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The impact of the EU Financial Support on Economic Growth of the Czech and Slovak Regions
Kolaříková, Jana ; Wokoun, René (advisor) ; Piecha, Marian (referee) ; Buček, Milan (referee)
One of the goals of the economic, social and territorial cohesion is to reduce regional disparities between member states of the European Union. For this purpose the structural funds and the Cohesion Fund were established(among other things). The theoretical part of this thesis presents the issue of regional disparities and ways how to measure them. In view of the lack of consistent definition of this concept, there are number of measurement and evaluation methods. Furthermore, the work focuses on the implementation of cohesion policy and ways of measurement of their impact on development and growth of regions. The practical part of this thesis presents, evaluates and compares the regional disparities between the regions of the Czech Republic and the Slovak Republic via selected methods and assesses the impact of the financial support provided from the Structural Funds and the Cohesion Fund in the programming period 2007 - 2013 on economic growth of regions in the Czech and Slovak Republics. Following indicators are included: gross domestic product, unemployment rate, gross fixed capital formation and the rate of economic activity. The influence of the subsidy on the economic growth of regions is validated through the panel data analysis, namely a panel model with fixed effects, and Granger causality test. First, we investigated the impact of this support on the economic performance of regions where it is verified whether there is a relationship between economic performance of NUTS III regions in the Czech and Slovak Republics, characterized by gross domestic product and the unemployment rate, and the amount of the subsidy. Furthermore, it is verified whether the amount of subsidy depends on the level of regional gross domestic product. Dissertation contributes to the discussion about the impact of support from EU funds in the Czech and Slovak Republics, focusing on the regional level, and answers the question of reducing regional disparities using the Structural Funds and the Cohesion Fund.
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Foreign Investment and growth of the regions of the Czech Republic in 1998 - 2011
Říhová, Gabriela ; Wokoun, René (advisor) ; Toušek, Václav (referee) ; Kunc, Josef (referee)
The dissertation analyzes the impact of Foreign Direct Investment (FDI) on Economic Growth by extension and economic development of the regions of the Czech Republic (CZ) in 1998 -- 2011. Statistical data empirically study determined motivation of investors to locate in economically strong regions. Following the analysis of statistical data, available resources and a field survey, whose output includes three case studies of specific Foreign Investments in the Czech Republic, the analysis examines whether the arrival of a significant foreign direct investor in the region significantly influenced selected characteristics of economic performance, or other selected areas in region (social, environmental, transport etc.). Moreover, in the context of econometric analysis to test the tightness of the relationship between Foreign Direct Investment and Economic Growth using Pearson's coefficient and characteristics of variability. The causal effect of Foreign Direct Investment on Economic Growth (and vice versa) is analyzed using Granger causality test. The conclusion gives an assessment of the significance of Foreign Direct Investment in the regions of the Czech Republic together with the identification of significant effects brought by investments.
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An Interrelationship Between Stock Indices
Křepelová, Marika ; Pánková, Václava (advisor) ; Ráčková, Adéla (referee)
This work analyzes an interrelationship between stock indices S&P 500, FTSE 100, DAX, HSI, Nikkei, BSI and PX in a time period from September 2004 till March 2010. Such an interrelationship has already been examined and a dominating position of American indices has been found. This influence was stronger during a financial crisis. Because the examined time period covers both financial crisis and the period before, the work studies their interrelationship in the whole period and at the end in the time period before financial crisis. The influence of one stock index on the other can be cause by several factors: (i) dominance of influencing stock index, (ii) efficient market and (iii) financial crisis. As the reaction of stock index is evoked from new information, the intention of this work is to take into account nonsychronous trading of stocks exchanges. Therefore I explored those exchange stocks closing earlier than the others start in two ways by respecting the time lag and by non-respecting the time lag. The interrelationship between the indices was modeled with help of VAR models and proved by Granger causality test.
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Macro-economic costs analysis and time determination of joining European Monetary Union
Zámečník, Michal ; Mandel, Martin (advisor) ; Brůna, Karel (referee)
The main aim of this thesis is to discover a suitable instant of time for the Czech Republic to join European Monetary Union. I am analyzing dependence between monetary policies of the Czech National Bank (CNB) and the European Central Bank (ECB) themselves as well as in relation to essential Czech macroeconomic indicators. My observation is focused on interest rate policies represented by operative interest rates, on monetary policies represented by indices of nominal effective exchange rates and on convergence monitoring. The analytical instruments I used in the thesis are correlation analyses, linear trends, the Granger causality test and the Impulse-Reaction test. Besides, my thesis examines fulfillment of the Convergence (Maastricht) criteria in the Czech Republic and other central European countries. This thesis also examines impact of the European monetary policy on some Eurozone member countries.
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