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Evolution of land prices in the region Písek between years 2005-2010
LANDA, Jan
The aim of my bachelor's study is to assess evolution of prices in the segment of land, with a focus on the factors that prompted these changes in the region Písek between years 2005 2010. The bachelor is divided into two main parts. The first part focuses on theory. The second part is deals with analyzing the evolution of prices of building plots and agricultural plots. In conclusion I compared the obtained data with selected economic indicators.
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Speculative bubbles in financial markets
Roček, Jindřich ; Brada, Jaroslav (advisor) ; Kubát, Max (referee)
The bachelor thesis explores the phenomenon of speculative bubbles in financial markets. The aim is to define possible causes of speculative bubbles, and specify circumstances under which they can be prevented. The first chapter explains the essence of the examined phenomenon. In the following chapter, two theoretical approaches to the formation of asset prices in markets are explained, the efficient market theory and behavioral finance. The third chapter analyses causes, coarse and collapse of each individual bubble. The work uses twelve samples of asset price bubbles from history to meet the objectives. The final chapter examines the influence of government intervention and monetary policy on the formation of bubbles and proposes stemming recommendations for the responsible authority. The considerable complexity of the phenomenon and a large number of factors influencing price movements means that bubbles cannot be quantified ex ante. Given the current market conditions it is reasonable to expect further occurence of asset price bubbles in financial markets.
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Commodity price risk hedging
Pospíšil, Jakub ; Taušer, Josef (advisor) ; Čajka, Radek (referee)
The thesis presents and applies modern theory of hedging. It determines optimal hedging strategies for Strabucks and GlencoreXstrata corporations on coffee bean and high-grade copper markets. Through these two case studies the theoretical models are tested and assessed based on their relevance to business needs.
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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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Speculation on oil markets and its impact on commodity's price
Melcher, Ota ; Taušer, Josef (advisor) ; Baláž, Peter (referee) ; Müller, Štěpán (referee)
This study aims to analyse the precrisis period on the oil markets with a primary objective of assessing the role of speculation in the commodity's price development and its volatility. First it depicts the rapidly increasing speculative activity on the futures market together with the parallel oil price surge. The speculation is initially proxied by non-commercial traders' positions and subsequently quantified by Working's T-index. The paper then uses speculative traders' positions and both spot and futures prices to test for Granger causality within the framework of VAR models. For the sake of consistency it also evaluates causal links between speculation and inventories level. Further the study investigates the speculation impact on volatility of oil prices by employing various approaches in volatility quantification including GARCH models. Contrary to expectations we find that the speculatio's impact on both prices and their volatility is rather insignificant. In the last chapter we therefore seek for an explanation of the oil price developments by examining the market fundamentals. The interaction of supply and demand finally gives substantial evidence for understanding the price developments in the precrisis period.
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Global Economy Outlook - November 2016
Česká národní banka
The November issue of Global Economic Outlook presents the regular monthly overview of recent and expected developments in selected territories, focusing on key economic variables: inflation, GDP growth, leading indicators, interest rates, exchange rates and commodity prices. In this issue, we also focus on the relationship between the Brent crude oil price and the US dollar exchange rate over the last ten years. The results show that the inverse relationship between the Brent price and the nominal effective exchange rate of the dollar still applies, helping dampen fluctuations in the dollar price of oil in “non-dollar” economies.
Fulltext:  PDF; PDF
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Global Economy Outlook - October 2016
Česká národní banka
The October issue of Global Economic Outlook presents the regular monthly overview of recent and expected developments in selected territories, focusing on key economic variables: inflation, GDP growth, leading indicators, interest rates, exchange rates and commodity prices. In this issue, we focus in detail on the industrial producer price index (PPI), which, alongside the consumer price index (CPI), is a key indicator of inflation on the production side of the economy. We also explain the specifics of the PPI, especially in the EU, and present a model simulation indicating the sensitivity of the PPI to a change in oil prices.
Fulltext: PDF; PDF
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The Wine Market in the Czech Republic and the Politics of Wine
Vlašicová, Eliška ; Tomšík, Karel (advisor) ; Malý, Michal (referee)
The dissertation thesis is focusing on the wine market in the Czech Republic. The aim is to identify weaknesses in the wine sector in order to formulate recommendations for improving a current situation in the sector. The Common Agricultural Policy of the European Union and the Common Market Organisation for Wine was presented in the theoretical part of the thesis, where also theoretical aspects of a market including supply and demand were described, as well as an agri-food market and its specifics, wine commodity chain, determinants of demand, supply and prices of wine. In the following chapters an analysis of the wine market, especially with emphasis on the production potential of vineyards in the Czech Republic was created, and demand, supply and price of wine including a price transmission in the commodity chain of wine were modelled based on a regression analysis. The significant influence on demand of wine have had previous values of wine consumption and wine prices, substitutes consumptions (prices of substitutes were not a significant factors), household income and salary, a quality of the wine and awards in international competitions. Significant factors of the side of supply including the price of wine grapes, the price of wine, vineyard area, production of wine grapes, some aspects of weather and certain subsidies. A climate change, which is in progress, may result to the expansion of viticulture and winemaking in the Czech Republic and also to a change of varieties in vineyards. Demand has in the commodity chain of wine greater impact than the supply. It can have a negative effect on growers or winemakers. Planting of vines is not sufficient to maintain current levels of a production potential of vineyards in the Czech Republic. The ideal amount of annual planting vines should be about 655 ha. A related issue is financing a vineyards renewal, which is costly. Based on a financial analysis of small and medium-sized wine companies, it was found that these businesses cannot afford the renewal of vineyards from its own resources and will require grant assistance of the state, eventually EU.
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Comparing the Price of a Transportation Structure and the Actual Costs Incurred in Various Stages of Construction
Nezbeda, Jiří ; Zímová, Štěpánka (referee) ; Kosová, Jaroslava (advisor)
This diploma thesis deals with the calculation of the cost of the building work in order to create the price, which at the stage of the contract becomes a selling price, and the costs are fixed as a budget. The subject of this work is to monitor the development of costs in time so that the cost does not exceed the budget and the construction did not get into the negative result. Then set the price by its own methods (item budget, calculation according to budget indicators) and compare the prices and costs thus obtained from different phases of construction between each other and determine the differences. In this work is monitored and compared the cost of a construction contract and its costs in the construction stages. In the practical part,is used the method of direct comparison of cost and price values over time, in the form of different outputs from the controlling program and outputs from compiled item budget and the calculation of the construction. Analyzing the differences between these costs and their evolution over time by more detailed examination of item budgets and cost calculations, they determine the origin of these deviations. In conclusion, is proposed measures for a particular transport structure whitch was handled by the author as"master and co-ordinator of the construction".
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Inflation - An Increase in the Supply of Money or Increase in the Price Level? An Impact of the Definiton on the Theory of Costs
Pícha, Petr ; Loužek, Marek (advisor) ; Pikhart, Zdeněk (referee)
This is paper is purely theoretical. It discusses misinterpretation of the term inflation in economic literature. It describes the transformation of the meaning of the term 'inflation' from increase in the money supply to an increase in the general price level based on academic discussion, it lists examples from economic literature where is the term inflation misused or vaguely described and describes the evolution of the theory of inflation -- the quantity theory of money -- throughout history for fitting in the context. In the last chapter, it demonstrates the correctness of its argument that inflation is indeed an increase in the general price level, based on the meaning of the theory of costs of inflation. Work also proposes, for a complete accuracy, using two different terms -- monetary inflation and price inflation.
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