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Dva pojmy fuzzy svazového zúplnění
Běhounek, Libor
In the framework of Henkin-style-order fuzzy logic we define two notions of fuzzy lattice completion. Out attention is restricted to dense linear crisp orderings, which are important for the theory of fuzzy real numbers. We investigate the properties of both notions and compare them with some results from the literature.
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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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Seniors in the Zlínský Region - 2015
Český statistický úřad
Number of seniors and their structure in the region and its territorial units based on population statistics (incl. life expectancy and population projection), Population and Housing Census (e.g. marital status, educational attainment, economic activity; seniors housing and households). Social care development (number of pensioners, pensions, care facilities for elderly). Completed with interregional comparisons and cartograms.
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Seniors in the Středočeský Region - 2015
Český statistický úřad
Number of seniors and their structure in the region and its territorial units based on population statistics (incl. life expectancy and population projection), Population and Housing Census (e.g. marital status, educational attainment, economic activity; seniors housing and households). Social care development (number of pensioners, pensions, care facilities for elderly). Completed with interregional comparisons and cartograms.
Fulltext: PDF
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Seniors in the Ústecký Region - 2015
Český statistický úřad
Number of seniors and their structure in the region and its territorial units based on population statistics (incl. life expectancy and population projection), Population and Housing Census (e.g. marital status, educational attainment, economic activity; seniors housing and households). Social care development (number of pensioners, pensions, care facilities for elderly). Completed with interregional comparisons and cartograms.
Fulltext: PDF
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Seniors in the Plzeňský Region - 2015
Český statistický úřad
Number of seniors and their structure in the region and its territorial units based on population statistics (incl. life expectancy and population projection), Population and Housing Census (e.g. marital status, educational attainment, economic activity; seniors housing and households). Social care development (number of pensioners, pensions, care facilities for elderly). Completed with interregional comparisons and cartograms.
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Seniors in the Pardubický Region - 2015
Dědič, Petr ; Fialová, Hedvika ; Mikanová, Monika ; Český statistický úřad
Number of seniors and their structure in the region and its territorial units based on population statistics (incl. life expectancy and population projection), Population and Housing Census (e.g. marital status, educational attainment, economic activity; seniors housing and households). Social care development (number of pensioners, pensions, care facilities for elderly). Completed with interregional comparisons and cartograms.
Fulltext: PDF
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Seniors in the Olomoucký Region - 2015
Český statistický úřad
Number of seniors and their structure in the region and its territorial units based on population statistics (incl. life expectancy and population projection), Population and Housing Census (e.g. marital status, educational attainment, economic activity; seniors housing and households). Social care development (number of pensioners, pensions, care facilities for elderly). Completed with interregional comparisons and cartograms.
Fulltext: PDF
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Seniors in the Moravskoslezský Region - 2015
Český statistický úřad
Number of seniors and their structure in the region and its territorial units based on population statistics (incl. life expectancy and population projection), Population and Housing Census (e.g. marital status, educational attainment, economic activity; seniors housing and households). Social care development (number of pensioners, pensions, care facilities for elderly). Completed with interregional comparisons and cartograms.
Fulltext: PDF
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Dramatic work of Josef Tejkl
Linhart, Otto ; CÍSAŘ, Jan (advisor) ; STROTZER, Milan (referee)
This Bachelor thesis is devoted to the work of Josef Tejkl (1952/2009), playwright, director, novelist and artist, particularly to his dramatic activity. In an attempt to give a comprehensive survey of the dramatist‘s works not published up to now, I am endeavouring to analyse Tejkl‘s dramatic work viewed through literary Baroque style. In the works of Tejkl Baroque trends can be clearly seen. I want to point out my own thesis, which is that Baroque themes determine the understanding of Josef Tejkl‘s almost whole output. This Bachelor treatise also aims at helping the complete cataloguing of all works of this author in the hope that in future at least a part of Tejkl‘s dramatic output will find its publisher.
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