|
|
Measuring Market Power: The Czech Market of Mobile Operators
Kolomazníková, Barbora ; Koubek, Ivo (advisor) ; Hayat, Arshad (referee)
The main focus of the thesis is the measurement of market power. Since market power is a determinant of the degree of competition, its measurement is the key feature of competition policy. We present various methods for assessing market power. One of the most famous ones are Lerner index and Herfindahl-Hirschman index, both of which belong to SCP paradigm. Another group of measures are the NEIO models, which provide the empirical analysis of relevant markets. For the estimation of market power, we have chosen the czech market of mobile oper- ators. We examine the three largest operators (i.e. O2, T-Mobile and Vodafone) in the period 2000-2013. Firstly, the model of Röller and Parker (1997) is used to identify the market's structure. Secondly, we employ the Appelbaum's (1982) industry-level measure to estimate market power. Keywords: market power, market structure, Lerner index, competition, industrial orga- nization, mobile operator, telecommunications Supervisor's e-mail address: koubek@fsv.cuni.cz Author's e-mail address: barbora.kolomaznikova@centrum.cz 1
|
|
|
Impact of the FTA between EU and South Korea on the Czech Republic
Maderová, Karolína ; Semerák, Vilém (advisor) ; Hayat, Arshad (referee)
In this thesis we study the effect of Free Trade Agreement (FTA) between European Union and South Korea, especially on the Czech Republic. To do so, we use gravity model. We specify three different gravity equations, each with a different set of fixed effects, and apply two estimation methods on them: Fixed Effects and Poisson Pseudo Maximum Likelihood. Apart from this, we also use traditional indicators (Herfindahl and RCA indices) to assess the changes in trade. The results of the gravity model estimations suggest that the FTA did not have a significant impact on the bilateral trade. However, trade diversification analysis using the Herfindahl index and comparative advantage analysis using the RCA index both indicate that the bilateral trade between the Czech Republic and South Korea improved with the FTA in place.
|
|
|
Foreign Direct Investment and Economic Growth
Hayat, Arshad ; Cahlík, Tomáš (advisor) ; Bruno, Randolph Luca (referee) ; Semerák, Vilém (referee) ; Srholec, Martin (referee)
Foreign Direct Investment and Economic Growth Abstract This dissertation consists of three empirical research papers on FDI inflow and economic growth and the role the host country natural resources abundance and institutional quality play in altering the FDI-growth relationship. The first paper (chapter 2) investigates the FDI-growth relationship and the impact of the host country's natural resource abundance on the FDI-growth relationship. The paper uses a dataset of 117 countries over the period 1991-2016 and use system GMM estimation method and found a positive and significant impact of FDI inflows on the economic growth of the host country. However, FDI-induced growth was found to be more pronounced in the low-and middle-income countries compared to high-income countries. Further, FDI-induced economic growth is slowed down by the increase in the size of the natural resource sector both in the low-and middle-income as well as high- income countries. The direct negative impact of natural resources on growth was found to be stronger in the low-and middle-income countries compared to the high-income countries. Building on the results of the first paper (chapter 3), the second paper estimated a fixed effect threshold for the level of natural resources and found that FDI inflow has a stronger positive impact...
|
|
|
Value Added in the Global Value Chains in the Automotive Industry in Slovakia
Pravda, Matúš ; Semerák, Vilém (advisor) ; Hayat, Arshad (referee)
The thesis provides a detailed decomposition of Slovak bilateral exports in the automotive industry and shows the development of global value chains participation in the scope of the Visegrad group. The first part, bilateral sectoral decomposition, examines shares of the domestic & foreign value added components as well as a double-counted term in Slovak exports to the global biggest economies. Moreover, it determines the origin of the foreign value added embodied in Slovak exports and final destinations, where the Slovak value added is absorbed. The second part determines to what extent is Slovakia participating in global value chains as well as Czechia, Poland and Hungary. The results obtained from this decomposition showcased a decreasing share of the domestic value added, which is caused to some extent by integration into these value chains as well as the character of Slovak production specialisation. Data series provided proof of a long-term trend.
|
|
|
What are the determinants of youth happiness?
