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Dissertations / Theses on the topic 'Finanční politika'
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1
Reissová, Zuzana. "Hospodářská politika USA v době finanční krize." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-124908.
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This thesis analyzes monetary and fiscal policy tools used throughout 2008-2011 in the USA. The objective is to evaluate their effects on the key macroeconomic indicators. The first chapter reflects on the pre-crisis period. It summarizes the economic policy from 2000, describes the development on the real estate market and the collapse of the mortgage market. The second chapter focuses on the economic policy during the crisis. In this chapter, all monetary and fiscal tools are chronologically presented from 2008 to 2011. The third chapter evaluates monetary policy effectiveness and its ability to affect money supply through interest rates. The last chapter addresses the American public funds. It identifies costs of the Troubled Asset Relief Program and focuses on the structure of the Federal Debt.
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Novotný, Tomáš. "Finanční cyklus." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-264624.
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Diploma thesis is focused on the issue of financial cycle. It has theoretical character and it is based on foreign sources. Diploma thesis describes the definition of financial cycle, its interactions with business cycle and moreover it explores sychronization of cycles. Furthermore financial cycle indicators and measures are analyzed. The reactions of macroprudential, fiscal and monetary policy are also discussed in the thesis. In particular, the attention is drawn to theoretical view on countercyclical buffer. The last part is devoted to the setting of countercyclical buffer in chosen european countries.
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Chvojková, Lenka. "Evropská politika výzkumu a její dopad na finanční management vysokých škol." Doctoral thesis, Vysoká škola ekonomická v Praze, 2007. http://www.nusl.cz/ntk/nusl-124996.
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The thesis focuses on theoretical and empirical analysis of the EU research policy and its impacts. The aim of the thesis is to evaluate effects of this policy on the financial management of universities, or more precisely the impact of financial rules defined by the European Commission (EC) in the 7th Framework Programme (FP7) on the development of full cost methodologies at universities in the EU27. The thesis also analyzes the process of the preparation of the new FP8 HORIZON 2020 financial rules and asses if feedback and needs of participating universities are reflected and thus principles of European good governance are applied. In order to meet its goals, the thesis states three hypotheses: Hypothesis 1: Universities from the EU27 that participate in FP7 develop full cost methodologies. Hypothesis 2: EC requirements in FP7 are one of the main drivers to implement full cost methodologies for universities form EU27. Hypothesis 3: Universities from the EU27 communicate development of their full cost methodologies with the EC. The thesis is organized into four chapters. The first one characterizes the concept of European good governance and one of its instruments, i.e. policy evaluation and its use in the thesis (including the analysis of performed questionnaire research). Second chapter defines the term of financial management and its use in the thesis. Third chapter describes the EU research policy, its historical development, main instruments (FPs), role of European institutions and attitude to full costing. The last forth chapter analyzes in details experience of universities form EU27 with development of full cost methodologies. Within its conclusions, the thesis proves that the EU research policy significantly influences the financial management of universities from EU27 and implementation of full cost methodologies by them. It is inter alia proved, that 70 % of universities from the EU27 that do not implement full costing in FP7 yet plan to introduce such methodologies in the future; that FP7 financial rules are drivers to implement full cost methodologies for almost 2/3 universities from the EU27 participating in FP7 and that 3/4 of universities form EU27 applying full costing in FP7 consulted on their methodologies with the EC. All three hypotheses thus were verified. Nevertheless, it was concluded that principles of European good governance are not satisfactory applied by the EC, because it does not support the use of full costing in HORIZON 2020 anymore.
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Pfeifer, Lukáš. "Současná finanční krize očima rakouské školy." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-73461.
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The thesis aims to defend the irreplaceable role of the Austrian business cycle theory in explaining the current financial crisis in the U.S.. Attention is also paid to applied measures of American economic policies and their impact on the elimination of the purification process of the recession. Furthermore, the work deals with the identification of preventive measures, which would reduce the likelihood of the occurrence of economic cycles. Recommendations by representatives of the Austrian School are described as difficult to implement on the basis of number of arguments. In the work are therefore proposed more realistic measures to limit the volatility of the economic cycle, which emanate mainly from the composite price index, which is the subject of this text. The index reflects the price development in all stages of production and should therefore in monetary policy matters replace the current use of price indicators, based on the inflated scale of consumption, taking into account only minimal effects of monetary expansion. The work deals with the calculation of the composite price index for the United States, which used the instrument of Skounsen indicator of gross domestic output. The development of the composite price index in the US is then analyzed and compared with the development of other macroeconomic variables. Based on this examination, we recommend the use of composite price index for monetary policy regime of inflation targeting and the implementation thereof by the Federal Reserve monetary policy.
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Dohányos, Vojtech. "Súčasná finančná kríza a menová politika FED." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-9620.
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The diploma thesis describes the implementation of the monetary policy by FED and its goals. Afterwards the aim of the thesis is focus on the plain definition of a crisis followed by describtion of the causes and the course of the recent crisis and the monetary policy reactions of FED regarding the recent crisis. Finally, the thesis plots the assumed impacts of the crisis with a probable prediction of the following course of the crisis in the financial sector and the real economy.
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Fraňková, Petra. "Dopady finanční krize na imigrační politiku Velké Británie." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-77745.
