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Macroprudential regulation of the housing market
Petrouš, Michal ; Hlaváček, Michal (advisor) ; Moravcová, Michala (referee)
Housing market has a considerable impact on the macroeconomic stability. There is an attempt to regulate housing market using a set of macroprudential tools. The first aim of this thesis is to describe and compare macroprudential regulation aiming at the contract between lenders and borrowers in the European Union and Norway. The second aim is to assess the influence of central banks in macroprudential policy-making on the probability that these instruments are implemented. The probability is estimated using a probit model. The comparison shows that there are considerable differences in implemented regulation between individual countries and that countries with high proportion of foreign currency denominated loans use macroprudential measures to mitigate borrowing in foreign currencies. Using the data from the European union and Norway, statistically significant influence of central bank involvement was not identified. The effect of central bank became significant when using larger dataset including non-European countries. In this dataset, the leading role of central bank is associated with lower probability that instruments targeting borrowers are implemented.
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EU linguistic regime in practise: comparison of availability of documents in Czech, French and English language on the website of the European Parliement
HRITZOVÁ, Petra
The topic of this bachelor thesis is the European Union language regime in practice. The aim is to compare the availability of documents in Slovak, Czech, French and English on the website of the European Parliament. The bachelor thesis is divided into two parts. The theoretical part is consisting of four chapters. The first chapter focuses on the presentation of the European Union with its institutional framework. The second chapter deals with the particular institution that I chose. First of all, the history of the European Parliament is presented, the structure of the institution is described and in the end of this chapter, the main functions of the European Parliament are mentioned. The following chapter is crucial. The beginning refers to the multilingualism in the European Union in general and afterwards it is characterized the language regime in the European Parliament. The last two chapters are more technical. The penultimate chapter concentrates on visual aspect of the web pages of the European Parliament. The last chapter analyzes the availability of documents of parliamentary committees in the European Parliament in Slovak, Czech, French and English languages.
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Effective governance for Public-Private Partnerships: challenges and solutions for existing models
Witz, Petr ; Ochrana, František (advisor) ; Pavel, Jan (referee) ; Jurčík, Radek (referee)
The last two decades have witnessed a rapid development of various forms of Public-Private Partnerships in Europe. Transport belongs to sectors where PPPs have been most visible and transformative. Yet not all countries have embraced the new method in the same manner. As some initial studies indicate, their PPP readiness varies quite significantly. At the same time, PPP as a product of New Public Management appeared to be in ideological conflict with several new competing paradigms in the field of public policy and public administration. So far, however, no single study has shown how these compatibility issues are dealt with in practice and how (un)successful in reality the European countries are at implementing transport PPPs. This is mostly due to difficulties in formulating appropriate and comparable evaluation criteria. At the same time, with many projects it was simply a bit too early to say whether the original expectations had been met. This study uses a negative definition of PPP success and establishes the failure rate for each country from the sample. In doing so, it only takes into account projects that were abandoned or seriously distressed and modified in advance stages of the procurement process. As a result, transport PPP failure rates of selected European countries are compared. At...
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Macroprudential regulation of the housing market
Petrouš, Michal ; Hlaváček, Michal (advisor) ; Moravcová, Michala (referee)
Housing market has a considerable impact on the macroeconomic stability. There is an attempt to regulate housing market using a set of macroprudential tools. The first aim of this thesis is to describe and compare macroprudential regulation aiming at the contract between lenders and borrowers in the European Union and Norway. The second aim is to assess the influence of central banks in macroprudential policy-making on the probability that these instruments are implemented. The probability is estimated using a probit model. The comparison shows that there are considerable differences in implemented regulation between individual countries and that countries with high proportion of foreign currency denominated loans use macroprudential measures to mitigate borrowing in foreign currencies. Using the data from the European union and Norway, statistically significant influence of central bank involvement was not identified. The effect of central bank became significant when using larger dataset including non-European countries. In this dataset, the leading role of central bank is associated with lower probability that instruments targeting borrowers are implemented.
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Nonperforming Loans in China: Do We (Still) Need to Worry?
Sočuvková, Alžbeta ; Geršl, Adam (advisor) ; Lopušník, Ondřej (referee)
This thesis overviews and discusses the issue of nonperforming loans in general and in China, and financial sector development from the beginning of Deng Xiaoping's reform era in 1978. The focus is put on the underlying institutional framework as it is found to be one of key contributing factors of NPLs in China. Utilizing a sample of 23 countries over the period 2000-2009, we estimate the impact of macroeconomic determinants on nonperforming loans. One of the regressors, output gap, is estimated via Kalman filtering technique based on the multivariate unobserved component (MUC) method. Consequently, out-of-sample method forecasts for five subgroups of countries, thus providing different benchmarks for China, are compared with official data. The conclusion argues the NPLs ratio to be understated in official statistics, especially towards the end of the series, which might be a sign of increasing macroeconomic instability in China.
