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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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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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Empirical analysis of Okun’s law in Iceland
Zajíček, Zdeněk ; Slaný, Martin (advisor) ; Chytilová, Helena (referee)
This thesis deals with empirical analysis of Okuns law in Iceland. Okuns hypothesis of negative relationship between real GDP and the rate of unemployment is being tested on two models, difference and gap, using OLS estimation. Also there are two filtration methods used (Hodrick-Prescott and Baxter-King) for gap model estimation. The results of all models showed weak relationship of variables, but proved the hypothesis. In the following part, the same procedure is being used on Finlands data, to get comparison of coefficients. Results for Finland showed weaker bond of variables than in Iceland, but the Okuns hypothesis still holds. Last part is focused on finding the sensitivity of rate of unemployment to changes in added value of each economical sector in Iceland using the production approach model. This model gave inconclusive results due to insufficient data available.
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Economy of Chile in 1960s and 1970s with Accent on Market Reforms after 1973
Strejčková, Klára ; Pekárek, Štěpán (advisor) ; Ševčík, Miroslav (referee)
This bachelor thesis puts the stress on the analysis of economic reforms approved in Chile in the 60's and 70's years of the 20th century. The focus of this work is profoundly dedicated to the analysis of two important macroeconomic indicators: developments of inflation and trade exports, bearing in mind the context of the coup in 1973 which is seen as a direct consequence of the communist rule of the Salvador Allende's Cabinet (1970-1973). The Allende's Cabinet strove to transform the Chilean economic society into a socialist one. The bachelor thesis has validated a hypothesis stating that the pro-market reforms approved after 1973 led to diversification of the Chilean export as well as a gradual and progressive stabilization of the country's inflation that had reached as 350 % during the socialist Allende's government. This work brings a comparison of two very different economic doctrines that formed Chile in the 70's of the last century. There is being compared a socialist government approach, having focused on nationalizing of the private sector, to the liberal government's approach aimed at decreasing the public sector, privatization as well as tearing down international trade barriers.
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Web Application Development with Spring Framework
Nizamov, Kirill ; Pecinovský, Rudolf (advisor) ; Šlajchrt, Zbyněk (referee)
The thesis is concerned with a comparison between a Java framework called Spring and Grails, Zend, Nette, NodeJS, Play, Symfony, OpenXava frameworks described in the theses of Odehnal [1], Kočárek [2], Kadlec [3], Dočkal [4], Šimon [5]. The thesis consists of two parts. The theoretical part introduces the Spring ecosystem and its individual modules to the reader. This part also outlines trends and estimates Spring position and popularity among other Java frameworks. The practical part focuses on web application development based on the criteria defined in the Odehnal's thesis [1]. The sample application shows the style of development in the Spring framework and its functionality and capabilities. Based on the gained experience during the sample application development, Spring is next compared to the other frameworks mentioned earlier and included into the previous comparison. The comparison criteria are specified in the Odehnal's thesis [1] and consist of 4 areas. First of all, there is a basic framework differences comparison. Next, there is an architecture comparison. The third area involves a comparison of work with the framework which also contains both objective criteria and personal estimation. The last part is dedicated to a comparison related to framework support, available literature and overall popularity. The result of this thesis is a comparison of 8 frameworks including the created sample application, which should help the readers when selecting one of the them and should make it easier to orientate in the world of web frameworks.
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Consumer Credit in the Czech Republic from the Client’s Perspective
Huleš, Matěj ; Hejda, Jan (advisor) ; Kaczor, Pavel (referee)
The aim of the thesis titled Consumer Credit in the Czech Republic from the Client´s Perspective is the analysis of the offer of consumer credit loans in the Czech market and an explanation of the basic problems of consumer credit. The first part explains basic information and theoretical concepts related to the issue. In the second part of the thesis, these concepts are put into practice and two model examples are used to explain the procedure for selecting a credit product that will meet the consumer´s needs. The section deals with the comparison of these products. Credit loans are subjected to the comparison in terms of total costs and sub-parameters of the loans, which affect the costs. Following the results of the comparison, the conclusion contains practical recommendations for consumers. The thesis results in a comprehensive educational text that will help anyone interested in consumer financial products to make their choice.
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Strategic Trade Policy in Defence and Security Industry
Neumannová, Pavla ; Žamberský, Pavel (advisor) ; Jiránková, Martina (referee)
The master thesis is devoted to a nontraditional, however, in the todays world to a very current topic, arms industry and its support. The thesis connects the theoretical concept of the strategic trade policy (defined by P. Krugman or J. Brander) to its practical interpretation and application in the defence and security industry. The first chapter explains the strategic trade policy using the Brander Spencer analysis. The topic of the second chapter is strategic industries and this chapter answers the question whether the defence and security industry is a strategic industry or not. The third chapter analyses the possibilities of the support of DSI and compares approaches of different EU member states. The last chapter is devoted to the solution of this problem. The main contribution of this thesis is a new interpretation of the strategic trade policy, analysis of the importance of the defence and security industry and its support and suggestion of practical measures for Czech companies and for the Czech Ministry of Defence.
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The Controlling Study
Herda, Tomáš ; Mikovcová, Hana (advisor) ; Herda, Zdeněk (referee)
The main goal of this Diploma´s Thesis is to make a model for calculation of water and sewer rates for the company Vodovody a kanalizace Náchod, a.s. when sticking to the set criteria both from the side of VaK Náchod, a.s. and law regulations. Based on the theoretical part an analysis of customer sensitivity to the price changes using the data for last 20 years follows. Findings from the first two parts are used in risk analysis in next part. The created model calculates the water and sewer rates based on the information from the company accounting system in the way to generate sufficient financial resources to fulfill the renovation plan of infrastructural property plant and equipment and to transfer given amount to the company funds. In addition, the model monitors whether the legal condition of maximal allowable increase of profit per m3 is met. In the customer sensitivity to the price changes part the price elasticity of demand for water and sewer rates is calculated based on the data from 1995 to 2015. The assumption of inelastic demand is confirmed. Risk analysis part is deals with potential risk regarding the demand and prices. Potential impacts for the most significant risk are quantified. The analysis uses knowledge gained in the first two parts. It was confirmed that potential risks are exiting but do not have any significant impact on the going concern of VaK Náchod, a.s. The created model has been already used for the calculation of prices for the year 2017. Customer sensitivity analysis to the price changes and link to the potential risks is an additional information for VaK Náchod, a.s. which validates that nowadays, there are no significant threats which could affect the demand and water and sewer rates significantly.
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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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