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This thesis focuses on migration issues in an economic downturn. The first part deals with basic concepts and theories of migration. Attention is focused primarily on economic migration, which is closely linked to labor migration. The following general assumptions about the determinants and factors affecting migration in an economic downturn. Relationship between recessions and migration illustrated chapter on the history of financial crises. Another section is devoted to the economic situation of Great Britain and generally captures the nature of migration in the UK. Subsequent chapters deal with current and historical development of immigration policy in the UK. Attention is paid to work programs, the modifications led to the introduction of a new points system. Briefly outlined the basic steps taken in connection with the economic downturn. This work is also about the possible effects of immigration policy on migratory flows, in connection with the adopted amendments.
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Zůna, Zdeněk. "Cílování inflace po finanční krizi." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-116530.
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The subject of the presented thesis is the relationship between monetary policy executed within inflation targeting, asset prices and financial stability in the broader sense in order to identify key problems of the current approach and draw some conclusions on how inflation targeting could possibly further evolve. Flexible inflation targeting remained the best available monetary policy framework, despite some revisions are apparently needed. It turned out, that changes in the financial sector have much greater impact on economic activity, than previously thought, and which the new approach will need to take into account.
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Burešová, Adéla. "Poplatková politika bank v ČR." Master's thesis, Česká zemědělská univerzita v Praze, 2017. http://www.nusl.cz/ntk/nusl-261392.
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This thesis deals with bank fees in the Czech Republic, which has been a topical issue in recent years. The objective of this thesis is to analyse and compare bank fees in the Czech Republic. It also aims to evaluate selected bank fees in terms of their importance for generating profit for the banks as well as from the clients perspective. The introduction to the theoretical part describes the basic characteristics of the banking system. The thesis then presents bank products and services, bank fees and the bank fee policy. The work includes a survey and analysis of the banking market in term of banking institutions in the years 2007 to 2014. It also includes a financial analysis for the years 2007 to 2015 and an analysis of the banking market from the perspective of the client, which compares selected banking institutions on the basis of charges and selected banking products based on fees. It defines three sample groups for which the most suitable banking products and banking institutions are recommended. In conclusion, the results are formulated together with recommendations for banks and clients. For the client Student came out best a current account UniCredit Bank, U Konto for youngsters. The Active client is also recommended by UniCredit Bank with banking product of U Konto. For target group Pensioner is the most suitable banking institution mBank where the monthly cost is CZK 70. The client can save thousands of CZK per year by making the right choice.
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Šnajdrová, Tereza. "Hypotéční politika v ČR v období finanční krize v letch 2007-2012 a její perspektivy." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-113710.
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The main goal of this work is to analyze progression of mortgages in Czech Republic at start and process of financial crisis, from the first half of the year 2007 till now. The work contains not only the basic informations of mortgages, but it also includes the list of two sections of criteria. The first section is about, what parameters banks demand of their clients and the second one is about, what the main reasons of client are in the choosing of their required banking-house. Development of these criteria in the period of financial crisis is analyzed in the second part of the work. In this part, there are described changes during the financial crisis and comparison with other countries. At the conclusion, the work evaluates present situation at financial market, how it change during the financial crisis and view into the future.
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Novotný, Martin. "Monetární politika americké centrální banky a reakce amerických akciových trhů v období po finanční krizi 2008." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-193527.
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The main aim of this final thesis is to analyze unconventional monetary policy of American central bank, which has been implemented during financial crisis in 2008. Fed used extremely accommodative monetary policy to restore interbank liquidity and to stimulate the real economy. In theoretical part of this thesis is examined the liquidity trap. The thesis describes transmission mechanism of transferring Fed measures to financial markets and real economy as well. Practical part of the thesis analyzes further steps of Federal reserve system, which have been implemented when key interest rates have already been lowered near the zero bound. The thesis is finished by the evaluation of these steps of American monetary authority and behavior of US stock market, which has been directly stimulated and is currently reaching its all-time highs.
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Hušková, Veronika. "Měnová politika ČNB od jejího vzniku až po současnost." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-3506.
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Diplomová práce se snaží o co možná nejobjektivnější ucelený přehled měnové politiky České národní banky v časovém úseku od jejího vzniku po současnost s prognózou dalšího vývoje v případě vstupu do Evropské měnové unie. Mimo jiné se zaměřuje na finanční stabilitu jako na jeden z aktuálních cílů ČNB.
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Janáčková, Ivana. "Opatření ECB a ČNB v rámci finanční krize a jejich dopad na vybrané banky." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2015. http://www.nusl.cz/ntk/nusl-224803.
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The diploma thesis focuses on description and analysis of the global crisis that began in 2007. It also evaluates measures taken by the European Central Bank and the Czech National Bank in response to this crisis. Thesis contains evaluation of used measure. It includes dealing with the crisis by two selected banks in the Czech Republic.
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Zelba, Michal. "Reakce Federálního rezervního systému na současnou finanční krizi." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-150037.
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Objective of this paper is to assess efficacy and feasibility of measures undertaken by the Federal Reserve system during the financial crisis that erupted in the year 2007. Firstly, origin of central banking in USA is described, then structure and mandate of Fed. Discussion of causes of the financial crisis follows. This work sheds light on policies of Fed after the beginning of the crisis and analyzes their efficiency and suitability. The biggest focus is on quantitative easing and on its effects on long-term interest rates.
