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Impact of pension reform to implicit pension debt: Evidence of pension reforms in EU in 1993-2013
Obořil, Josef ; Schneider, Ondřej (advisor) ; Soudek, Jan (referee)
This thesis investigates impact of pension reforms implemented in the EU27 countries in time period 1993 - 2013 to implicit pension debt. We applied Holzmann's (2004) methodology to calculate implicit pension debt. Primary outcome is that in the investigated period, 21 countries have reduced its im- plicit pension debt in range of 57% to 700% of its GDP. On the other side, in Denmark, Germany and Portugal, implicit pension debt increased in range 10% - 194% of their GDP. Paper also investigated impact of individual components implemented in pension reforms. Largest impact was recorded by change of pension age. In- creasing pension age by 1 year reduced the IPD by 46% of GDP on EU27 level. This was also the most often used measure as it was implemented 42 times in the investigated period. Reforms of indexation have also significant impact on IPD, however, as indexation is linked to chosen variables to decrease IPD it is only possible to change indexation linkage. Possibilities of early retire- ment were also limited, as it was adjusted 13 times. The effect was smaller in comparison to increasing retirement age where increasing early retirement age decreased implicit pension debt by 21% of GDP on the EU27 level. This equals to impact of increasing contribution rate by 1 p.p. The smallest impact was...
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Forecasting Tobacco Consumption in the Czech Republic
Štrobl, Martin ; Janda, Karel (advisor) ; Soudek, Jan (referee)
This thesis aims to build a theoretical framework to model the future tobacco con- sumption, size of smoking population and governmental tax revenues in the Czech republic. The main assumption of the model states that smokers determine their fu- ture tobacco consumption behavior as adolescents. This strong statement is backed by empirical evidence. Further assumptions are introduced to make the model ap- plicable to the data by the Czech National Monitoring Centre for Drugs and Drug Addiction. The resulting model is simplified, however, is still able to reflect the fu- ture trends induced by upcoming demographic changes to the Czech population and provide forecasts. Future teenage smoking rates and average consumption are the inputs to the model; consumption growth coefficients for each age category are esti- mated using zero-inflated negative binomial regression. Several scenarios are built to model possible developments, including extreme cases. All scenarios showed that all model outcomes are going to grow until 2028 in a very similar pattern. In particular, the projected number of smokers in 2028 is by 4-8% higher than in 2013, the total daily tobacco consumption and tax revenue by 7-26%. This increase is induced by aging of large birth cohorts. Later on, the projected scenarios differ substantially....
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Transaction costs of public procurement related to software solutions
Májková, Tereza ; Soudek, Jan (advisor) ; Polák, Petr (referee)
Even though public procurement processes are strictly controlled and they have to follow the legal framework, there are still many decisions the contracting authority has to make. It has to choose the method of preparation (whether to use the external help or not), the type of procurement procedure, the method of evaluation of the bids and the evaluation criteria. Those partial decisions have a big impact on the transaction costs of the procurement process. The transaction costs also depend on the complexity and the time and labor consumption of the procurement process. In this thesis we chose companies inquiring software solutions from the public sector and we compared their preferences, transaction costs and time-consumption of their procurement. We divided the respondents in three different groups to ministries, cities and indirectly controlled institutions (including universities and medical units). According to our analysis the most difficult and the most time-consuming procurement processes take place at ministries, the least time-consuming ones at cities. Also the analysis suggests that the institutions are waiving the external administration and they use the help of the external consultants and the legal advisory more. We find that the price most frequently used evaluation criterion in the...
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Public Procurement of homogeneous goods: Czech Republic case study
Soudek, Jan ; Skuhrovec, Jiří (advisor) ; Mertlík, Pavel (referee)
The goal of this thesis is to show that institutional and procedural characteristics are affecting the final price of the public procurement. In order to be able to compare the tenders among each other, only public procurement of homogeneous goods is analyzed. The presented model attempts to explain a variation in final price per one unit as a function of estimated unit price, market price and characteristic of procurement procedure - type of procedure, number of bidders and use of electronic auction. In case of electricity and gas public procurement final price elasticity with respect to the estimated price tents to be higher than such elasticity with respect to the market price. This result suggests high rigidity in public procurement procedures. We show that such ineffectiveness is reduced by using open procedure, electronic auction or attracting more bidders. JEL Classification H57, D23, D73, C21 Keywords: public procurement, homogeneous goods, energy markets
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Living Standards Measurement Using Income and Expenditure for the Czech Republic
Tachovská, Tereza ; Janský, Petr (advisor) ; Soudek, Jan (referee)
(in English) The aim of this thesis is to show the differences in results regarding living standards when using income and expenditures in the Czech Republic. The main factor which leads to inaccuracy in the results when using only income is consumption smoothing. The thesis examines income and expenditure inequality and poverty between 2001 and 2011. Each measurement uses more measures (coefficients, indices, etc.) to gain the most comprehensive impression possible and to avoid possible deficiencies. Namely, the head count ratio, the aggregate poverty gap, the Sen index and the Takayama index for poverty, and the Gini coefficient, the coefficient of variation and the Theil index for measuring inequality are used. An analysis of the relationship between average income and expenditures shows that average monthly income was higher than expenditures. The trend in inequality was more or less the same for income and expenditures when considering the whole population (constant or increasing depending on the measure used); with regard to the inequality of pensioners, the results were quite different depending on the measure. Expenditure poverty for the whole population exceeded income poverty, whereas for pensioners' households it was the other way around. The whole population, poverty was relatively...