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Institutional framework of health insurance in the Czech Republic (case study: VZP and OZP performance)
Rypáčková, Lucie ; Chytil, Zdeněk (advisor) ; Svoboda, Miroslav (referee)
This paper examines the impact of an institutional framework on the performance of Všeobecná zdravotní pojišťovna (VZP) and Oborová zdravotní pojišťovna zaměstnanců bank, pojišťoven a stavebnictví (OZP). The differences in the institutional status of VZP and OZP are the result of the dual legislation of health insurance companies in the Czech Republic. It was found that institutional status of VZP is more like a state-owned institution in comparison with OZP. Theories dealing with the differences between state and private ownership assume lower efficiency of state-owned companies than private companies. In accordance with the theoretical assumptions is given the hypothesis that the institutional framework of VZP reinforces a tendency to inefficiency. The hypothesis is verified using data from the annual reports of VZP a OZP and using selected indicators (for example: operating costs, labor productivity). It has been proven that the institutional framework of VZP reinforces the tendency for wasteful spending of resources.
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The significance of the institutional environment for innovation activities of enterprises in the Czech Republic
Bízková, Jitka ; Petrášek, František (advisor) ; Gráf, Václav (referee)
This diploma thesis represents an effort to contribute to the solving of the problem of optimal relations between the institutional environment, entrepreneurial activity and innovative activity in terms of securing a higher degree of competitiveness of the current economy in the Czech Republic. The institutional environment is perceived as the rules of the game, under which social interactions take place. When defining the business activity the Schumpeter's theory of creative destruction is not ignored and the issue of innovation activity is viewed from the perspective of institutional change. Various forms of institutional environment are analyzed in the selected European countries (Germany, Finland, Switzerland), whose competitiveness is based on successful innovation activities. The research is extended by the comparison of innovation policies and the analysis of the level of ICT infrastructure of the above mentioned countries. The significance of the institutional framework for innovation activities is evaluated in the final part of the thesis. The content of the corrective measures in the current economic policy of Czech Republic is drawn from the evaluation.
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Theory of the Firm from the view of New Institutional Economics and some Aspects of Institutional Framework Quality in the Czech Republic
Vitík, Robert ; Sirůček, Pavel (advisor) ; Soukup, Jindřich (referee) ; Žák, Milan (referee) ; Mlčoch, Lubomír (referee)
This doctoral thesis presents the basic and the main developments of the theories of the firm rooted in Transaction Cost Theory (TCT). Since the article of Coase on the nature of the firm, this question has been elaborated by number of economists. In my point of view, I would like to introduce the last theory developed by the representative of the school called New Institutional Economics. The theory concentrates on the role of institutions. We distinguish institutions formal and informal. The formal are laws, constitution, regulations, contracts and other written rules. The informal don't require a written form and they represent informal restrictions such as rules of behaviour, conventions, traditions and habits. The main purpose of the institutions in their various forms is mainly to protect property rights, enforce voluntary contracts and establish the physical and regulatory infrastructure to facilitate economic activity. Generally, we can call them the rules of the game. They inform us about possible economic behaviour and give us basic restrictions in this sense. First -- the theoretical part of this thesis, we can find a simple model with human asset specificity based on TCT. The main proposition is that transactions with a high level of asset specificity are more probably internalised because the firm handles better such transactions compared to the market, even if asset specificity increases the cost of coordination in the firm. If the hierarchy, for example through the formation of routines, may enhance the efficiency compared to the market, we can modify the previous model. The model developed according to a Knowledge-based view assumes that asset specificity reduces transaction costs inside the firm and increases transaction costs on the market. In the conclusion of the theoretical part is discussed the reply on first formulate hypothesis if the TCT is still compatible with a newer Capability and Knowledge based view. In my opinion based on the presented arguments and views, both theories are compatible, they can answer more questions and explain more issues. The last step links the aforementioned theories into one Theory of firm boundaries. In the practical part of the thesis, I bring basic arguments about the institutional framework quality in the Czech Republic. These arguments rely on the latest studies of the international institutions such The Transparency International, The Heritage Foundation, The Kurtzman Group and mainly The World Bank. Studies reveal certain weak arrangements concerning for example the number of procedures when starting a business, complicated construction permits, rigidity of working hours, time-consuming and administrative demanding tax system, duration of judicial process which results in ineffective contract enforcement and mainly poor protection of property rights. Taking these disclosures into account we have to say that emergent transaction costs are enormous. These transaction costs influence negatively the competitiveness of the firms and the whole Czech economy. Therefore a negative response to the second hypothesis relating to the quality of the institutional framework in the Czech Republic.
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