14
Němeček, Josef. "Jak finanční trhy sledují hospodářství." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-199755.
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In accordance with its main goal, the main thesis shows which published data and indicators contemporary financial markets use to assess the state of major economies and forecast their short-term future development. Using Bloomberg as the primary source, the thesis provides a detailed analysis of the indicators and surveys sought by finance professionals when assessing the performance of the economy in the United States, the euro-zone (with emphasis on Germany) and, in the context of the impact on the global economy and markets, in China and Japan. A preliminary hypothesis about the similarity or closeness between the theoretical view and the practical approach of financial markets has been refuted. Instead, after close scrutiny and detailed analysis, we have established that financial markets put great emphasis on forward-looking indicators and monetary policy. This emphasis was confirmed by a survey of local investors. Using expert opinion and analysis, the thesis charts an overview of select economic indicators and their over- (payrolls, consumer sentiment) or undervaluation (regional Fed activity indexes, CFNAI).
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Gevorgyan, Kristine. "Měnová politika Arménské centrální banky." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-124905.
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My thesis titled The Monetary Policy of the Central Bank of Armenia starts with characteristics of Armenia, where I focus on economic attributes of the country, international conflicts and their effects on Armenia, population development, poverty and corruption. The second part is focused on economic development of Armenia, the country's employment rate, particular items of the balance of payments and international trade. Furthermore, this part also consists of information related to the development of Armenian currency and the country's foreign debt. The third, significant part of my thesis deals with the Central Bank of Armenia and Armenia's financial system, concentrating mainly on history and the present of the subject central bank. Later in this part, I inquire into Armenia's monetary policy, where I focus on its applied transmission mechanisms and the CBA's instruments.The final part of this thesis is about what effects the CBA has on Armenia's economic development. I look into effects of monetary policy on price level development and meeting the inflation objectives. The conclusion part summarizes and gathers all pieces of information I have obtained by studying numerous literature resources and conducting personal interviews with several representatives of the Armenian banking system.This part also summarizes benefits of the CBA and its effects on economic development of Armenia, credibility evaluation and effectiveness in the objectives.
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Kozhenova, Oksana. "Hospodářská politika Itálie v kontextu současného vývoje." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-16315.
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My thesis inquires into the structure of Italian economy. The goal was to reveal the main factors from the past which affected the contemporary economy of Italy. The Italian economy is specific for it's big number of small and medium enterprises. I analysed the role of this kind of enterprises in the economy and described the impact of financial crisis.The structural problems of this economy such as low level of competitiveness, demographic problem, rigid labour market etc. caused low economic growth and high indebtedness of the country. I tried to find the solutions the problems Italy faces in these days.
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Černík, Jaroslav. "Kyperská cesta z finanční krize - změna přístupu k bankovní pomoci?" Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-194098.
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The thesis focuses on Cyprus financial crisis which began in 2012 and on reform tools used by Cyprus government under the Economic Adjustment Programme in order to fix consequential fiscal and monetary imbalances in the economy. Thesis provides description of main factors leading Cyprus in the crisis and broadly analyses reform tools under the EAP. Thesis positively valuates government success in implementing EAP reform tools and describes way the program was financed. Macroeconomic indicators such as GDP, inflation, unemployment and external balance are analyzed and strong influence of reform measures mainly on development of unemployment and external balance is highlighted. Cyprus banking crisis is also a first case of using banks bail-in as a tool to fix financial market imbalances. Shortly discussed is role of Cyprus bank crisis in bail-out to bail-in paradigm change and possible influence of bail-in measures on creditors' behavior and stability of financial institutions.
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Šumbera, Jan. "Nekonvenční nástroje ECB přijaté od počátku poslední světové finanční krize a jejich dopad na tržní ocenění bankovního sektoru eurozóny." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-194100.
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Thesis brings broader picture about the relationship between unconventional measures implemented by ECB and valuation of banking sector in the Eurozone. It also examines implementation of unconventional measures with regard to the three crises, which struggled European economy in the years thereafter the beginning of the last financial crises. Attention is also directed towards factors which have direct impact on the valuation of banks and are influenced by steps adopted by monetary authority. For this purpose two stage dividend discount model, model of economic value added, and price to book ratio model are used. Main tools necessary for the analysis are databases of the platform Bloomberg and statistics gathered by ECB. Hypothesis suggesting the positive relationship between unconventional measures implemented by ECB and valuation of banking sector in the Eurozone is proved for mid-term horizon. In case of immediate reaction of shares the results are divided based on the structure of specific measure and also on the expectations of financial market. Thesis as a whole confirms the positive effects of unconventional measures on the valuation of shares, therefore entice to additional research. In fact sometimes monetary policy might cause distortion in the prices on the financial markets and endanger main goals of central bank.
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Babušák, Martin. "Menová politika Federálneho rezervného systému v období finančnej a hospodárskej krízy." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-116358.
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The aim of the thesis is to evaluate the effectiveness of measures taken by the Federal Reserve System in response to the 2007 financial crisis that was later joined by economic crisis. It analyzes effects caused by modification of existing programs, creation of new credit programs, support of systemically important institutions by the Fed and programs of outright purchase of selected assets on the open market. The thesis also examines the behavior of the Fed in setting of a target interest rate in longer term, from 2000 to 2011. The thesis verifies the validity of the Taylor rule of monetary policy by using regression analysis. Appendix at the end of the thesis emphasizes the importance of the U.S. dollar in the current international monetary system and the associated implications for the external stability of the U.S. economy.
