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Fiscal rules in selected EU countries between 2004-2015: sensible method for consolidation of public finances or fad of politicians?
Veselý, Lukáš ; Strejček, Ivo (advisor) ; Chmelová, Pavla (referee)
The subject of fiscal rules is very topical issue. The rise of public debt in certain developed countries resulted in what is sometimes called "debt crisis". Debt of those countries which is higher than their annual gross domestic product is viewed as unpayable by some economists. The main objective of this thesis has been to prove or disprove hypothesis that the fiscal rules studied in this paper are an effective solution for public finance consolidation. This verification was based on the analysis of fiscal rules functioning in selected countries between 2004 and 2015. As per results of analysis the paper aims to give recommendations for the Czech financial constitution proposal. The actual results of inquiry proved the hypothesis. Well-chosen fiscal rules are the right way towards fiscal consolidation, provided they are observed. Fiscal rules making thus requires an emphasis to be placed on the well-formulated exit clauses altogether with prospective sanctions. The current Czech financial constitution proposal is built on the correctly picked fiscal rule type, although the reference value lacks economic sense and it would not lead, with a high degree of probability, towards fiscal consolidation.
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Pulsed liquid jet generated by pulse multiplication technique
Dvorský, R. ; Sitek, Libor ; Sochor, T.
First theoretical papers summarizing the high mechanical energy cumulation when high-speed drops impacting the solid surface as a result of the water hammer effect have been known since 1960’s. Heymann has demonstrated that pressure maximum in the impact of a spherical drop of a liquid is several times higher than the presupposed maximum for the classical water hammer effect. The latter maximum pressure itself exceeds the mere stagnation pressure of the continuous jet many times hereat. When developing devices for pulse jet generation a new generalization of the classical water hammer theory for high pressures has been implemented. Based on this the new patented principle of “pulse multiplication” has been formulated. The pulse multiplier is the source of high-pressure pulses with 100% depth of modulation of liquid jet discharge velocity that allows increasing the jet disintegration effect significantly without the abrasive material application.
Fulltext: content.csg -  DOC
Plný tet: UGN_0398574 - DOC
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Migration to selected EU countries: Labor market integration
Kaclíková, Roberta ; Šaroch, Stanislav (advisor) ; Němcová, Ingeborg (referee)
The aim of this master thesis is to analyse the labor market of European Union and its certain countries in relation to the immigration with the backgound of various social welfare models. The paper is analysing the topic of labor market of European Union, integration of immigrants on this market, with focus on economies and labour markets of Sweden, United Kingdom and Germany as countries with high level of immigration that are representing three different social welfare models, such as Nordic model, Liberal model and Conservative model. The main objective of this thesis is the analysis of labor markets in selected countries of the European Union in relation to immigration and their subsequent comparison using the background of different social welfare models. The result is the evaluation of effectivness of the various social models based on statistical data, acquired knowledge and performed comparisons. The thesis is divided into four chapters and contains 13 tables and 8 charts.
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Products with Protected Designations of the European Union and Their Position in Regional Tourism
Licková, Kamila ; Kalábová, Markéta (advisor) ; Abrhám, Josef (referee)
The master thesis deals with products with protected designations of the European Union. The main objective of the master thesis is to evaluate the importance of the chosen product with protected designation of the EU in regional tourism and analyse the perception of the product by a producer and by tourists. The sub-objective is the description of the European system of food labelling. The thesis is divided into five main chapters. The first part explains basic concepts which are related to the thesis. The second chapter introduces the best known food quality labels. Greater attention is devoted to the description of the food protection system of the EU. The third chapter deals with the characteristics of the chosen region Beskydy-Wallachia. The second part of this chapter is focused on the chosen protected product Štramberské uši. The forth chapter includes a structured interview with the chosen producer of Štramberské uši and a survey research, which was conducted in two phases. The last chapter contains the evaluation of the implemented survey. The main finding of this thesis is the fact that a relatively high percentage of respondents know the product Štramberské uši. An interesting finding is the fact that only a small portion of them know that the product Štramberské uši is the holder of the protected designation of the European Union. The chosen producer of Štramberské uši sees the main benefit of the label in greater publicity. Among problems he ranks the enforceability of the label and lack of general promotion of Štramberské uši.