Yoon, Jungin ; Chytilová, Julie (advisor) ; Hayat, Arshad (referee)
❆❜str❛❝t ❉❡s♣✐t❡ t❤❡ r❛♣✐❞ ❡❝♦♥♦♠✐❝ ❣r♦✇t❤ ❛❢t❡r t❤❡ ❑♦r❡❛♥ ❲❛r✱ ❛♥❞ t❤❡ st❛t❡✬s ❝♦♥✲ s✐❞❡r❛❜❧❡ ✐♥✈❡st♠❡♥t ✐♥ ❡❞✉❝❛t✐♦♥✱ ❑♦r❡❛✬s s✉✐❝✐❞❡ r❛t❡ ❤❛s st❡❛❞✐❧② r✐s❡♥ ❛s t❤❡✐r ❡❝♦♥♦♠✐❝ ❝♦♥❞✐t✐♦♥s ❝❤❛♥❣❡✳ ❙♦✉t❤ ❑♦r❡❛♥ st✉❞❡♥ts ❛r❡ r❛♥❦❡❞ ❛t t❤❡ ❜♦tt♦♠ ♦❢ ✐♥t❡r♥❛t✐♦♥❛❧ ❤❛♣♣✐♥❡ss s✉r✈❡②✳ ❆❞♦❧❡s❝❡♥❝❡ ✐s ❛♥ ✐♠♣♦rt❛♥t ♣❡r✐♦❞ ❢♦r t❤❡ ❞❡✈❡❧♦♣♠❡♥t ♦❢ ♣❡rs♦♥❛❧✐t② ❛♥❞ ❢♦r♠❛t✐♦♥ ♦❢ t❤❡ s❡❧❢✲✐❞❡♥t✐t②✳ ❚❤❡ ♦❜❥❡❝t✐✈❡ ♦❢ t❤✐s t❤❡s✐s ✐s t♦ ✐♥✈❡st✐❣❛t❡ ❝r♦ss s❡❝t✐♦♥❛❧ ❞❛t❛ ✐♥ t❤❡ r❡❧❛t✐♦♥s❤✐♣ ❜❡t✇❡❡♥ ❡❝♦❧♦❣✐❝❛❧ ❞❡✈❡❧♦♣♠❡♥t ❛♥❞ ❛❞♦❧❡s❝❡♥t ❧✐❢❡ s❛t✐s❢❛❝t✐♦♥✳ ❉❛t❛ ❢r♦♠ t❤❡ ✷✵✶✺ ◆❛✲ t✐♦♥❛❧ ❨♦✉t❤ P♦❧✐❝② ■♥st✐t✉t❡ ✭N = 1533 ❛❝r♦ss ✼✽ ❤✐❣❤ s❝❤♦♦❧s ✐♥ ❑♦r❡❛✮ ✐♥ ❤✐❣❤ s❝❤♦♦❧ st✉❞❡♥ts ✇❡r❡ ❛♥❛❧②s❡❞ ❛♣♣❧②✐♥❣ ❖▲❙ ❛♥❞ ♦r❞❡r❡❞ ♣r♦❜✐t ♠♦❞❡❧ ❢♦r ♠❡❛s✉r✐♥❣ ❧❡✈❡❧ ♦❢ ❧✐❢❡ s❛t✐s❢❛❝t✐♦♥✳ ❚❤❡ ✜♥❞✐♥❣s r❡✈❡❛❧ t❤❛t t❤❡ ♠♦st ✐♠♣♦rt❛♥t ✈❛r✐❛❜❧❡s ❛ss♦❝✐❛t❡❞ ✇✐t❤ t❤❡ ❤❛♣♣✐♥❡ss ♦❢ st✉❞❡♥ts ❛r❡ ❧❡✈❡❧ ♦❢ ❤❡❛❧t❤✱ r❡❝♦❣✲ ♥✐t✐♦♥ ♦❢ ❝♦♠♠✉♥✐t②✱ s❝❤♦♦❧ ❛❞❛♣t❛t✐♦♥✱ ❛♥❞ ❣♦♦❞ ♣❡❡r r❡❧❛t✐♦♥s❤✐♣s ✐♥ ❤✐❣❤ s❝❤♦♦❧✳ ▼♦r❡ r❡s❡❛r❝❤❡rs ❛r❡ st❛rt✐♥❣ t♦ ✐♥✈❡st✐❣❛t❡ ❛❞♦❧❡s❝❡♥ts✬ ❧✐❢❡ s❛t✐s❢❛❝✲ t✐♦♥✱ ❜✉t ❢❡✇ st✉❞✐❡s ❤❛✈❡ ❝♦♥❞✉❝t❡❞ ❧✐❢❡ s❛t✐s❢❛❝t✐♦♥ ✐♥ ❛❝❝♦r❞❛♥❝❡ ✇✐t❤ t❤❡✐r ❣❡♥❞❡r ✉s✐♥❣ ❑❈❨P❙ ❞❛t❛✳ ●❡♥❞❡r ❡✛❡❝t ✐s s✐❣♥✐✜❝❛♥t ❢♦r ♣❛r❡♥t❛❧ ❛tt❡♥t✐♦♥✱ s❝❤♦♦❧ ❛❞❛♣t❛t✐♦♥✱ ❛♥❞ ❤♦✉s❡❤♦❧❞ ✐♥❝♦♠❡✳ ❚❤❡s❡ ✐♥t❡r❡st✐♥❣ ❡①❛♠✐♥❛t✐♦♥s ❝♦♥✲ tr✐❜✉t❡❞ t♦ t❤❡ ❞❡t❡r♠✐♥❛♥ts ♦❢ ❤❛♣♣✐♥❡ss r❡s❡❛r❝❤ ❝❛♥ ❜❡ ✉s❡❞...
|
|
|
Can the stock markets predict changes in macroeconomic variables?
