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Konkurenceschopnost zemí střední a východní Evropy
Ustiuzhantseva, Polina
This bachelor thesis is devoted to the competitiveness of Central and Eastern European countries. In the theoretical part the concept of competitiveness and methods of measuring macroeconomic competitiveness are described. In the methodological part indicators are chosen, by which subsequently in the practical part comparison of competitiveness of Central and Eastern European countries is carried out. The practical part of the thesis also deals with the comparison of re-sults of measurement of selected indicators. According to the chosen indicators weaknesses and strengths of Central and Eastern European countries are identi-fied. Finally, recommendations for increasing the competitiveness of selected states are formulated. In the discussion part, the achieved results are compared with the results of other authors, and the possible shortcomings of the chosen indicators are discussed.
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Labour mobility: an emerging trend of intra-EU workforce migration to Central and Eastern European countries from the Western member states
Medal, Ondřej ; Šlosarčík, Ivo (advisor) ; Weiss, Tomáš (referee)
1 Abstract Intra-EU labour mobility is perceived as one of the key advantages of the European common market. Most research thus far has focused on East-West flows of the workforce, whilst the reverse course remained almost unseen. Thus, this thesis aimed to evaluate the migrating workforce from EU-15 to CEE, which was demonstrated in the example of the Czech Republic. With the testing of Wallerstein's world-system theory and the push and pull migration factors, the thesis examined employment features of the EU-15 nationals, their labour mobility drivers, and the concept of Prague as a global city. The empirical data were gathered from EU databases of intra-EU mobility, Czech national statistics, and a structured survey of EU-15 nationals residing in the Czech Republic. The survey gathered 177 answers with results of a confidence level of 95% that the actual value is within 10% of the measured value. The research outcomes were then used for elaborating on the core-periphery dynamics and the West-East dichotomy. Overall, the findings suggest that this trend is emerging as the number of EU-15 nationals in the Czech Republic has risen by 212,13% since 1994. Moreover, it consists largely of knowledge workers, as almost three out of every four people have completed tertiary education. The most determining labour...
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The Inflation-Output Variability Relationship in the CEE countries: A Bivariate GARCH Model
Kubovič, Jozef ; Čech, František (advisor) ; Červinka, Michal (referee)
This thesis examines the output-variability relationship and causal relationships among the inflation, the output growth and their uncertainties for the Central and Eastern European region during the period of time that covers the economic crisis of 2008. We apply the bivariate GARCH(1,1) model with the constant conditional correlation covariance matrix to obtain conditional variances that proxy the two uncertainties and use Granger causality test to determine the causal effects among four variables. We come up with a number of interesting results. First, we did not find statistical evidence neither for the inflation-output variability relationship nor for the Phillips curve. Second, we uncovered support for the positive causal effect of the inflation on its uncertainty and negative causal effect for the reverse direction. Additionally, we also found some support for the indirect negative causal effect of the inflation on the output growth. These results support the policy of low and stable inflation in the countries. Finally, we showed that crisis has a significant impact on the results, changing the behaviour of conditional variances and causal effects among the variables. Powered by TCPDF (www.tcpdf.org)
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Does the Eurozone crisis bring similar effects to the economic growth of peripheral countries of EU? A research to investigate effects of the Eurozone crisis on the economic growth of the Eurozone peripheral countries and the non-Eurozone CEE countries
Li, Peiwei ; Szobi, Pavel (advisor) ; Svoboda, Karel (referee) ; Akdogan, Idil (referee)
Peiwei Li Abstract: This paper is to investigate whether the Eurozone crisis brings similar effects to the economic growth of two groups of the EU's peripheral countries, including the PIIGS and the CEE countries. Greece, Ireland and Portugal from the PIIGS group; and the Czech Republic, Hungary and Poland from the CEE group are selected as the researched countries in this paper. In order to quantify how the Eurozone crisis affects the economic growth of these two groups of countries, this research utilises the statistical software STATA to operate a panel regression model with country and time fixed effects. The employed panel data contains selected indicators of the six researched countries over 2004-2018. Indicators that may affect economic growth of countries during the Eurozone crisis includes current account balance, FDI inflows, debt, exports and unemployment. Apart from the generation of overall results for all the six countries over 2004-2018, this paper generates a dummy variable "eurozone" to divide the researched countries into two groups. Therefore, it compares the results of each group. The research period also be equally divided into three stages: 2004-2008, 2009-2013 and 2014-2018, which represent for pre-crisis period, crisis period and post-crisis period. The divided periods are used to...
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The influence of China on CEE countries' foreign policy preferences
Liškutín, Kamil
The primary goal of this thesis is to address the validity of a popular premise that China has deployed a “divide et impera” strategy in relations with the European Union through the 16+1 Initiative. The contemporary literature predominantly focuses on the analysis of economic aspects. The thesis, however, deploys unique techniques to study non-economic aspects. As such the analysis was conducted via both comparison of state positions derived from the United Nation roll-call data and the speech similarities derived from the United Nations statements. The author concluded that the 16+1 initiative has led to only a very slight increase in similarity of the state’s preferences between the CEE countries and China.