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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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STRAIN ENGINEERING OF THE ELECTRONIC STRUCTURE OF 2D MATERIALS
del Corro, Elena ; Peňa-Alvarez, M. ; Morales-García, A. ; Bouša, Milan ; Řáhová, Jaroslava ; Kavan, Ladislav ; Kalbáč, Martin ; Frank, Otakar
The research on graphene has attracted much attention since its first successful preparation in 2004. It possesses many unique properties, such as an extreme stiffness and strength, high electron mobility, ballistic transport even at room temperature, superior thermal conductivity and many others. The affection for graphene was followed swiftly by a keen interest in other two dimensional materials like transition metal dichalcogenides. As has been predicted and in part proven experimentally, the electronic properties of these materials can be modified by various means. The most common ones include covalent or non-covalent chemistry, electrochemical, gate or atomic doping, or quantum confinement. None of these methods has proven universal enough in terms of the devices' characteristics or scalability. However, another approach is known mechanical strain/stress, but experiments in that direction are scarce, in spite of their high promises.\nThe primary challenge consists in the understanding of the mechanical properties of 2D materials and in the ability to quantify the lattice deformation. Several techniques can be then used to apply strain to the specimens and thus to induce changes in their electronic structure. We will review their basic concepts and some of the examples so far documented experimentally and/or theoretically.
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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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Analysis breeding of milk cattle on the chosen biofarme
Plášková, Pavlína ; Toušová, Renata (advisor) ; Ducháček, Jaromír (referee)
The aim of this thesis is to evaluace the conditions of dairy cattle breeding in ecological agriculture and to compare them with concrete values taken from the chosen ecological farm Bílčice, which has been part of ecological agriculture since 2011 and which is focused on czech fleckvieh breeding and bio milk production. The first part deals with dairy cattle breed characteristic, main objectives and ecological agriculture principals, welfare problems, breed cattle and utility control, housing technology, nutrition and feeding, mechanical milking technology, milk production, reproduction, health condition and breeding economy. The practical part contains the rating of milk yield index (milk production, % proteins, % fat) and reproduction index ( meantime, perioda service, insemination index and after first parturition percentage). 650 pieces of cos were stabled at farm, from that 200 pices of dairy cos were mostly czech fleckvieh. Monitoring was made in 2013. Dayily milk production was around 2 750 kg. The milk utility for lactacion was in 2013 6 100 kg of milk, 3,89 % fat and 3,34 % proteins. The dairy cos were free stabled with high bedding, They were mechanically milked twice a day in herringbone parlours. Milk is being delivered once in twodays to Olma dairy. Cows are regularly driven out to pasture in summer feeding period. They are extra fed with 10 kg of clover silage and 6 kg of scarp (barely, wheat, triticale). Cows stays in stables for winter time. The ration consists of 45 kg of clover silage, 6 kg of scarp, 2 kg of lupine and 1 kg of corn in first time of lactacion. The cow utility in transitional form of economy at farm Bilcice was 7 477 kg of milk in 2010, a value in the Czech Republic was 7 726 kg of milk. After entering the ecological agriculture in 2013 milk yield at the farm decreased on 6 100 kg of milk and the average value in the Czech Republic increased to 8 370 kg of milk. The cow utility in transitional form was 4,03 % fat in 2010 and 3,89 % in 2013 (ecological agriculture). A diference between 2010 and 2013 is 0,14 %. Proteins were 3,39 % in 2010 and 3,34 % in 2013. There was average value for every reproduction index. The service period was 96 days and the meantime was 400 days, the insemination index was 1,8 and the after first parturition percentage was 54,2 %.
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