Vařeka, Marek ; Krištoufek, Ladislav (advisor) ; Hayat, Arshad (referee)
A bstract There is a consensus in the literature, that the stock market can predict the Gross domestic product on quarterly base or the industrial production, which is good proxy for GDP, on monthly basis and that the causal rela tionship between stock market and GDP should work both ways. However, using Vector autoregression model on US data since 1950, model shows that the stock market can not only predict the Industrial production on monthly basis, but also ISM non-manufacturing index, which is a good proxy for services in the economy. Furthermore I have managed to prove, that the unemployment can be predicted by past realizations of the stock market and managed to explain almost one third of all variations in change in un employment using S&P500 and oil prices during last 20 years. The Granger causality test concluded that stock market does cause the unemployment but not vice versa, at least during last 20 years.
|
|
|
Behavioral finance explaining excessive volatility of returns on financial instruments
Křížková, Šárka ; Kameníček, Jiří (advisor) ; Hayat, Arshad (referee)
The main focus of this thesis is to comprehensively describe the area of research called Behavioral finance and to point out a theory which has existed over 30 years but it is still not further developed: the Prospect theory. It has an application in many areas including finance - the major of this work. The thesis analyses the volatility of returns on futures contracts on cotton, crude oil and S&P 500 index using ARCH type models. The analysis confirms an asymmetric leverage effect of returns on volatility of all of the three contracts which corroborates a loss aversion in the decision making of investors, one of the main features of Prospect theory. On the other hand a measure of investor sentiment defined using open interest information incorporated in the model to directly capture investors reactions proved to be a weak tool. Powered by TCPDF (www.tcpdf.org)
|
|
|
Switzerland as a Safe Haven: Does the Foreign News Matter?
Kühnl, David ; Brushko, Iuliia (advisor) ; Hayat, Arshad (referee)
David Kühnl, Bachelor Thesis Abstract This thesis investigates the relationship between financial news and Swiss franc exchange rate in the context of Switzerland being safe haven for European investors. We employ the ARMA-GARCH econometric model extended by our custom component called "Floating Returns" to estimate the reaction of the investors to particular financial news. We find out that the bad news lead to significant short-term appreciation of the Swiss franc. Furthermore, we find out that not only the real macroeconomic data but also the investors' expectations are important for exchange rate determination. Finally, our model quantify the reaction to the particular news depending on the expected values and the announced values. 1
|
|
|
Interest rate pass-through in the euro area: The effect of financial crisis
Rybák, Jakub ; Horváth, Roman (advisor) ; Hayat, Arshad (referee)
In this study we analyze the impact of the financial crisis on interest rate pass-through in the euro area. By applying a wide range of econometric techniques, including both univariate and multivariate models to estimate cointegration relationships between retail and policy rates and related short-term adjustment processes we find out that the financial crisis has led to the increased spread between market and policy rates, which has not been corrected by central bank policies so far. We also find evidence of cross-country heterogeneity in both pre-crisis pass-through and crisis effects. In addition to this, for many retail rates we find an evidence of two-way Granger causality with respect to policy rates, indicating the accommodative policy of ECB following the market disruptions. We also estimate the timing of shocks to transmission mechanism and our results suggest that they are not distributed tightly around September 2008, but rather vary widely across the sample.
|
|
|
Croatian accession to the European Union: impact on the agricultural sector
Ducháčová, Kristýna ; Glazar, Ondřej (advisor) ; Hayat, Arshad (referee)
The diploma thesis studies the short-term impact of Croatian accession to the EU on its agricultural sector. This is done by discussing current literature in the field, studying Croatian accession process, analysing Croatian economic indicators and agricultural sector, utilizing Slovenian experience with accession, and using econometric analysis. Both the empirical evidence and results of model estimation show that Croatia is better off after the accession with regard to the agricultural trade. Early post-accession data show no evidence of serious adverse effects on employment or volume of trade. There is much stronger agricultural export decrease to the CEFTA countries in 2013 than to the EU countries, shifting the ratio of export in favour of the EU. A significant increase of imports from the EU is registered after the accession but imports from the CEFTA countries remain unchanged. The results show that the EU accession has positive impact on Croatian agricultural trade.
|
guest ::
