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Economic inequalities in EU: capital flows between the core and the periphery
Deďo, Peter ; Hána, David (advisor) ; Kebza, Martin (referee)
The subject of this bachelor thesis is the economic inequalities in the European Union between 1999 and 2018, with the aim to analyze the impact of capital flows resulting from dividends and remittances paid out on the development of spatial disparities between national states. The first part of the thesis attempts to anchor the theme into the concept of the World system by I. Wallerstein with an overlap into the historical context, which formed the basis for today's polarization of Europe. The following is a brief description of the pros and cons of inequalities with the presentation of the European Union's efforts to address this problem. In the methodological part there are described the tools for the study of variability and capital flows. The empirical study applies methodological approaches to the specific data of gross domestic product and gross disposable income coming mainly from Eurostat. Subsequently, the author tries to interpret the obtained analysis outputs. Keywords: European Union, inequalities, capital flows, Gini coefficient, GDP, structural funds
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Beyond Global Imbalances: Gross capital flows and the role of Shadow Banking
Václavíček, Tomáš ; Teplý, Petr (advisor) ; Jakubík, Petr (referee)
This study provides an empirical analysis of Shadow banking as a factor influencing cross- border financial flows. It builds upon emerging literature on Shadow banking and empirical literature on global imbalances and global financial flows. The aim of the thesis is to test three hypotheses, which relate global financial flows to lending, change in cross-border bank liabilities, and shadow banking, respectively. The second and third hypotheses are tested on gross capital flows, which, in contrast to net flows, better reflect financing activities. The results suggest that Shadow banking activities are related to higher gross capital flows in periods, when this sector is growing. These flows, however, tend to dry up when Shadow banking activities level off or decline. Among other important factors is the output growth differential and global risk aversion. JEL Classification E44, G20, G23, F32, F34, F21, F65 Keywords Shadow Banking, Global Imbalances, Capital Flows, Financial Stability Author's e-mail tomas.vaclavicek@gmail.com Supervisor's e-mail petr.teply@fsv.cuni.cz
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International capital flows during Federal Reserve's monetary policy normalization
Hrabánek, Tomáš ; Brůna, Karel (advisor) ; Pour, Jiří (referee)
The text deals with monetary policy normalization in USA and its influence on cross-border capital flows to emerging markets. The first chapter provides basic economic theory of capital flows. Federal Reserve's monetary policy normalization is discussed in the second chapter, including its relation to international flows of capital. The last chapter analyzes monetary policy normalization influence on capital flows to three developing countries.
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The Dutch disease theory and its application to countries with independent monetary policy and members of monetary union
Fiala, Vojtěch ; Šíma, Ondřej (advisor) ; Dvořák, Michal (referee)
This diploma thesis aims to give a comprehensive picture of a phenomenon called The Dutch Disease whose symptoms had been increasing in many countries during the second half of the 20th century, especially in connection with mining. The first part deals with the detailed description of traditional economic theory and its later upgrades. In the second part, the Dutch Disease theory is applied to the member countries of the European Monetary Union and highlights the problems of asymmetric shocks, which may include among others the discovery of mineral resources. The third part then attempts to look at the recent European balance of payments crisis through the eyes of the Dutch Disease theory and to highlight a number of common symptoms.
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German trade surplus within the context of the eurozone crisis
Morong, Martin ; Titze, Miroslav (advisor) ; Řežábek, Pavel (referee)
The thesis examines specific factors that influence the German trade surplus and how this surplus affected other European economies. The conclusions drawn from this thesis are that these funds are what primarily financed the current PIIGS account and amplify imbalances in the euro area which reflected in the balance of payments crisis. After Europe was swept by crisis, these capital flows suddenly ceased, causing insolvency of peripheral economies. The solution for the latter situation was an inflow of public capital, especially through the payment system TARGET2. The affected economies are currently undergoing internal devaluation while Germany continues to have a permanently high trade surplus. Attention is paid to the consequences and risks that arise from the persistent imbalance between Germany and other members of the EMU.
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The impact of the crisis on capital flows in the euro area
Šándor, Peter ; Šaroch, Stanislav (advisor) ; Hnát, Pavel (referee)
The aim of this master thesis is to analyze the development of capital flows within the euro area and within selected Member States, with respect to the hypothesis of a sufficient replacement of private capital flows with official ones. Verification of the hypothesis is based on identifying sudden changes in capital flows, using the model created by Mr.Forbes and Mr.Warnock. The entire work is conceived into three main chapters. The first is dedicated to the development of the crisis in the euro area and the adoption of important reform measures as response to the resulting unfavorable situation. The second chapter deals with the definition of net and gross capital flows and their development in the so-called extra-area flows. The final section is focused on the analysis of intra-area capital flows and flows in selected member countries.
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