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Nonperforming Loans in China: Do We (Still) Need to Worry?
Sočuvková, Alžbeta ; Geršl, Adam (advisor) ; Lopušník, Ondřej (referee)
This thesis overviews and discusses the issue of nonperforming loans in general and in China, and financial sector development from the beginning of Deng Xiaoping's reform era in 1978. The focus is put on the underlying institutional framework as it is found to be one of key contributing factors of NPLs in China. Utilizing a sample of 23 countries over the period 2000-2009, we estimate the impact of macroeconomic determinants on nonperforming loans. One of the regressors, output gap, is estimated via Kalman filtering technique based on the multivariate unobserved component (MUC) method. Consequently, out-of-sample method forecasts for five subgroups of countries, thus providing different benchmarks for China, are compared with official data. The conclusion argues the NPLs ratio to be understated in official statistics, especially towards the end of the series, which might be a sign of increasing macroeconomic instability in China.
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Economics of Gambling Behavior
Pištora, Vojtěch ; Skořepa, Michal (advisor) ; Lopušník, Ondřej (referee)
This thesis deals with gambling behavior, both from the point of view of decision theory and with regard to the Czech gambling experience. Gambling at actuarially unfair odds is commonplace, yet the standard model of consumer choice cannot explain this phenomenon owing to the usual assumption of risk aversion. Theories of decision under risk dealing with betting behavior and answering the question why people gamble are surveyed. The phenomenon can be explained by adjustments within the expected utility theory, but non-expected utility models provide an alternative approach that seems to be descriptively more accurate. In the second part fundamental points of the Czech gambling reality are covered with the aim to provide a comprehensive overview as a tool for future researchers. The empirical part proceeds with analysis of socio- economic determinants of gambling participation and expenditure, to our knowledge for the first time based on Czech data. Given the absence of specialized micro-level data, two independent data sources from general expenditure surveys have been used. Strong conclusions for public policy could not be reached but the analysis still provides valuable insights.
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Alfred Müller-Armack a sociálne trhové hospodárstvo
Olešňaník, Tomáš ; Čech, Jan (advisor) ; Lopušník, Ondřej (referee)
This thesis deals with social market economy, a concept of economic policy formed by Alfred Müller-Armack and implemented in Federal republic od Germany after Second World War. The thesis includes, on one side the theoretical approach, which is characterized by effort to identify notional movements influencing Müller-Armack and by analysis of basic values of the concept and on the other side also realisation of this economic policy in practise.
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Rating the Sovereigns: Does It Work?
Mošnová, Alžběta ; Janský, Petr (advisor) ; Lopušník, Ondřej (referee)
The sovereign rating business has developed very fast in the last two decades. The recent economic turmoil proved how important it is to set up sovereign ratings in a correct, objective, transparent way and at the right time. The goal of this thesis is to look under the surface of Rating Agencies and analyze their sovereign rating methodologies from the economic perspective. I describe the individual indicators of the sovereign rating assessment, as well as the differences in the sovereign rating methodologies of the three biggest Rating Agencies. The empirical section tries to verify the ability of sovereign ratings to predict sovereign default as well as it explores the possibility that one of the three biggest Rating Agencies would provide systematically higher or lower sovereign ratings.
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Different approaches to money endogeneity within postkeynesian economics : reinterpretation into more general theory
Lopušník, Ondřej ; Sojka, Milan (advisor) ; Mertlík, Pavel (referee)
The theory of endogenous money supply forms one of the cornerstones of postkeynesian economics. It has been developing rapidly during the last twenty years, but is still neglected as a theoretical background for practical central bank policy. This may be due to the existence of different approaches to money endogeneity within postkeynesian economics. Postkeynesian economics thus lacks a general formulation of money endogeneity. Naturally, we may ask whether reinterpretation of current approaches to endogeneity - structuralism and horizontalism - into more general theoretical framework is possible. This thesis aims at finding answer to this question. It is critical to Fontana's attempt to reinterpret structuralism and horizontalism into more general theory. In my opinion, Fontana misinterprets differences between the two approaches and focuses on their graphical representation too much. Regrettably, the second approach to reinterpretation based on detailed analysis of cross-differences shows that differences, some of them very serious, between horizontalists and structuralists still prevail. I come to the conclusion that so far the reinterpretation of structuralism and horizontalism into more general theory is not possible, thus rejecting my initial hypothesis. Powered by TCPDF (www.tcpdf.org)
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Endogeneity of credit or nominal rigidities?
Franče, Václav ; Lopušník, Ondřej (referee) ; Mertlík, Pavel (advisor)
This thesis presents a theoretical model which tries to explain causes of business cycles fluctuations and which has its roots in the Post Keynesian stream of economic thought. According to this model, investment shocks together with endogeneity of money causes business cycles fluctuations. This model is compared with existing New Keynesian models which assert that causes of business cycles fluctuations are monetary policy shocks together with various nominal and real rigidities. Author uses econometric techniques (impulse-response functions and forecast error variance decomposition) to investigate which phenomenon contributes more to business cycles fluctuations. Unfortunately, results do not enable to draw a straightforward conclusion. It seems that both phenomena play a certain role.
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Trust - a neglected aspect of economic life
Macek, Petr ; Lopušník, Ondřej (referee) ; Mlčoch, Lubomír (advisor)
This thesis aims to contribute to the developing theme of economics of trust and justify its importance in the economic theory. The main emphasis is stressed on defining the terms trust and reputation using practical case of the association of collective investment UNIS ČR. The first part is dedicated to the concept of trust in economics as one of the main notions that ensures economic prosperity. The second part is about reputation and reputation capital, defining the terms and introducing the institution Underwriters Laboratories and the concept of Trusters and Promisors, which belongs to the phenomena. In the fourth part I look into Czech economic transformation and the last part I dedicate to the practical example from the area of collective investment. In the conclusion I am summarizing the findings of my work and discussing possible future direction of research in this field.
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Limits to the Efficiency of the Capital Market
Vyhlídka, Jan ; Pošta, Vít (advisor) ; Lopušník, Ondřej (referee)
The aim of this study is to gather insights into market efficiency and mechanisms that work in the financial markets. It provides a framework with an emphasis on liquidity and the failure of arbitrage that deepens our understanding of various financial crises. Described mechanisms are particularly relevant for the last financial crises - including 2007-2009, LTCM, and dot-com bubble. In the first chapter the concept of efficient markets is introduced. In the second chapter it is challenged from the point of view of noise trader theory and limits of arbitrage. The third chapter deals with market microstructure and liquidity. Last chapter shows importance and adverse effects of externalities, particularly of those causing liquidity spirals.
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