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Zero price effect: An experiment
Pospíšil, David ; Chytilová, Julie (advisor) ; Soudek, Jan (referee)
This thesis is focused on increase of demand of good that becomes free, named the zero price effect. This increase cannot be fully explained by the standard economic model. The aim of this thesis is to broaden existing literature with observation of the effect on the different groups of consumers coded as group with higher education and lower education respectively. The first chapter introduces the zero price model, which describes consumers behaviour when given the choice of a free product. Next, the decision process is described using the value function and description of possible psychological sources of the zero price effect follows. Second chapter summarizes the existing experiments on zero price effect. The last chapter describes the main experiment which took place in office canteen and in the recyclables collection point. The results do not confirm the existence of the effect in these two environments, demand drop as a reaction to price reduction was observed on the recyclables case. Due to these facts, the hypothesis about the difference in magnitudes on these two samples cannot be verified.
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Effectiveness of Banking Regulation and Supervision in the Light of the Global Financial Crisis
Dítě, Martin ; Geršl, Adam (advisor) ; Soudek, Jan (referee)
In this paper we investigate the impact of banking regulation and supervision on the economy during crises and compare our results with current regulatory trends. Specifically, we employ a dataset consisting of 49,183 firms in 85 countries to estimate the influence on availability of credit and 642 banks in 48 countries to evaluate the influence on banking profits. We provide evidence that banks in countries with more independent regulators had higher profits, while the increased power of supervisory agency and disclosure requirements fostering private monitoring had a negative effect on profits. The evidence, on the other hand, suggests that private monitoring did increase the availability of credit during crisis. Although the current global approach to regulation does deal with many issues that arose from our analysis, the analysis did not provide any evidence of the beneficial effect of capital requirements that are at the core of this approach. JEL Classification G01, G21, G28 Keywords Bank performance, Credit availability, Regulation and supervision, Financial crisis
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Public Procurement of homogeneous goods: Czech Republic case study
Soudek, Jan ; Skuhrovec, Jiří (advisor) ; Hrubý, Zdeněk (referee)
The goal of this thesis is to show that institutional and procedural characteristics are affecting the final price of the public procurement. In order to be able to compare the tenders among each other, only public procurement of homogeneous goods is analyzed. The presented model attempts to explain a variation in final price per one unit as a function of estimated unit price, market price and characteristic of procurement procedure - type of procedure, number of bidders and use of electronic auction. In case of electricity and gas public procurement final price elasticity with respect to the estimated price tents to be higher than such elasticity with respect to the market price. This result suggests high rigidity in public procurement procedures. We show that such ineffectiveness is reduced by using open procedure, electronic auction or attracting more bidders.
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Public procurements : institutional analysis of the competitive proceeding in government procurements
Soudek, Jan ; Vacek, Pavel (referee) ; Kouba, Karel (advisor)
This thesis focuses on institute of the public procurement from the economic point of view. Especially it is trying to analyze institutional factors affecting process of public competition. First part defines economic term "public procurement" and shows, how important is this institution for the economy. Than describes the Public procurement law and others formal rules. Second part is focused on economical aspects of public procurements, namely on transaction costs, economic model of submitter, competition mechanism and determinants of its effectiveness. End of theoretical part is trying to implement the theoretical framework of the rent-seeking on public procurements. Last Chapter is empirical analyze of the randomly chosen set of 278 public procurements in civil engineering works, which were realized in Czech Republic since 2005 till 2007. Mainly it tries to approve the hypothesis about effect of explicit competition on the final price (as a percentage of the approval price) and shows the positive effect of use the most transparent proceeding on this price-ratio.
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The supplementary pension savings scheme in the Czech Republic: Microeconomic evidence of the 2013 policy change
Rückl, Adam ; Janský, Petr (advisor) ; Soudek, Jan (referee)
The thesis investigates determinants of participation in the supplementary pension savings scheme in the Czech Republic and estimates their change with respect to the policy intervention realized in 2013. Using the time series of cross-sectional microeconomic data provided by the Statistics on Income and Living Conditions, the probability of participation and the level of contributions are estimated separately by probit and multiple linear regressions, respectively. The estimated coefficients of both models are tested for structural differences caused by the policy change, employing the pooled dataset of multiple years with additional coefficients to treat the compared period. The analysis confirms that income, age, education and economic activity have a positive effect on both the probability of participation and expected level of contributions. Whereas gender differences for the level of contributions have not been detected, single women on average show, ceteris paribus, 4.6 percentage points higher probability of participation than single men. Unexpectedly high level of activity was observed in case of retired individuals, who in 2014 represented approximately 15% of all participants and collected 20% of the credited direct state subsidy. With respect to the 2013 policy change, no evidence of a...
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