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Life Cycle and Asset Poverty
Lancuchová, Petra ; Želinský, Tomáš (advisor) ; Janotík, Tomáš (referee)
Poverty is generally defined as a lack of income to meet basic needs. The economic conditions of a household depend except from income also on assets of a household, and so on its real and financial asset holdings. The core of this thesis is to explore how asset holdings influence poverty over the life cycle. In last years, plenty of papers concerning this topic have been published and results of them are similar. This thesis builds on previous researches, but several modifications have been made. In our empirical research, we use the data gained from the Slovak HFCS survey conducted in 2014 to investigate how the asset position of individual or household evolves throughout the life. Besides ordinary least squares method that focuses on the impact of age for the average value of assets, we adopted the method of quantile regression to reveal the differences of age influence on different values of assets. By estimating five models in four variations we discovered that age is not always relevant when determining the values of household assets. The result indicate that age is of importance only from the certain age level. It was also found out that asset position of retired people is better than the asset position of younger people in cases where age significantly affects the given forms of assets.
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Youth Unemployment: What Can the Flow Data Tell Us?
Šlegerová, Lenka ; Flek, Vladislav (advisor) ; Janotík, Tomáš (referee)
Youth Unemployment: What Can the Flow Data Tell Us? Author: Lenka Šlegerová Supervisor: doc. Ing. Vladislav Flek, CSc. Academic Year: 2015/2016 Abstract This thesis deals with the dynamics of the Czech labour market, with special emphasis on the youth. The calculations of gross labour market flows and flow transition rates deliver evidence on higher youth labour market dynamics compared to prime-age labour market. The thesis then analyses the driving forces of unemployment rate fluctuations. It explores the concept of steady-state unemployment rate and then focuses on decomposition of fluctuations in the steady-state unemployment rate. In the Czech Republic, the results at the aggregate level suggest that changes in unemployment inflow contribute with considerably higher share to the fluctuations in steady-state unemployment rate than changes in unemployment outflow. In case of the youth steady-state unemployment rate, changes in unemployment inflow account for an even higher share of fluctuations in the steady-state unemployment rate.
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Predicting Stock Market Volatility with Google Trends
Pecháček, Jan ; Krištoufek, Ladislav (advisor) ; Janotík, Tomáš (referee)
This thesis aims to investigate the usability of Google Trends data for predicting stock market volatility. Using daily Google data on tickers of three companies with large market capitalization, we examine the causal relationship between Google data and volatility proxy. We employ two common models for volatility, Generalised Autoregressive Conditional Heteroskedasticity model (GARCH) and Heterogeneous Autoregressive model (HAR) and we augment them by adding Google data. We studied the performance of in-sample forecasting and out-sample forecasting. Our results show that Google data Granger-cause stock market volatility and is able to produce more accurate results in in-sample forecasts then models without Google data added.
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Evolution of Real Wealth of the Czech republic
Havelka, Jan ; Cahlík, Tomáš (advisor) ; Janotík, Tomáš (referee)
This thesis analyses the development of the inclusive Wealth of the Czech Republic and compares it with twenty other countries. The thesis summarizes the knowledge of categorization of capital assets, shadow prices and their impact on the productive base of a country. For an economy to follow a sustainable development it has to provide at least the same amount of productive base for future generations. The thesis assesses newly created Inclusive Wealth Index and analyses its advantages and drawbacks. Furthermore, it describes used methodology and adjusts the index with other factors that influence the inclusive Wealth of a country. Based on empirical research of data for the Czech Republic and twenty more countries for years 1990 to 2008, stable growth of the Czech Republic, caused by investing into human capital, was confirmed and the problems connected with drawing down natural capital were highlighted. However, due to incompleteness of data and usage of linear interpolation to estimate missing data, the results of the analysis need not be valid. This can be tackled by including and comparing other indicators. On the other hand, used methodology has proven to be useful and brought some beneficial conclusions and advices for the Czech Republic and other countries.
