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The Causes of Inflation in Mongolia
Tsendsuren, Sayana ; Horváth, Roman (advisor) ; Vacek, Pavel (referee)
In this thesis, we study the causes of inflation in Mongolia. We estimate a small open economy VAR model for Mongolia. The model comprises of two blocks - China and Mongolia and we impose a block exogeneity restriction in regards with our estimation purpose. We assess domestic and external shock affect on price level of Mongolia using impulse response function and reveal the main contributors to the price variability utilizing the forecast error variance decomposition (FEVD). Therefore, we trace out that the external shocks affect the price significantly in comparison with the domestic shock. In addition, we can say that the price level is very susceptible under the supply side shock.
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The Main Determinants of European Trade Integration
Spivacenco, Carolina ; Vacek, Pavel (advisor) ; Dingová, Vilma (referee)
The importance of international trade cannot be neglected as it represents an important channel of wealth creation in the actual globalised world. Thus, the present writer aims to identify how the commercial flows have changed after the adoption of Euro and once the financial crisis has burst. Furthermore the main factors that influence trade are researched by using the gravitational econometric model and employing panel data for 14 EU member countries. The results show that the intensity of commercial exchanges are highly influenced by the level of development (GDP) of the country and the amount of FDI that are attracted, while the use of a common currency appears to be not too significant. At the same time, indicators are more sensible during the crisis period than the stable one, hence even small changes in independent variables can lead to higher decrease in trade. Key words: European trade, liberalization, competitiveness, financial crisis, contagion, Euro, gravitational model.
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Simulation of Impacts of Labor Laws on Labor Market
Dlouhá, Ilona ; Vacek, Pavel (advisor) ; Fialová, Kamila (referee)
This master thesis analyzes the differences in the labor laws and their impacts on the development of the labor markets in large selection of OECD countries, including the Czech Republic. The thesis covers both historical and current data including the late-2000s recession. The labor market performance is measured by hours worked per person, which combines the extensive margin (employment rate) and the intensive margin (hours worked by employed individuals). Labor laws are represented by the average and marginal tax wedges, employment protection legislation, labor market policies and trade union density. The thesis contains an empirical model of the relationship between the labor market performance and labor laws for 24 OECD countries for the period 2000-2008. The thesis shows that the lower hours worked are associated with more strict employment protection legislation and lower trade union density. The effect of taxation (in terms of tax wedges) varies substantially among different subgroups of the population, but it is generally quite weak (elasticity around -0.15) and it cannot explain the overall differences in the development of the labor market performance among countries.
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Crystalex Nový Bor: od dedictví IPB k zátěžovému testu českého insolvenčního zákona
Čása, Tomáš ; Richter, Tomáš (advisor) ; Vacek, Pavel (referee)
v Summary The presented work describes and analyzes the course of insolvency proceedings in Crystalex Nový Bor, one of the largest corporate bankruptcies resolved under the Czech Insolvency Act. The core of the work focuses on the description and assessment of the case from the point of view of economic efficiency. The analysis of a large corporate bankruptcy case defined the key aspects of the proceedings and evaluated them in the context of the existing legal framework. The case confirmed a strengthened position of secured creditors, but could not find evidence for opportunistic abuse of this position. The Czech Insolvency Act respected pre- bankruptcy entitlements and the absolute priority rule. On the other hand, the course and the role of the moratorium and delays in the distribution of the liquidation proceeds were weak aspects of the proceedings. The selected method of insolvency resolution through liquidation and sale of the core operating assets together under one contract appeared the most plausible from the point of view of the type of distress in the company. Keywords: case study, financial distress, insolvency, insolvency proceedings, liquidation, asset sale Bibliographic record Čása, Tomáš: "Crystalex Nový Bor: From IPB Heritage to the Loading Test of the Czech Insolvency Act." Charles...
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Regulatory Impact Assessment of change in the Law of Protection of Competition
Šafka, Jiří ; Vacek, Pavel (advisor) ; Baxa, Jaromír (referee)
In September of 2009 the Law No. 395/2009 Coll. of significant market power in the sale of agricultural and food processing products and its abuse was adopted, which later came in force in 2010. Since the adoption the law is accompanied with problems, especially its very bad formal, as well as content imperfections. Thus complete abolishment of this legal standard was considered in year 2011. Following this act, it is proposed that the Act No. 143/2001 Coll. of protection of competition should be amended on those parts of law of significant market power, which proved to be beneficial for the competitive environment. Prior to the adoption of this amendment it is necessary to develop according to the directives of the European Union a Regulatory Impact Assessment, a document that analyzes the current situation, and through consultations with concerned individuals, propose possible solutions to the situation. In order to propose objective solutions, it is necessary to look into content and formal aspects of aborted law, find out the parts which have justifiable existence in the legislation, and after comparison with other European Union countries consider the form of criteria which will be assessed according to finding a distortion of competition. All this, if possible, with the lowest expenses and...
