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Effect of regulation on OTC derivatives in G-SIBS in the USA in 2010-2015
Zajíčková, Tereza ; Jílek, Josef (advisor) ; Munzi, Tomáš (referee)
Institutions from the G-SIBs category have been under greater scrutiny not just by regulatory authorities since the beginning of the financial crisis in 2008. Insufficient regulation in OTC derivatives combined with moral hazard expressed in the highly speculative behaviour by G-SIBs were major factors contributing to the development of the financial crisis. The regulatory bodies in the USA responded to the situation by adopting the Dodd-Frank ACT with the aim to introduce additional rules for the market with OTC derivatives and regulate the activities of G-SIBs significantly. The paper analyses selected indicators related to the OTC derivative exposure and the overall financial condition of the selected G-SIBs. The thesis analyses the development of the monitored indicators following the implementation of the DFA to confirm that the risk arising from speculative derivative deals by G-SIBs was reduced, the financial condition of the selected institutions was strengthened, and the systemic risk was thus suppressed during the period 2010-2015.
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Analysis of support and financing of start-up projects in Israel in the period of years 2003 - 2015
Zedková, Daniela ; Ševčíková, Michaela (advisor) ; Munzi, Tomáš (referee)
This thesis analyzes the support and financing of start-up projects in Israel, especially in the period of years 2003 - 2015. Main goalof the thesis is to analyze the developmnet of of the Israeli startup environment, facts and the institutions that influence it. The thesis furthermore compares the development of the startup ecosystem in Israel and the USA during the period mentioned above. To achieve these goals the method of analysis has been chosen, especially causal, cestoral and system analysis. The thesis shows that the mains causes of the dynamic development of the startup ecosystem in Israel is in particular the government initiative together with the creation of the Office of the Chief Scientist, constantly rising spending on R&D and the associated support for venture capital funds. In comparison with the US, in Israel, the government sector plays a significant role in all types of support, whether financial or institutional, thus motivating foreign investors to enter the Israeli financial market. The success of the Israeli state lies also in its historical events, cultural habits and the features of the population. The main benefit of the thesis, except the analysis of the Israeli startup environment and its comparison with the US is a comprehensive analysis of the insignificant facts that influenced its current development.
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Analysis of deflationary factors in the Czech Republic in years 2008-2016. Was the CNB's decision to start intervene on foreign exchange markets well-founded?
Krampera, Tomáš ; Ševčíková, Michaela (advisor) ; Munzi, Tomáš (referee)
The decision of the Czech National Bank to initiate interventions on foreign exchange markets on 7th November 2013 based on an alleged threat of deflation induced a significant professional debate about the legitimacy of such a step as well as the phenomenon of deflation itself. The aim of this paper is to evaluate the development of Czech economy before and after the interventions using a macroeconomic and econometric analysis. That includes identifying potential deflationary factors, which are then put into context of good and bad deflation characteristics. Further analysis is to determine whether foreign exchange interventions were a justified step. This bachelor paper also mentions the characterization of different viewpoints on deflation, the evolution of opinions from a historical perspective and the description of low-inflation development abroad. The final part of this paper identified low inflation in Eurozone and the prices of oil as the main deflationary factors, both of which matching good and bad deflation characterization. I find CNBs foreign exchange interventions as an unfounded step.
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The future of central banking in the economic system of developed countries on a basis of evalution of the experience from the last decade
Vilt, Lukáš ; Ševčík, Miroslav (advisor) ; Munzi, Tomáš (referee)
Thesis is dealing with the development of the central banking on the basis of experience from the last decade. Hypothesis is the statement, whether the central banks of the developed economies are increasingly less capable of the effective reactions on the accelerating development of the global economy and their position in the money emission and regulation of the banking sector is and will be more and more weakened by the alternative banking and monetary systems. This hypothesis is successfully disproved because of the behavior of the four chosen central banks which are CNB, FED, ECB and BoJ. The main reason was an increase in their activities and interventions causing among others multiplication of their balance sheets. On the other hand the alternative in the free banking is further from the reality than before. Virtual currencies also did not show threatening growth of the national currencies substitution in the reference period. Thesis also provides insight into new and potentially new instruments of the central banks.
