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Unconvential monetary policy adopted by ECB and FED in 2008-2015
Pörner, Marek ; Šetková, Lenka (advisor) ; Ševčíková, Michaela (referee)
The main aim of this thesis is to analyse the accomplishment of the goals set, namely those of the selected unconventional monetary policies approved by the Federal Reserve System and the European Central Bank in response to the last financial crisis. With the FED the attention is focused on Quantitative Easing, whereas with the ECB it is focused on the programmes called Enhanced Credit Support, SMP, OMT and EAPP. Important parts of this thesis are also the explanation of the transmission mechanism of the unconventional monetary policy, the evaluation of macroeconomic impacts of these non-standard tools, the comparison of procedures of the two monitored central banks, but mainly the analysis of selected risks related to those tools. The principal method was an empirical analysis supported by economic studies dealing with the issues mentioned above. In the thesis it was discovered that the individual goals of the monitored programmes were achieved (with the exception of the SMP). With the programme EAPP no conlusion can be drawn because the programme has not been finished yet. Nevertheless, these non-standard tools bring certain risks such as a creation of a bubble in the markets of assets, a redistribution of wealth, a spillover effect, etc. For that reason it will be possible to evaluate the overall effect of the unconventional monetary policies only after a longer time period.
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The way of consumerism in the interwar Czechoslovakia nn the example of consumption of coffee, cocoa, chocolate and tea.
Syrová, Tereza ; Jakubec, Ivan (advisor) ; Jančík, Drahomír (referee) ; Štemberk, Jan (referee)
Dissertation thesis discusses the consumption of cocoa, coffee, tea and chocolate in the interwar period in the Czechoslovakia. On the basis of statistical data and examination of archival sources comes with the definition of the middle classes of the population, which those commodities consumed. The thesis shows the distribution of consumption of commodities based on the survey in blue-collar and white-collar families. Furthermore provides insight into the lives of families, distribution of their spending and the size of income. It refers to the representation of cocoa, coffee, tea and chocolate in the consumer basket and shows the elasticity of the mentioned commodities. For the central part of the research of the dissertation thesis chose the Czech territory only, because here were without difficulty accessible data sources. The Dissertation thesis clarifies the causes of consuming cocoa, coffee, tea and chocolate and concludes that each was consumed from another purpose, which resulted status of these commodities. Tea consumption has been designed especially for the higher classes of the population, chocolate bought mostly white-collar family, but over twenties speared consumption of chocolate products also among the middle and lower classes into the population. The chocolate products were subject to early 20s of the luxury tax. Cocoa was used in connection with cooking and baking, but families didnt use this product frequently. Coffee drank all layers of the population, but consumption was based on the social status of the consumer. Very frequently families consume rye coffee and chicory coffee. Dissertation thesis also highlights the regional differences between the classes, which were further intensified. Thesis examines in detail the amount of the duties of the commodity, which in the interwar period varied widely, and concludes that the duty to disproportionately increase the price of products and made it impossible for consumers to buy more of cocoa, coffee, tea and chocolate.
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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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Tick-borne encephalitis - from pathogenesis to therapy
PALUS, Martin
The proposed thesis contributes to the knowledge about tick-borne encephalitis and its pathogenesis. The thesis describes pathogenesis and immunopathogenesis of tick-borne encephalitis, impact of host's genotype in clinical course determination, immune response of patients with acute tick-borne encephalitis, the mechanism of tick-borne encephalitis virus migration into central nervous system and virus interaction with cells of neurovascular unit as well as potential medical interventions.
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Nutritional care about immobile patient on standard department of internal type
AMBLEROVÁ, Michaela
Nutritional care for immobile clients at a standard department of internal type becomes still more important, because nutritional care is important for maintaining good health and supporting quality of life. Nutritional status of immobile clients is very important to diagnose as early as possible in order to avoid all risks of potential complications. Adequate nutrition is also very important to maintain good mental health. The central objective of this work was to explore the specifics of nursing care in the field of nutritional care for immobile client at a standard department of internal type. Following this goal, three research questions were set up: How is the nutritional status of patients at a standard department of internal type assessed? What are the possibilities of application of nutrition for immobile client at a standard department of internal type? What are the specifics of nursing care in the fields of nutrition of immobile client at a standard department of internal type? The empirical part of the thesis was processed using qualitative research, which was realized through semi-structured interview technique. The interview contained 3134 questions, which focused on nutrition care for immobile clients on standard unit of internal type. The research sample consisted of nurses working in the standard department of internal type in the České Budějovice Hospital, a.s. Overall, this study leads to two findings, both positive and negative. Within the positive findings we can say that nurses provide adequate care in the application of nutrition per os. Negative findings relates to the fact that the interviewed nurses provide only basic care in case of the introduction of enteral and parenteral nutrition. They do not know more detailed specifics of enteral and parenteral nutrition. Based on this finding, we think it would be useful to organize regular seminars and trainings for nurses to expand their knowledge about this type of care, or at least remind it. This thesis can serve as an informational material for nurses in practice or students of other health professions. This work can serve also as a basis for further research.