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Slováčková, Petra. "Strukturální fondy Evropské unie." Master's thesis, Vysoká škola ekonomická v Praze, 2006. http://www.nusl.cz/ntk/nusl-426.
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Evropské společenství je jednou z nejvíce prosperujících ekonomik na světě, některé regiony uvnitř společenství však nedosahují ani 32 % průměru HDP ?Evropské pětadvacítky?. Vyrovnávání regionálních rozdílů je hlavním cílem regionální politiky, jejíž pozice postupně nabývala na významu a dnes je druhou nejvýznamnější politikou dle čerpaných prostředků.Vstupem do Evropské unie 1.5.2004 se České republice otevřela možnost plného využívání finančních prostředků v rámci implementace hospodářské a sociální soudržnosti. Tato diplomová práce je zaměřena na analýzu finančních kontrolních systémů, které vyhodnocují fungování a účinnost čerpání evropských prostředků v České republice. Hlavním cílem práce je porovnání realizovaných typů kontrol v rámci finanční kontroly a zhodnocení přínosů nebo naopak nedostatků každé kontrolní činnosti. Na základě analýzy všech typů finančních kontrol stanovuji vhodnou metodu pro vyhodnocení efektivnosti jednotlivých kontrolních procesů.
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Křížová, Eliška. "Příčiny a souvislosti finanční krize v USA." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-113685.
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The diploma thesis investigates causes and progression of the financial crisis beginning in 2007 in the United States and leading in the economic recession. Theoretical part of the thesis describes business cycles and their explanations in accordance with the Austrian theory of the business cycle and other theories. Analytical part of the thesis explores the period before the crisis and significant events relevant to it. The main subject of the thesis are institutions and regulatory measures that have major importance for the U.S. real estate market -- including monetary and intervenionist policy of Fed, Community Reinvestment Act, government sponsored enterprises and three major rating agencies. The goal of the work is to provide a comprehensive view of the financial crisis and analyse main factors that influenced its creation -- credit expansion, mortgage market, Fed's monetary policy, bank behavior, etc. This thesis tries to demonstrate an inaccuracy of state inteventions and their impacts on the economy and market system.
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Jetmar, Jan. "Globální finanční krize a kroky Fedu a ECB při jejím řešení v letech 2008–2015." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-205873.
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This thesis comprehensively summarizes the global financial crisis. Its main causes consist of government support for home ownership, artificially set interest rates, and the conduct of economic actors in the context of financial innovation. Thus, this thesis considers external interventions into the economy as the primary causes of the crisis. Furthermore, chronologically summarized are the steps taken by the Federal Reserve System (Fed) and the European Central Bank (ECB) during the crisis itself. In a short period of time, these central banks exhausted the standard tools of monetary policy, which led to the use of unconventional measures. The Fed mainly used quantitative easing, while the ECB used a set of various tools available to help solve problems on multiple fronts - especially the debt crisis in the Eurozone countries. With the exception of a description of the chain of events leading to the financial and economic crisis, the main contribution of this thesis lies in mediation and confrontation of views by selected economists from various spectrum of opinions in regards to the steps of the Fed and the ECB in their solutions to the crisis. This discussion reveals that the biggest concerns associated with these interventions consist of price bubbles, inflation, distortion in market mechanisms, Europe's unsustainable integration at the monetary level, and the inexorable rise of the another crisis caused by the failure to solve the real causes of the last crisis. Finally, the opinions of the author of this thesis match with the conclusions and recommendations that arise from this discussion.
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Krausová, Pavla. "Opatření ECB a ČNB v rámci finanční krize a jejich dopad na vybrané banky." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2016. http://www.nusl.cz/ntk/nusl-241474.
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This diploma thesis deals with the global financial crisis of 2007 to the present moment and monetary policy, which at that time was applied by the Czech National Bank and the European National Bank. It also analyzes the behavior of the two selected banks in the Czech Republic during that period and evaluates how they dealt with the crisis. Finally, suggestions on measures of central banks are stated.
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Hojková, Tereza. "Měnová politika ČNB a perspektivy přijetí eura." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-76909.
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The thesis "Monetary policy of ČNB and prospects of euro adoption" focuses on assessment of current monetary policy of the Czech National Bank its role in the process of preparation for the adoption of the single European currency and the Czech Republic's preparations for joining the European Monetary Union. The second part deals with the monetary policy of the Czech National Bank in connection with the entry into the European Monetary Union and its alignment with the monetary policy of the European Central Bank. The third section examines the impact of financial crisis on the monetary policy of the Czech National Bank, and development of economy of the Czech Republic in comparison with the European Monetary Union.
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Broftová, Jana. "Měnová politika ČNB a perspektivy přijetí eura." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75752.
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Thesis called "Monetary policy of Czech National Bank and the perspectives of acceptance of euro" is mainly focused on convergence process in Czech Republic. First part of the work consists of current monetary policy of Czech National Bank and characteristics of monetary cooperation development needed for Economic and monetary union establishment. Real convergence state evaluation and maastricht criteria discharging in Czech Republic are the main goals of the thesis. Current global financial crisis is shown in readiness of Czech Republic of EMU entering conclusions.
