koruna denominated swaptions volatilities. I suggest their approximations based on quotations of euro denominated swaptions volatilities and also using volatilities of koruna and euro forward rates. Use of this approach ensures that predictions of the Czech yield curve dynamics contain current market expectations. To my knowledge, any other author has not presented similar application of the BGM model in the Czech financial market environment. In this thesis I further predict a Czech and Euro area money market yield curve dynamics using the CIR and the GP models as representatives of various types of interest rates models to compare these predictions with BGM predictions. I suggest a comprehensive system of three criteria, based on comparison of predicti- ons with reality, to describe a predictive power of selected models and an appropria- teness of their use in the Czech market environment during different situations in the market. This analysis shows that predictions of the Czech money market yield curve dynamics based on the BGM model demonstrate high predictive power and the best 8 quality in comparison with other models. GP model also produces relatively good qua- lity predictions. Conversely, predictions based on the CIR model as a representative of short rate model family completely failed when describing reality. In a situation when the economy allows negative rates and there is simultaneously a significant likelihood of their implementation, I recommend to obtain predictions of Czech money market yield curve dynamics using GP model which allows existence of negative interest rates. This analysis also contains a statistical test for validating the predictive power of each model and information on other tests. Berkowitz test rejects a hypothesis of accurate predictions for each model. However, this fact is common in real data testing even when using relatively good model. This fact is especially caused by difficult fulfilment of test conditions in real world. To my knowledge, such an analysis of the predictive power of selected interest rate models moreover in the Czech financial market environment has not been published yet. The last goal of this thesis is to suggest an appropriate approach to obtaining pre- dictions of Czech government bonds risk premium dynamics. I define this risk premium as a difference between government bond yields and fixed rate of CZK IRS with the same length. I apply the GP model to describe the dynamics of this indicator of the Czech Republic credit risk. In order to obtain a time series of the risk premium which are necessary for estimation of GP model parameters I firstly estimate yield curves of Czech government bonds using Svensson model for each trading day since 2005. Resulting si- mulations of risk premium show that the GP model predicts the real development of risk premiums of all maturities relatively well. Hence, the proposed approach is suitable for modeling of Czech Republic credit risk based on the use of information extracted from financial markets. I have not registered proposed approach to risk premium modeling moreover in the Czech financial market environment in other publications.
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Exchange rate policy of People's Bank of China under pressure of yuan internationalization
Randl, Tomáš ; Hnát, Pavel (advisor) ; Jedlinský, Jakub (referee)
Chinese economy has reached its export limits and is located in an era of transformation process into new economic model based on domestic consumption and sector of services. Under pressure from foreign entities which require internationalization of yuan as an implementation of free floating exhange rate regime, China must deal with number of problems arising from the process of economic transformation. This thesis examines possible solutions to current problems from the perspective of exchange rate policy of the People's Bank of China.
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Determination of content substances for selected species and varieties of roses.
Slavíková, Eva ; Sus, Josef (advisor) ; Súkeníková, Tereza (referee)
This bachelor's work is focused on comparing the most significant content substance, vitamin C, in fruits of chosen rose kinds species and varieties. Herbal products are often seen by people as products of "second choice", when failure of allopathic treatment occurs, which is focused especially on suppressing symptoms of illness, but it ignores health of the human body as whole. That's why are herbal products often alternative for therapy of chronic diseases. The base of this work is extensive literary research and results of laboratory measurings. Literary part of this work includes description of botanical classification of rose plants. There is stated basic characteristic of individual rose species and their morphological features. In following chapters is composed overview of effective substances in rose fruits and their effect on human health. In practical part of this work are included results of laboratory tests for determining ascorbic acid content for chosen samples of rose species and it also includes results of weighing and measuring of fruit samples of chosen rose species. There are also stated chosen rose species and shortly their origin and description, in the beginning of practical part. For practical part were chosen samples of species. Results of practical part are compiled into statistic tables and graphs and it confirms high content of ascorbic acid in rose fruits. This content is in range of cca 300 - 900 mg.100 g-1. Due to growing interest in alternative treatment options and "clean" natural product, it can be assumed, that many plants of Rosaceae family will keep its place in treatment practice. Those plants will be used not only for treatment of acute and chronic diseases, but also for cosmetic products production, thanks to its large effects and process options.