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How Tax, Labor Market and Product Markets Reforms Influence Foreign Direct Investment
Tydlačková, Stanislava ; Vacek, Pavel (advisor) ; Serdarevič, Goran (referee)
This work analyses industry level Foreign Direct Investment (FDI) inflows in order to find out if their determinants are the same for all industries or if they differ and how. The second important question is if various qualitative variables as labour market or product market liberalization or taxation determines flows to individual industries. I analyse seven industries by System GMM model for period from 1994 till 2009. The results suggests that inflows to each industry are driven by distinct set of determinants. While there are nearly non-significant determinants for agriculture among explanatory variables I used, there is many of them significant for services. Concerning qualitative variables, labour market liberalization influence FDI inflows to manufacturing and mining, product market liberalization influence inflows to transportation and electricity, gas and water industry. The level of taxation seem to be significant determinant of FDI inflows to manufacturing. Keywords FDI, Foreign direct investment by industry, Structural reforms, Labour Market, Lib- eralization, GMM, taxation 4
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Residential real estate market during the financial crisis : empirical evidence from the CEE region
Hrachovec, Martin ; Vacek, Pavel (advisor) ; Streblov, Pavel (referee)
1 Abstract This thesis investigates the housing price determinants and possibilities of housing price bubbles in the residential real estate markets of Central and Eastern Europe before and during the economic crisis of 2007-2009. Using data from international institutions, national central banks and national statistical offices three quantitative methods are applied. Price-to-income ratios suggest housing price bubbles that were eliminated during the crisis in three out of five countries covered. Second approach of simple panel data models sheds additional light on housing price bubbles and indicates GDP growth, unemployment and average real wage as the main determinants of housing prices in the region. First indication of severe housing price persistence in CEE is demonstrated by the results of the models as well. More reliable results for housing price determinants are obtained from variance decomposition and impulse response functions of vector autoregression models. Each country is modeled separately and substantial differences exist between the countries. Poland is the only country that does not exhibit housing price persistence and dynamics in Austria are less volatile as compared to the new EU members in the sample. JEL Classification G12, E39, R21, R31, R32 Keywords residential real estate, housing...
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Attractiveness of foreign direct investment in Ukraine
Shepel, Nataliia ; Vyhnánek, Tomáš (advisor) ; Vacek, Pavel (referee)
This thesis examines the investment climate and foreign direct investments' attractiveness in Ukraine. The theoretical approach for the explanation of foreign investors' decision-making is presented on the basis of the selected theories of transnational corporations. Descriptive and comparative analysis of the investment flows in Ukraine since its independence is made on the basis of statistical data from the National Statistics Committee and World Statistical Databases. Analysis of variables which I regarded to have a potential influence on foreign investors' decision-making in Ukraine was held. The econometric method of regression analysis was used to determine the significant factors among the chosen for the analysis.
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Antitrust policy from a point of view of institutional economics
Jelínek, Martin ; Mlčoch, Lubomír (advisor) ; Vacek, Pavel (referee)
This bachelor thesis called Antitrust policy from a point of view of institutional economics is considered to be a sort of enlargement of conventional approaches of antitrust policy toward different market structures. It begins with a short introduction into antitrust and basic causations of market structures, conduct of market entities and total performance. The central point of this paper concerns an analysis of different market structures and the anticompetitive and pro-competitive behaviour they initiate. In each chapter, the optimum approach of antitrust policy I provided as well as the extent and form of intervention designed to eliminate the anticompetitive impact of such structure and spur the efficiency. The analysis reflects not only the conventional economic principles, but contributes with the institutional ones. Many of antitrust litigations are mentioned in this paper to demonstrate the link between the theory of market competition and the practice. First, the paper focuses on horizontally and vertically integrated firms. Then it discusses a particular market industry - the network industry that creates a specific market structure. Later on, there is a state aid discussion and its potential anticompetitive impacts not only in one state economy but also within the framework of the entire...
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Supervision of the Integrated European Banking Market
Trpčevski, Ivan ; Mertlík, Pavel (advisor) ; Vacek, Pavel (referee)
The aim of the thesis is to analyse the Europe-wide banking supervision. The thesis points out the problems and shortcomings of the pre-crisis framework, analyses mutually competitive proposals for change that emerged during the crisis and possibility of their implementation. It incorporates the appraisal of adopted legislative changes prepared by the European Commission and their impact in this context. Therefore, core of the thesis is a pre- crisis fragmented supervision and the European System of Financial Supervisors adopted in November 2010. The thesis points out the need to address fiscal issues along with the supervisory setting. Despite a very narrow focus of the thesis, it is characterized by a holistic approach. The topic of banking supervision at the level of the European Union is considered in a much broader institutional context, in the context of the integration of the banking sector during the past 30 years, and the latest financial crisis, as well. The thesis is evolutionary. It points out that there is no institutional form of efficient banking supervision. The process of institutional change, leading to the achievement of efficient supervision of the banking sector, is perceived rather as a long-run, in-depth process. It follows institutional changes in a much broader context than...
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