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Cimala, Petr. "Finanční krize a její dopady na vývoj hrubého domácího produktu USA." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-82044.
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The aim of the thesis is to quantify the impact of the 2008 financial crisis to U.S. economic growth and also identify potential scenarios for future development. For this purpose, there was selected a sample of historical cases of financial crisis where followed the process of deleveraging. Identified impacts were applied to estimate the future GDP growth. In the period 0-5 years after the crisis GDP typically slowed by 40-45%, in 0-7 year horizon by 28-35%, and in the 10 year horizon by 17-20%. In a case of deducting export effect, slowdown of GDP growth is even higher. For the next 8 years average U.S. GDP growth is estimated to 2.26-2.6%. Compared with the pre-crisis period, slowdown reaches 14-25%. Process of deleveraging is now in the one third of the expected duration. The financial sector and household sector remains vulnerable to return the economy into recession and will deleverage further. Non-financial firms are sound. The greatest risk is hidden in the public sector which is experiencing high deficits and uncontrolled growth of debt. Debt is starting to approach level that may reduce long-term dynamics of GDP growth. The future path is in the hands of government officials. Fiscal consolidation treat the root of the problem, but it is painful and hard to approve. Delays in solving the problem is less painful way, but it can result in massive government debt, as it is now in Japan. Repeating Japan scenario is unlikely. The magnitude of balance sheet recession in Japan was much larger. The measures taken have not been so quick and strong.
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Vaško, Dan. "Monetární politika USA v novém tisíciletí: zhodnocení a její vliv na národní a světovou ekonomiku." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-76035.
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This Diploma thesis analyses monetary policy management in USA during the passed decade and proposes some changes regarding the future decision making of central banks. In particular, a considerable deviation of the actual monetary policy from the Taylor rule right before the housing bubble was proved by an econometric model. As a consequence, too low interest rates in this period caused significant higher magnitude of real estate prices. However, it can be said that monetary policy was not the main cause of the creation of this bubble. Regarding the FED's reaction on financial crisis, new perspectives are provided. According to this study, credit risk is thought to have been the main cause of financial stress. This is in contradiction with FED's measures that were mainly focused on lack of liquidity in financial markets. Last but not least, this thesis argues that nowadays, international development should be more reflected in monetary policy decision making.
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Neužilová, Klára. "Ekonomický potenciál rodinné farmy." Master's thesis, Česká zemědělská univerzita v Praze, 2017. http://www.nusl.cz/ntk/nusl-315865.
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The aim of the diploma thesis is a study of the economic potential of a small family farm in Southern Bohemia, especially via a financial analysis, an analysis of subsidies and the SWOT method. The thesis describes the methodical basis of chosen analyses, discusses agricultural methods and current agricultural politics of the Czech Republic in the framework of the European Union. The main body of the thesis focuses on the characteristics of the studied family farm, its property and production capabilities. The financial analysis evaluates the farm based on specific indicators from year 2012 to year 2016. Furthermore an analysis of agricultural subsidies of the farm in the same time-period is carried out. Performed retrospective analyses provide an overview of the economic health of the family farm and contribute to the breakdown of the enterprise's internal environment Enterprise's internal environment is analyzed using the SWOT method, which provides four possible strategic solutions for improvement of the family farm future development. From the proposed solutions the best option is chosen based on the Multicriterial Saaty method, which is best fulfilling specified criteria. The conclusion discusses economic potential of the family farm and present and suggests possible application of the chosen strategic solution.
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Dragoun, Josef. "Nekonvenční monetární politika po krachu Lehman Brothers." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-202129.
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This diploma thesis is focused on unconventional monetary policy tools that individual central banks introduced into practise as a response to the global financial crisis. It is about quantitative easing policy, foreign exchange interventions with exchange rate commitment and negative interest rates. This thesis also deals with classical tools of monetary policy such as open market operations, discount tools, minimum requirement reserve or foreign exchange interventions. The aim of the thesis is to document the development of central banks policy and then to examine relationship of selected assets in comparison with balance sheet of Federal reserve systems with help of correlation coefficient. The thesis also deals with the thought how should behave in the zero lower bound environment and what are the pitfalls of unconventional monetary policy.
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Čáp, Daniel. "Nestandardní měnová politika centrálních bank: kvantitativní uvolňování." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-116536.
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The thesis deals with non-standard monetary policies of three central banks throughout the global financial crisis. The reason for using non-standard measures was also liquidity trap when monetary policy becomes ineffective. An important milestone was collapse of investment bank Lehman Brothers in September 2008. The central banks carried out some non-standard measures before the collapse such as the emergence of new or expanding existing facilities. However, after the collapse there was panic at the financial and capital markets and market interest rate spreads rose. Central banks were forced to respond to expanding its balance sheet and reducing the monetary policy rate to zero. The main reason for increasing total assets was securities purchases by central banks. The measure, which is expanding the balance sheet is called quantitative easing. In the thesis I try to describe and compare the non-standard measures (with a focus on quantitative easing) taken by the three central banks (Bank of England, the Fed and the ECB) and answer the question whether the measures are effective and whether they can replace the standard monetary policy.