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Freezing technology of bull sperm in relation to its survivability and fertilization ability
Doležalová, Martina ; Stádník, Luděk (advisor) ; Jiří, Jiří (referee)
The aim of optimalization the insemination doses production is to provide the highest fertilization ability of spermatozoa during the demanding proces of processing fresh semen and its subsequent cryopreservation. Temperature changes causes spermatozoa damage during the cooling and freezing. Spermatozoa is exposed to cold shock and many others limiting factors, which leads to cell death and therefore to decline of fertilization ability of thawed insemination doses. For increasing spermatozoa resistance, exactly the plasma membrane resistance against cold shock was fraction of egg yolk LDL cholesterol (low density lipoprotein) at various concentrations into the comercially produced diluents added. It is believed that LDL acts possitively to plasma membrane and helps to maintain the fertilization ability of spermatozoa after thawing. Following step in the proces of insemination doses production is slow cooling of diluted semen and equilibration, when the straws are store at cooling box for 30 minutes to 240 hours. This period is necessary to penetrate of certain diluent components into the spermatazoa also maintain the balance between their intracellular and extracellular concentration. Also important is subsequent freezing temperature gradient of insemination doses. The most suitable freezing method is based on computer controlled temperature decline in freezing chamber which allows the precise control of ice crystals formation that could tear and kill the cell.
During 2012 to 2016 was repeatedly collected semen from the group of breeding bulls (n = 27, Holstein and Czech Fleckvieh breed) at AI centre. Semen which fulfill the standard entrance conditions in first step was evenly into several parts divided. For dilution the three types of comercially diluents AndroMed, Bioxcell and Triladyl with and without LDL addition were used. Into the diluents AndroMed and Bioxcell the concentration of LDL 4 %, 6 % and 8% into the dilent Triladyl 6 %, 8 % and 10 % was added. Diluted semen was filled into the glass capillares with volume 0,1 ml and temperature +4 °C. Subsequently the sample was placed to cold bath (0°C) for 10 minutes. Then the volume of capillare with physiological solution (37 °C) was mixed and for next 120 minutes was incubate. The effect of cold shock to proportion of live spermatozoa was evaluated by using Eosin and Nigrosine staining technique during heat test of spermatozoa survivability after spermatozoa heating and after 120 minutes of incubation.
The more suitable semen diluents which provide the higher spermatozoa resistance against cold shock were AndroMed and Bioxcell. Together the possitive effect of LDL addition into the diluents to lower decrease of proportion of live spermatozoa during heat test was found (P<0.05). The most suitable LDL concentration which had a favorable influence at spermatozoa resistance against cold shock was 6 % in diluent Bioxcell. Values of the proportion of live sperm were higher at the beginning of the heat test (+1.31% to + 3.2%) and after 120 minute incubation (+5.82% to +8.41%) compared to other diluents with and without addition of LDL.
In the next step the process of equilibration was optimized, is an important part of insemination doses production. The effect of the length of equilibration for subsequent fertilization ability of spermatozoa was evaluated using spermatozoa motility based of CASA and proportion of live spermatozoa after thawing and during heat survival test lasting 120 minutes (37 ° C). Suitable semen was diluted by comercially used diluent AndroMed based on soya lecithin, filled into the straws (0.25 ml), cooled and equilibrated in cooling box for 30, 120 and 240 minutes and freezed in programmable freezing box applying four types of freezing curves differing in temperature rate decline. There was used standard and by producer recommended 3. phase freezing curve, then 2. phase freezing curve, and 3. phase freezing curve with slower as well as rapid decline of temperature rate in freezing chamber, compared with standard freezing curve. The highest spermatozoa motility was found using 240 minutes of equilibration by +2.72% and +4.58% compared to other lengths of equilibration (P <0.05 to 0.01). The highest proportion of live spermatozoa was found using 120 minutes of equilibration (+6.87 % and +8.68 %). The highest average spermatozoa motility during heat test after thawing was achieved by using 2. phase freezing curve (from +2.97% to +10.37%, P <0.05), also in the proportion of live spermatozoa (from + 4.37% to +8.82%, P <0.01). When evaluating interaction between the length of equilibration and freezing curve (standard 3. phase and 2 . phase freezing curve), the highest average spermatozoa motility and proportion of live spermatozoa using 240 minutes of equilibration by both freezing curves was reached, there was no statistically significant differences. As well as, in all evaluated parts of this study the individual differences between ejaculate of bulls and within semen from one bull (P <0.05) as secondary effect were found.