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Economics and happiness
Zelinková, Jana ; Mlčoch, Lubomír (advisor) ; Janotík, Tomáš (referee)
The creator of the GDP tool, Simon Kuznets, warned already in 1934 about impossibility of deriving the general welfare from the data obtained with the use of the GDP. Recent economics do not take into account all of the important factors affecting the distribution of the consumer's preferences, thus threating the assumption of the consumer's rationality. This thesis analysed significant factors that strongly affect the level of subjective welfare. The discussion of the reasons of the weak correlation between changes in income and level of happiness was emphasised as well. In the part devoted to the methodological issues were presented major problems that can occur in the research about happiness together with the possible ways how to deal with them.
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Rules in homeless communities: an institutional analysis
Ehrlich, Matěj ; Schwarz, Jiří (advisor) ; Janotík, Tomáš (referee)
In this thesis, we are interested in rules of coexistence among homeless persons in Prague. At first, we will generally describe the emergence of order in society then we will focus on informal institutions and various ways how to enforce them. Subsequently, we will turn our attention to the topic of homelessness. We will provide a definition of homelessness suitable for our purposes and describe functioning of informal social networks that emerged among homeless people in different parts of the world. This will lead us to the empirical part of the thesis, which is based on unstructured interviews and results in description of ob- served regularities and enforcement mechanisms connected to them. For some of those regularities, we will use game theoretical approach to explain how did they emerge and how are they sustained. Keywords: homelessness, informal institutions, institutional analysis, game theory, private enforcement Author's e-mail: matej.ehrlich@gmail.com Supervisor's e-mail: jiri.schwarz@gmail.com
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Do Determinants of Happiness Vary across Demographic Groups?
Marčiš, Peter ; Chytilová, Julie (advisor) ; Janotík, Tomáš (referee)
This thesis examines relationships between subjective well-being of individuals and various factors (determinants of happiness) using the ordinary least squares (OLS) method separately for each of the major religious denominations, world regions, and sizes of municipalities. The results are then compared across the specified groups in order to find out if there are any significant differences. Based on the output of the analysis it can be inferred that there are remarkable differences especially across religious denominations and world regions where the most notable differences are found in case of relative income, unemployment, gender and marital statuses. On the other hand, the differences across various municipality sizes are not so frequent or substantial and the most significant variations are found for variables representing GDP per capita and marital statuses. Key Words subjective well-being, determinants of happiness, religious denominations, world regions, municipality sizes, comparison, differences
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Sacrifice as Investment, Investment as Sacrifice
Hrivniaková, Jana ; Sedláček, Tomáš (advisor) ; Janotík, Tomáš (referee)
In this work we will look at a particular example of investment and sacrifice, where investment originates in science and sacrifice in myths, but they both meet. The question is what exactly is what they are describing. Is investment and sacrifice similar or to grasp full understanding of this phenomenon we need both approaches? There can be found characteristics of rites in investment, similar structure and symbolism as well as economic incentives incorporated in the sacrifice. However investment is not perceived as rite and communication with divinity and sacrifice is not pure cost and benefit analysis. This paper tries to answer these questions and clarify the line between the two. It was Walter Benjamin who was first to notice the similarities between religion and economics and we would like to continue with the discussion. This topic is not much discussed further in literature, therefore by this paper we would like to fill the gap and contribute to the topic.
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The Determinants of Trust in the European Central Bank
Katuščáková, Dominika ; Horváth, Roman (advisor) ; Janotík, Tomáš (referee)
The thesis studies the determinants of trust in the European Central Bank by employing various indicators. The main objective has been to assess the most significant determinants of trust and to study the impact of the Great Crisis on trust in the European Central Bank. First, the socio-demographic and macroeconomic variables have been studied as the predictors and socio-demographic ones have been confirmed to be more significant. We have also extended the regressions by two new variables: monetary policy transparency index and financial stability transparency index. Whereas the monetary policy transparency index has not been significantly correlated with trust, it has been proved that the financial stability transparency index has positive impact on the trust in the European Central Bank. Secondly, we have employed the bias-reduced linearization procedure for computation of the standard errors in order to account for clustering and serial correlation problems. After comparison with the robust standard errors, we have concluded that the robust standard errors are not able to completely deal with the clusters and serial correlation in data. Thirdly, it has been proved that the trust in the European Central Bank decreases during the crisis occurrence.
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