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Pfeifer, Lukáš. "Interakce a kompatibilita měnové a makroobezřetnostní politiky v České republice." Doctoral thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-199393.
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The thesis deals with the interaction of monetary and macroprudential policy, or with the compatibility of the objectives of these policies in the Czech Republic. The main attention is given to the use of interest rate instruments for the purpose of achieving financial stability during the accumulation phase of cyclical dimension of systemic risk. For this purpose the crucial item is the relationship of financial and price stability in the economy. On the Czech economy data is therefore tested the relationship between credit activity and asset prices, to be subsequently quantified the relationship between the prices of selected assets and consumer prices. The model results open the door to greater use of industrial producer price index for the coordination of monetary and macroprudential policy. The thesis for the same reason also recommends continuing research into the development of the general price level during the financial cycle.
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Turková, Jitka. "Analýza využití finanční pomoci z EU pro rozvoj mikroregionů v ČR na příkladu mikroregionu Podblanicko." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-9327.
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The aim of the thesis is the analysis of the possibility of using funds from structural funds of the European Union in relation to the development of country micro-regions on a specific example of the Podblanicko Micro-region. In the first part of this thesis, there is a brief description of the EU regional and structural policy and characterization of individual tools, principles and aims of economic and social cohesion both in the previous program period of 2000 -- 2006 (for the Czech Republic and new member countries between 2004 and 2006) and in the current time period 2007 - 2013. Further, the Podblanicko Micro-region is characterized. The crucial part of the thesis is the assessment whether and how the micro-region made use of the financial aid from the EU structural funds in individual operational programmes in relation to the priorities of the micro-region development strategy between 2004 and 2006. The benefits of the subsidy from the EU funds are documented on an example of a successfully implemented project. In concurrence to a SWOT analysis of the micro-region and its defined priorities the possibilities are specified regarding funding of the activities from the EU funds directly for this specific cluster of municipalities between 2007 and 2013. On grounds of the findings obtained, recommendations are formulated for the Podblanicko Micro-region for the current programme period.
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Pecková, Zdeňka. "Vývoj DPH v Evropské unii v období krize." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-198879.
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The thesis is devoted to the development of value added tax in the period of financial crisis in European Union. The aim of the thesis is to answer a hypothesis, if European Union member states act according to economic theories in the field of VAT tax policy. The opening chapter explains the term of financial crisis, its development in USA and spreading out to other world markets. An introduction of the most important economic theories regarding taxes, which will serve as a theoretic background for the further analysis, follows the first chapter. The process of implementation and harmonisation of VAT European Union is described in the third part. The last unit is dedicated to the analysis itself, which is done by decomposition of VAT to rates and revenues of the tax. The development is displayed by comparison of the year 2008 and 2013.
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Londýn, Radek. "Měnová politika Maďarské národní banky a možnost zavedení eura v Maďarsku." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-15670.
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Whatever country gives up its currency and adopts the currency of the common union, has to count on some impacts. The country loses its exchange rate convergential channel and the convergency is running throught the inflation. The level of the inflation pain depends on the difference in the economic level between those two areas, i.e. Hungary and the European Union. If Hungary adopts euro, it would lead to high inflation and numerous shocks due to Hungarian low level of convergency and different monetary policy transmission mechanism. Hungary has no chance to avoid adoption of euro in the log run, but if it keeps forint for at least a few years, Hungary can expect a tolerable inflation, more natural convergential process and the possibility to use its own monetary policy, which in Hungary is based right on the exchange rate channel of monetary transmission.
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Husarčík, Marek. "Aplikácia makroobozretnostnej politiky v USA." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-201943.
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The master thesis deals with macroprudential policy and its application in the US. The thesis is mainly focused on the large reform of the financial market in the US known as Dodd-Frank Wall Street Reform and Consumer Protection Act. The main objective of the thesis is to analyse the impact of this act on the financial market in the US. The thesis is divided into four chapters, which are logically connected. The first chapter describes the institutional structure of the regulation and supervision over the financial market in the US, with the emphasis on the organisational structure of FED. The second chapter deals with macroprudential policy from the theoretical point of view with the focus on the tools of the policy and its interaction with other policies. It also covers the incentives which lead into putting this policy into practice. The third chapter focuses on the causes of the financial crisis and particularly on the response to the crisis in the form of Dodd-Frank Act. The final chapter analyses the impact of particular measures contained in Dodd-Frank Act on the US financial market. Analysing this the thesis concludes whether these measure were successful from the perspective of objectives that Dodd-Frank Act wanted to meet.
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Dlouhá, Barbora. "Evropský sociální fond v rámci podpory politiky zaměstnanosti a vzdělávání na území hl.m.Prahy." Master's thesis, Vysoká škola ekonomická v Praze, 2006. http://www.nusl.cz/ntk/nusl-435.
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Hlavním cílem práce je analýza systému čerpání finančních prostředků, které do České republiky proudí ze strukturálních fondů EU. Zejména vytipování hlavních rizik souvisejících s čerpáním prostředků alokovaných do jednotlivých strukturálních fondů na programovací období 2004-2006. Práce je zaměřena na Jednotný programový dokument pro cíl 3 region NUTS 2 hl.m. Praha.
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Šimíček, Petr. "Problematika kvantitativního uvolňování." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-113541.