To maintain good fertilization ability of semen during cryopreservation is necessary to increase the spermatozoa resistance against cold shock using addition of correct concentration of LDL into the commercially used diluents AndroMed and Bioxcell. Subsequently the fertilization ability of insemination dose is influenced by cooling, the length of equilibration and freezing. The length of equilibration 120 minutes and more as well as gentle way of freezing according to freezing curve, which ensures a gradual decrease of temperature in freezing chamber provided the higher average spermatozoa motility and proportion of live spermatozoa.
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Acceleration of Object Detection Using Classifiers
Juránek, Roman ; Kälviäinen, Heikki (referee) ; Sojka, Eduard (referee) ; Zemčík, Pavel (advisor)
Detekce objektů v počítačovém vidění je složítá úloha. Velmi populární a rozšířená metoda pro detekci je využití statistických klasifikátorů a skenovacích oken. Pro učení kalsifikátorů se často používá algoritmus AdaBoost (nebo jeho modifikace), protože dosahuje vysoké úspěšnosti detekce, nízkého počtu chybných detekcí a je vhodný pro detekci v reálném čase. Implementaci detekce objektů je možné provést různými způsoby a lze využít vlastnosti konkrétní architektury, pro urychlení detekce. Pro akceleraci je možné využít grafické procesory, vícejádrové architektury, SIMD instrukce, nebo programovatelný hardware. Tato práce představuje metodu optimalizace, která vylepšuje výkon detekce objektů s ohledem na cenovou funkci zadanou uživatelem. Metoda rozděluje předem natrénovaný klasifikátor do několika různých implementací, tak aby celková cena klasifikace byla minimalizována. Metoda je verifikována na základním experimentu, kdy je klasifikátor rozdělen do předzpracovací jednotku v FPGA a do jednotky ve standardním PC.
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STATISTICAL LANGUAGE MODELS BASED ON NEURAL NETWORKS
Mikolov, Tomáš ; Zweig, Geoffrey (referee) ; Hajič,, Jan (referee) ; Černocký, Jan (advisor)
Statistické jazykové modely jsou důležitou součástí mnoha úspěšných aplikací, mezi něž patří například automatické rozpoznávání řeči a strojový překlad (příkladem je známá aplikace Google Translate). Tradiční techniky pro odhad těchto modelů jsou založeny na tzv. N-gramech. Navzdory známým nedostatkům těchto technik a obrovskému úsilí výzkumných skupin napříč mnoha oblastmi (rozpoznávání řeči, automatický překlad, neuroscience, umělá inteligence, zpracování přirozeného jazyka, komprese dat, psychologie atd.), N-gramy v podstatě zůstaly nejúspěšnější technikou. Cílem této práce je prezentace několika architektur jazykových modelůzaložených na neuronových sítích. Ačkoliv jsou tyto modely výpočetně náročnější než N-gramové modely, s technikami vyvinutými v této práci je možné jejich efektivní použití v reálných aplikacích. Dosažené snížení počtu chyb při rozpoznávání řeči oproti nejlepším N-gramovým modelům dosahuje 20%. Model založený na rekurentní neurovové síti dosahuje nejlepších publikovaných výsledků na velmi známé datové sadě (Penn Treebank).
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