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Herd behavior of investors in the stock market: An analysis of cross-country effects in the CEE
Lerche, Vojtěch ; Kukačka, Jiří (advisor) ; Vácha, Lukáš (referee)
The thesis examines herding behavior of investors towards the market average in 10 CEE stock markets during the period 2000-2018. Least squares and quantile regression methods provide evidence of herding inside the majority of the countries. During the global financial crisis and the Eurozone crisis, the herding mentality was more intense only in Slovenia and Croatia. The thesis finds mixed results in asymmetric herding during days of positive and negative market returns. The main finding, and a contribution to the literature, is that the domestic cross-sectional dispersion of returns in the CEE is affected by the dispersion of returns of the foreign stock markets in the USA, the UK, and Germany. In addition, empirical results suggest that extreme market conditions in the U.K. market have an impact on the formation of herding forces within the CEE stock markets. Short-run arbitrageurs can benefit from collective decisions of investors that in turn drive stock prices away from their fair value, but the presence of herding undermines benefits of portfolio diversification. In the long-run, the contagious international effects may result in a severe instability of the whole region and in market inefficiency.
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Macro-prudential policy and banks' cross-border capital flows
Rabinovich, Ilia ; Geršl, Adam (advisor) ; Teplý, Petr (referee)
This thesis analyzes spillover effects of prudential policies on cross-border capital flows in the period from 2000 until 2014 for 64 countries. It estimates the size of the effect, which 9 most common prudential policy tools had on capital flows based on BIS LBS. The findings show spillover effect of general capital requirements and consumer credit capital requirements on the cross-border capital flows. This work provides analysis of spillover effects in several groups of countries with special accent on CEE countries. JEL Classification F32, F34, G21 Keywords Macroprudential policies; Prudential and supervisory measures; Cross-border banking flows; Leakages; Regulatory arbitrage; CEE Author's e-mail ilyshar@gmail.com Supervisor's e-mail adam.gersl@gmail.com
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Pairs trading at CEE markets
Šedivý, Jakub ; Maršál, Aleš (advisor) ; Kraicová, Lucie (referee)
We investigate the use of investment strategy called pairs trading on small-sized equity markets located in Central Eastern Europe. Pairs trading is self-financing trading strategy that identifies two stocks based on their historical relationship, and makes profit on their short-term relative mispricing, since the strategy relies on their convergence into the long- term equilibrium. The objective of this thesis is to compare two different methods of pairs trading, distance method based on minimizing the sum of squared deviations between nor- malized historical prices and cointegration method using daily data from June 2008 to March 2017. We examine whether any of those method is profitable on Prague Stock Exchange, Bucharest Stock Exchange and Budapest Stock Exchange and can be used on such markets with high industry diversity. Our findings were not stastically different from zero in all but one case and majority of average returns was negative. In comparison to US and Finnish equity markets the strategy falls behind. Even though we identified some cointegrated pairs, their profitability was more than questionable and further investiga- tion showed that small equity markets such as the ones we have studied are not a good fit for pairs trading strategy.
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The Inflation-Output Variability Relationship in the CEE countries: A Bivariate GARCH Model
Kubovič, Jozef ; Čech, František (advisor) ; Červinka, Michal (referee)
This thesis examines the output-variability relationship and causal relationships among the inflation, the output growth and their uncertainties for the Central and Eastern European region during the period of time that covers the economic crisis of 2008. We apply the bivariate GARCH(1,1) model with the constant conditional correlation covariance matrix to obtain conditional variances that proxy the two uncertainties and use Granger causality test to determine the causal effects among four variables. We come up with a number of interesting results. First, we did not find statistical evidence neither for the inflation-output variability relationship nor for the Phillips curve. Second, we uncovered support for the positive causal effect of the inflation on its uncertainty and negative causal effect for the reverse direction. Additionally, we also found some support for the indirect negative causal effect of the inflation on the output growth. These results support the policy of low and stable inflation in the countries. Finally, we showed that crisis has a significant impact on the results, changing the behaviour of conditional variances and causal effects among the variables. Powered by TCPDF (www.tcpdf.org)
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Queer geografie sexualit: sociokulturní organizace sexualit v prostoru a (de)konstrukce heteronormativity.
Pitoňák, Michal ; Šiftová, Jana (advisor) ; Rochovská, Alena (referee) ; Kobová, Ĺubica (referee)
Geographies of sexualities started to develop within the Anglo-American academic context during the late 1980s. In the 1990s, propelled by the cultural turn, the swelling of post-structuralist and postmodern critiques, and a growing recognition of the limitations to scientific knowledge production and representation, geographers of sexualities introduced queer theory into human geography. Queer theory provided human geography with powerful tools for approaching not only straightforward spatialities of sexualities, but this new lens contributed to the development of human geographies as such. Currently, at least in the Anglo-Saxon geographical context, the field of geographies of sexualities is considered part of mainstream human geography. Therefore, the main goal of this thesis is to provide a few lines of reasoning for the development of geographies of sexualities in Czechia and Central Eastern Europe (CEE) and introduction of post-structuralist understandings, specifically queer theory. In contrast to other phenomena that may be locally exclusive or particular, human sexualities are everyplace, albeit quite variable and dependent on the context in which they "enter into language," become institutionalized, and are regulated. Geographers have been specifically insightful about the ways in which...
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