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The purpose of this paper is to evaluate the effects of the non-standard instrument of the monetary policy -- quantitative easing (QE) on the economies of the countries (or currency unions) that use this policy (Japan, USA, United Kingdom, eurozone). This paper pays attention at the QE mechanism description and its macroeconomic context, especially connection of QE with financial markets and real economy. It is shown a wide range of possible impacts on GDP, inflation, commodities, financial assets, financial system stability and expectations within the transmission mechanism. Newest data (2012), studies and paradigms of short run macroeconomics (especially Austrian business cycle theory, new Keynesian economics and real business cycle theory) are used.
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Lukschanderlová, Simona. "Daně v období krize v České republice z pohledu fiskální politiky." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-199498.
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The diploma thesis deals with changes in the system of taxation in the Czech Republic, 2008 -- 2013. The aim of the thesis is to analyze particular changes in the system of taxation in each year and determine what form of fiscal policy was applied and whether it was in accordance with tax theory. The examined taxes are: personal and corporate income tax, social security contributions, health insurance, value added tax and excise duties. The first part of the thesis deals with causes and consequences of the financial crisis that began in 2008. The second part of the thesis deals with fiscal policy theory and its measures. The third part of the thesis is an analysis anti-crisis measures applied throughout the European Union during the financial crisis. The fourth part analyzes the changes in the system of taxation in the Czech Republic, 2008 -- 2013.
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Najmonová, Tereza. "Investiční projekt ucházející se o finanční podporu ze strukturálních fondů EU." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2008. http://www.nusl.cz/ntk/nusl-221796.
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This master‘s thesis describes the process associated with financial benefit from ESF. It includes the feasibility study concept and the barriers to realization of project. The feasibility study is integral part of appeal for financial benefit from ESF.
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Zábražná, Adela. "Premena menovej politiky ECB v dôsledku finančnej a dlhovej krízy." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-136318.
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The thesis analyses the change of monetary policy of the European central bank during financial and sovereign debt crisis. Main focus of the thesis is given on the analysis of non-standard measures of monetary policy of the ECB. This thesis explains in detail how the ECB has responded to the various phases of the financial and debt crisis, starting with the period of financial turmoil, continuing with the intensification of the financial crisis and the sovereign debt crisis. Finally, the thesis compares these phases and assesses the impact of these non-standard measures.
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Mikulcová, Jitka. "Úrokový kanál transmisního mechanismu a heterogenita jeho působení v eurozóně." Master's thesis, Vysoká škola ekonomická v Praze, 2007. http://www.nusl.cz/ntk/nusl-917.
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Práce vysvětluje mechanismy, pomocí nichž se opatření měnové politiky Evropské centrální banky dostávají do reálné ekonomiky a cenové hladiny. Objasňuje hlavní příčiny heterogenity působení jednotné měnové politiky v zemích Evropské měnové unie. Zaměřuje se na úrokový kanál transmisního mechanismu a vysvětluje jeho asymetrické působení v zemích eurozóny na základě odlišných strukturálních charakteristik národních finančních trhů a reálných ekonomik.
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Volfová, Michaela. "Rozpočet Evropské unie a vztahy ke strukturálním fondům." Master's thesis, Vysoká škola ekonomická v Praze, 2007. http://www.nusl.cz/ntk/nusl-4421.
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European integration means for the member states many duties but on the other hand also many advantages. Among the most significant belongs the possibility to use financial means from EU Budget. The most significant budget items are the structural funds. Structural funds are the financial instrument of regional and structural policy EU with them EU tries to help member states regions to develop. The aim of my works is present the system of functioning EU Budget and also evaluate the system of the financial flows from the budget by the medium of structural funds. I am going to demonstrate this problem on the Czech Republic.
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Lekishvili, Salome. "Central bank’s balance sheet and its relationship to monetary policy effectiveness." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-263865.
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The diploma thesis deals with the issue of financial performance of central banks. Central banking is generally considered as a profitable part of financial system. However, this paper focuses on the loss-making central banks and emphasizes the examples of central banks with large accumulated financial losses. Relationship between the quality of balance sheet assets and financial performance of central banks is closely examined in the thesis. Alongside, it analyses the impact of negative financial performance on the main objectives of central bank, in the role of monetary authority. Effectiveness of monetary policy is conditioned by many factors, among them are independence of central bank, the level of development of financial markets - central bank operates in, analytical skills of employees and etc. However, the case, where financial performance of central bank is discussed in connection with monetary policy performance, is extremely rare. The primary goal of this diploma thesis is to reveal and describe the main ways in which financial performance of the central bank influences monetary policy decisions. It also tries to find out whether there is hidden threat of a damaging impact on the decisions in case the central bank accumulates the negative financial results.
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Mandok, Denis. "The efficiency of monetary policy during the zero lower bound period." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-264385.
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This thesis explores efficiency of monetary policy under zero lower bound condition. At first, is defined a role of monetary policy and criteria to judge the effectiveness of monetary policy are introduced. Then reactions of central banks of USA, Japan and Euro zone are explored. Thesis found out that monetary policy can be effective under a condition of zero lower bound. As last is introduced idea how to improve current monetary regime.
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Kostohryz, Jiří. "Daňová opatření v období krize 2008 - 2010." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-18246.
