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Determinants of residential real estate prices in the Baltic States
Rákosníková, Andrea ; Hlaváček, Michal (advisor) ; Hanzlík, Petr (referee)
The burst of the housing bubble on the US market, that contributed to the start of the Great Recession, was a warning sign to many economists. Consequently, the last decade birthed important studies analysing the real estate market in the search for the driving determinants of the housing prices. This thesis continues these efforts by time series analysis of the determinants of residential real estate prices in Estonia, Latvia, and Lithuania. The VECM analysis showed that the importance of classic housing determinants differs from country to country. The price persistence is a crucial determinant of the Baltics' housing prices in the short run, but only Estonia and Lithuania showed the persistence in the long run. Latvian house price index seems to be very affected by the construction cost index, and therefore supply side of the housing market. The model also suggested an unexpected negative relationship between house and rent prices. The analysis was however done on relatively short time series and that could cause some discrepancies in the results as well. The author also used the P/I and P/R ratios and the Hodrick-Prescott filter to analyse the housing prices in the search of possible overvaluation, and concluded that these measures do not seem to indicate the existence of the housing bubble in...
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EU Conditionality and the Russian-speaking Minority in the Baltic States: Problems of Integration During and Beyond EU Accession
Gaziev, Farkhod ; Šlosarčík, Ivo (advisor) ; Váška, Jan (referee)
Since its inclusion in the Copenhagen criteria, the protection of minority rights has been an important political condition set by the European Union (EU) for candidate states. This thesis examines the effectiveness of EU conditionality on the Baltic States of Estonia, Latvia and Lithuania to change their ethnic policies and its affect on the Russian-speaking minority of the states. The main argument of this thesis is that the European accession process has promoted minority rights in the three Baltic states, following which the Russian-speaking minority in the Baltic States have been partially integrated. However, the domestic opposition and the potential threat from Russia hindered EU's efforts to influence outcomes of the domestic policies.
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Energy security of the Baltic states Estonia, Latvia and Lithuania
Havel, Zdeněk ; Zájedová, Iivi (advisor) ; Kučerová, Irah (referee)
Energy security is currently a favourite topic. It is being talked about in the context of several conflicts in Third World countries that, due to the supply of energy raw materials such as oil and gas, affect the rest of the world. For some states, however, the issue of ensuring energy security is a more vital. Some states, such as the Baltic countries - Estonia, Latvia and Lithuania, are dependent on supplies of fossil fuels from neighbouring countries. Moreover, up until recently their energy markets have not been liberalized, nor connected to the rest of the Europe. It is a well-known fact that the Russian Federation is the main supplier of these raw materials to them. Therefore, the Baltic states have been trying to reduce the influence of the Russian Federation in the Baltic region since they regained independence 26 years ago. This diploma thesis deals with the analysis of the energy security of all three Baltic countries. The thesis carefully analyses all aspects of their energy sector. It examines the historical development of the region, thanks to which we can understand the influence of the Russian Federation on the Baltics energy sector, as well as the level of international cooperation of the Baltic states with the EU in ensuring energy security. The analysis also focus on the...
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The Baltic Economies in the EU - Trends, Perspectives
Semerád, Lukáš ; Abrhám, Josef (advisor) ; Bič, Josef (referee)
The work analyses macroeconomic development of the Baltic States from the beginning of the 1990s until today and their position in the European Union evaluated on the basis of nominal and real convergence indicators. A significant part of the text is dedicated to the current economic crisis and to its impacts on the Baltic region. In this context, possible solutions and perspectives for future progress are suggested.
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