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BIOFUELS - REASONS AND CONSEQUENCES OF ITS INTRODUCTION
Bogdanov, Igor ; Vostrovská, Zdenka (advisor) ; Munzi, Tomáš (referee)
The thesis aims to analyze the economic and environmental consequences of the regulation to mandatorily blend bio-components into the fuel and prove its inefficiency. The theoretical part summarizes in detail the reasons of introducing the regulation, including the legislative framework, and generational evolution of biofuels. The analytical part uses statistical analysis of time series and price and efficiency indices to evaluate the effectiveness of biofuels in relation to reducing greenhouse gas emissions. The impact of the introduction of biofuels on the economy is specified through fuel prices. The impact on engines as well as food prices and social environment is also mentioned.
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Efektivnost monetární politiky při nulových sazbách
Mandok, Denis ; Jílek, Josef (advisor) ; Munzi, Tomáš (referee)
This thesis explores efficiency of monetary policy under zero lower bound condition. At first, is defined a role of monetary policy and criteria to judge the effectiveness of monetary policy are introduced. Then reactions of central banks of USA, Japan and Euro zone are explored. Thesis found out that monetary policy can be effective under a condition of zero lower bound. As last is introduced idea how to improve current monetary regime.
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Impacts of monetary policy of Czech national bank on the Czech economy since 1993 to 2015.
Mrzena, Michal ; Ševčík, Miroslav (advisor) ; Munzi, Tomáš (referee)
The aim of this thesis is to analyze impacts of monetary policy of Czech national bank on the Czech economy since 1993 to 2015. Last few years monetary policy has been often discussed topic in Czech republic. Instruments of monetary policy have been changing and it will be changed again. In this conditions the analysis of entire period of CNB existence is very attractive for author. The theoretical part of the thesis deals with economic theory of central bank. In this part the thesis talks in detail about the regimes of monetary policy and it is focusing on the inflation targeting. The practical part of the thesis deals with analysis of monetary policy in every year in terms of meeting the targets and their impact on the economy. The conclusion of this analysis is to evaluate the effectiveness of monetary policy from 1993 to the present.
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Subjective Parameters in Income Inequality Evaluation and Their Measurement
Burkert, Vojtěch ; Vostrovská, Zdenka (advisor) ; Munzi, Tomáš (referee)
This diploma thesis deals with income inequality measurements and concentrates mostly on the subjective parameters that are used in inequality computations. The core of the thesis is an evaluation of data from a survey, in which a questionnaire was completed by 150 people, mostly students and recent graduates. The most surprising finding is that approximately one third of respondents support the absolute invariance principle; eventually, this means a denial of many types of measurements in welfare economics, including the Gini Index. In the questionnaire, the respondents were also supposed to estimate actual Czech income distribution. All groups of respondents, not excluding economists, substantially overestimated the lowest income class size.
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External Migration Policy of the European Union in Relationships With Third World Countries - Opportunities and Risks
Tůmová, Tereza ; Vostrovská, Zdenka (advisor) ; Munzi, Tomáš (referee)
Diploma thesis focuses on migration policy in the European Union in the field of human migration flows from third world countries. The main aim of this thesis is to define global approach to theories of migration and analyze the development of external migration policies of The European Union since 1985 to the present when massive migration flows of people from third world countries hit Europe. Another aim is to evaluate consequences, opportunities and risks for destination countries which can be affected by the international migration. These chapters also introduce the legislative framework of migration policies in the European Union and they introduce security strategies and organizations that are involved in the management of migration flows to the European Union. Second part of this thesis analyses a massive migration flows to EU region after year 2011 and this part also identifies changes in migration policy as a response to this unexpected situation. Another aim is to confirm or disprove the hypotheses, whether migratory flows are the main driver in European population growth and whether there are any changes in the security issues across whole European region. The thesis follows the datasets from European Commission, Eurostat, Europol and from another organizations collecting information on key statistics in the EU. On the basis of the acquired data, the hypotheses about the existence of a correlation between the immigration, population growth and changes in the security field were confirmed.
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Budget Analysis of South Moravian Region in the Period 2006-2011
Šubrt, Marek ; Ševčíková, Michaela (advisor) ; Munzi, Tomáš (referee)
The aim of this thesis is to analyze the impact of the current economic cycle of South Moravian Region in comparison with other regions of the Czech Republic. I describe in the theoretical part the formation and position of the regions within public administration and regional policy and its funding. I analyze in detail the budget classification, the structure and the principle of management regions. The practical part is devoted to the analysis of the state budget and the budgetary designation of taxes. I analyze in detail various components of income and expenditure of South Moravian Region in 2006--2011. In conclusion, based on the budget balance, the regional debt and other economic indicators, I do a comparison of developments and trends in this region with other regions of the Czech Republic.
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