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The goal of this work is to analyse advantages and limits of tax measures taken to fight the crisis in period 2008 to 2010. In this work are motives and consequences (economic stimulation vs. needed state budget income) described. To achieve the goal of this work next methods were used: literature review, analysis, comparison and deduction. The research is focused on tax measures taken to fight the crisis all over the world, then specially in the Czech Republic. The comparison of most frequent tax measures in EU and OECD shows the tendency to take the advantage of stimulation effect of lowering taxes (mostly corporate income tax and taxation of labour). In the analysis of concrete measures economic and tax theory, historical and foreign experience were used. Finally the tax measures taken in the Czech Republic are similar to the main stream all over the world. The Czech anti-crisis measures are focused on lowering taxes more than on government expenditures increasing. In 2009 we can see a tendency to lowering taxes in the Czech Republic. On the other hand emphasis on fiscal function of taxes begins to prevail in 2010.
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Čechová, Lucie. "Vliv dotací z EU na konkurenceschopnost firem." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-199267.
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This master thesis is focus on the European Structural Funds. The main objective is to analyze the impact of European subsidies on competitiveness of the industrial companies in the Czech Republic. For this purpose I compare the performance of companies that have received public subsidies to that of similar companies that have not received it. Measuring of the competitiveness in this paper is based on financial indicators. The subsidy effect is evaluated for the Operational program Industry and Enterprise which provided a support for Czech manufacturing companies from 2004 to 2006. The theoretical part starts with the basic parameter of Structural Funds and there are also mentioned resultes of related studies for comparison. In the analytical part is analysed the impact of subsidy on companies by using t-test and regression analysis from the period of 2006 -- 2011. Information is obtained from CzechInvest and database Albertina Data. Final conclusions do not confirm the possitive effect of subsidy on companies competitiveness.
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Vorlíček, Jaroslav. "Zátěžové testy bank." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-201628.
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This thesis deals with stress testing of the banking sector. Stress tests are a set of analytical tools used to test the resilience and financial stability of the banking sector. At the beginning of the work financial stability and systemic risk impact not only in the form of sys-temically important financial institutions are discussed. Followed by a chapter on stress tests, which describes historic development of stress testing approaches to testing of individual banking risks and their implementation in the form of stress testing. Stress testing methodo-logy is described primarily from the perspective of the Czech National Bank, the importance of banking regulation and supervision in Basel III is also presented. In the final chapter of the thesis there are commented results of Czech National Bank's stress tests, and EU wide stress tests 2014, launched in cooperation with European Banking Authority, European Central Bank and the European Systemic Risk Board.
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Rýdlová, Barbora. "KOMPARACE RODINNÉ POLITIKY NORSKA A ČESKÉ REPUBLIKY V LETECH 1993 AŽ 2014." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-206048.
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This thesis aims to analyze the development, its deteminants, instruments and objectives of family policy in the Czech Republic and Norway, focusing on maternity and parental leave. With respect to the different attitude of the two policies, support for families with children is compared on several theoretical levels and also demonstrates the use of supporting families in practice. It was found out, that Norway provides greater support to the ratio of expenditure to GDP, as well has a more appropriate measures for families in the context of harmonization of work and family life. In addition to the comparison between these two systems of family policy the thesis also provides suggestions for improvement using the Norwegian model.
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Zoul, Zdeněk. "Průběh hospodářského cyklu v letech 2005 až 2014 a jeho vliv na nezaměstnanost v ČR v porovnání s vývojem v Německu a USA." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-193116.
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Main objective of this diploma thesis is to analyze the business cycle in USA, Germany and Czech Republic in years 2005 -- 2014 and evaluate impacts on each economy and particularly on labor markets. Work contains circumstances of beginning of the world economic downturn, which hit the world economy during those years, impacts of the crisis on each economy and analysis of the stimulus packages passed by both central governments and central banks. Analysis and comparsion is made by monitoring the development of main macroeconomic indicators such as GDP growth, rate of unemployment and employment, public debt or inflation. Conclusion is that German labor market was struck the least of the three countries and it didnt suffer from high rates of unemployment or decrease of employment. That was achieved mostly because optimal labor market reforms which were done before the beginning of the crisis.
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Piliarkinová, Eva. "Komparácia menovej politiky FED-u v období Veľkej depresie a hospodárskej a finančnej krízy 2007 - 2009." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-113963.
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The main goal of this thesis is comparison of FEDs monetary policy in times of Great Depression and financial crisis 2007 -- 2009. Both of them began when the speculative bubble burst (in the first case it was in stock market, in the second one it occurred in real estate market). The effect of speculative bubbles bursting had very negative impact on global economic system. The FEDs monetary reaction to the both crises was very different. It differentiates in many aspects -- in times of Great Depression FED acted passive -- did not provide large open market purchases, did not lowered the interest rate quick enough to avoid the money stock fall-down. In current crisis, FED did not repeat mistakes made during Great Depression. In response to the market pressure, FED created several unconventional tools to support liquidity of depository institutions, primary dealers and commercial paper market. Via these new-invented programs, FED did not allow the money stock to fall and as the financial strains eased, they slowly disappeared. Besides these liquidity programs, FED supported economy with fast interest rate lowering and providing quantitative easing. Steps taken by FED helped to stabilize financial markets.