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Nursing care management of patients after intrapleural chemical pleurodesis
KIESEWETTEROVÁ, Renáta
The pleurodesis is a treatment method for patients suffered from the symptomatic malignant pleural effusion. The goal of the pleurodesis is to close a pleural area by connection of visceral and parietal pleura in order to reduce or terminate production of pleural effusion. The sterile talc powder is the world's most used agens within a practice. After a parental analgesic is the powder (as a sllury) either applicated into a pleural cavity through the chest drainage or surgically dispersed over the treated (via abrasion, decortication) pleural space during the thoracoscopy/thoracotomy. This diploma thesis focuses on the treatment technique of bedside talc-pleurodesis through the chest drainage. The nurse has an irreplaceable role in the whole process from a preparation of patient to assistance by intrapreural application, to care of patient after the operation or serves as a physical support during potential complications. The aim of the presented work is to detect priorities in nursing care and find out whether patients need increased care after intrapleural therapy. The qualitative research method was chosen for the analysis where semi-structural interview with open questions were used. We created case reports analysed with the adaptive model of Callista Roy as well. The research sample contained patients chosen with respect to specialization of researched problem. We set two basic focal stimuli according to the analysis of respondents´ reactions. These stimuli serve as a basis for determination of priority parts of the nursing care by patients after bedside pleurodesis. We defined the need to be without pain and the need to ensure safety and certainty as a central focus of the nursing care. Among secondary fields of nursing care were identified sleep disturbances and limited mobility, which leads to reduction of self-care in getting dress, hygiene as well as in defection and miction. We found out within the second goal identical intensity of the nursing care before and after bedside talc-pleurodesis. This statement is based on comparison of interventions before and after aplication analysed via adaptive model by Roy. Nevertheless, causes of interventions were modified to a certain extent. The main goal of diploma thesis was to map requirements for high-quality nursing care related to bedside talc-pleurodesis via chest drainage. The work should extend theoretical basis not only for nurses in clinical practice.
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Assessment of quality of public spaces: case study Smichov, Prague 5
Stuchlý, Lumír ; Novotný, Vojtěch (advisor) ; Macoun, Milan (referee)
This bachelor thesis aims describe and analyze the relevance and quality of public spaces in the current environment Smíchov. The studied area covers a surface on the territory of central Smíchov, bordered from the north of Vítězná street, further south down the street Vltavská, from the east bordered by the left bank of the river of embankment Vltava and from west bordered by street Drtinova, Kartouzská and Radlická street.
The thesis consists of two parts. The first part is devoted to a literature search, which contains the definition of public space and its individual categories. The second part is a description and evaluation the area in question. In the second part is the evaluation the results of the research and areas that are evaluated by means of graphs.
The bachelor thesis is based on the available theoretical materials and the results of local surveys of each public spaces.
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The Comparison of the European Central Bank and the Czech National Bank
Hemerová, Anna ; Svoboda, Roman (advisor) ; Soukup, Alexandr (referee)
In keeping with the theme and typing my thesis on 'The Comparison of the European Central Bank and the Czech National Bank' on the one hand you want to know the status and importance of this international financial institution in the Community, its main tasks in the management of EU policy and not least with the its organizational structure.
At the same time his work also mention the European System of Central Banks and the Eurosystem, as an integral part of the management issues and implementing the policy of the European Union.
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Active employment policy in selected region
Čihák, Pavel ; Šrédl, Karel (advisor) ; Markéta, Markéta (referee)
The thesis considers unemployment and a possibility of increasing employment in the Central Bohemian Region using the active employment policy. The first part of the thesis is dedicated to theoretical basis gained from professional literature and internet resources about labor market, types of unemployment depending on the cause of its origin, risky groups of unemployed people, social and economic consequences of unemployment and about an analysis of actions of the active employment policy. Furthermore, there is described the Central Bohemian Region and its strong and weak aspects. We can look at the evaluation of employment and unemployment made by a study, status reports of the labor market and processing of statistical indicators in Central Bohemian Region. We can also peek at regional individual projects realized on the territory of Central Bohemian Region in 2015. The last part of this thesis is focused on some possibilities of more effective use of actions of the active employment policy in the region.
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