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The theoretical part of the diploma thesis evaluates the current state of peatlands in the Czech Republic. Peatland were affected by drainage and the subsequent drying due to the peat extraction. There is the effort to restore these localities to their natural character and to protect them at present. The practical part evaluates species composition of mi-crocrustaceans and rotifers of monitored natural and restored peatlands in the Ore Mountains and Šumava. A total of 39 taxa of rotifers and planktonic crustaceans was found. The impact of restoration on these communities was evaluated based on differ-ences in species composition.

Basel III responded to the financial crisis among other by redefining and expanding the capital requirements and by introduction of the liquidity requirements in the banking sector. Since banks' liquidity and capital positions influence each other through assets structure channel, asset quality channel and profitability channel, there exists a significant relationship among capital and liquidity regulatory tools. A bank can improve its capital and liquidity ratios by lowering risk-weighted assets (assets structure channel), but with the negative impact on the interest profit (profitability channel). We therefore aim to test the functionality of these two channels in relation to capital and liquidity positions in the Czech banking sector. We document the effect of the assets structure channel in case of liquidity and capital positions and effect of the profitability channel for the large banks. However, low profitability and introduction of a leverage ratio can limit the effect of assets structure channel on banks' capital positions. Web of Science 65 5 545 525

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.

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.

This thesis deals with CNB interventions in favor of the exchange rate depreciation of November 2013. The theoretical part presents alternative tools for unconventional monetary policy when zero lower bound is binding. This thesis then describes the experience of other central banks that responded to low interest rates. Intervention of CNB is contextualized in the Czech financial system and previous economic development. The thesis analyses alternative instruments which CNB might have accessed. Based on the analyzed data this thesis concludes that despite the long-term maintenance of weakened Koruna above the level of announced exchange rate pledge the sufficiently loose monetary policy was not translated into desired price increase.

This thesis analyzes the current problems of the credit union sector . At first describes the historical development of unions and further developments in the sector at the turn of the millennium. The greatest emphasis is placed on presenting the main trends in the development of cooperative banking in the Czech Republic from 2005 to the present. Solve the main problems of the sector -- excessive growth of balance sheets unions and their ever increasing risk and the disproportionate effect of the Deposit Insurance Fund -- is responsible for the amendment of the Act No. 87/ 1995 on Credit Unions , which sets the upper limit size increase savings and credit unions share of the contribution to the deposit Insurance Fund and the creation of reserves to fund the venture. The amendment, which is based on the recommendations of the FSAP mission of the International Monetary Fund , is evaluated in the main part of the work . Rating legislative changes is positive , as in the Czech Republic it is necessary to reduce the risk sector unions and unions to regulate the way to the most congruent with the principles of unions by the World Council of Credit Unions ( WOCCU )

This bachelor thesis deals with a topic of seasonal futures trading. It is seasonality which brings higher percentage success of trades and unlike the technical analysis it is based on fundamentals of the markets. Still it is not possible just to rely on the seasonal patterns, how it is shown in the practical part and it is necessary to filter these trades with another predetermined rules. This thesis brings complex view on commodity trading and discuss opportunity for income diversification in these unstable times. Finally, there is a mention how to use the concept of seasonality in another area of the national economy.

Bachelor thesis tries to analyze monetary-political measures, used by selected central banks, after recent subprime crisis and follow-up financial crisis, with emphasis on nonstandard tools of monetary easing. In relation with nonstandard tools of monetary policy it focuses on topic of currency wars, and the influence of consequences of financial crisis and reactions of economic policy over exchange rate of selected economies. As the indicator of undervaluation or overvaluation of the exchange rate, the thesis shows the deviation from fundamental equilibrium exchange rate, which calculation takes into consideration the development of current account.

The aim of the thesis was to determine the impact of macro-prudential policies adopted by the transposition of CRD IV and CRR to the legal order of Member States of the European Union, with regard to its interaction with already existing supervisory policies. An important influencing factor turned out to be the question of complementarity and coordination. The results suggest that the stabilizing effect of already established tools -- capital reserve -- is limited in relation to the strength of financial distortion that happen upon financial system. However decisive conclusion can not be made at this point, mainly due to absence of robust quantitative data on working of macro-prudential tools in practice, caused by their relative novelty.

The bachelors thesis describes and compares tools of crise management used to solve the financial crises in particular countries EU in 2008, following the tools based on the proposal of a directive about crise management tools. European Union concludes that implementation of such tools is important especially because of intervention timing, inefficiency of previous tools and decrease of negative impact on taxpayers. Thesis evaluates use of these tools as succesfull. Only critical statement is presented when talking about crise management tools used as a solution for Cyprus bank system.

This work tries to describe and compare causes of the dot-com crisis and the subprime crisis with regard to Austrian business cycle theory. This work stands critical towards activistic monetary policy of the US Federal Reserve System, which was one of the causes of the dot-com crisis in the year 2001 and the Subprime crisi in the year 2008, which lead into economic recession of recent years. Above mentioned economic fluctuations are subjected to closer analysis and are commented on the basis of studying press releases of the committee of the Federal Reserve System.

This work makes an effort to find main causes of recent crisis in the countries of Eurozone with regard to Austrian Business Cycle Theory. This work stands critical towards integrated monetary policy of the European Central Bank which through unitary interest rate for heterogenous economics facilitated excessive amount of loans for countries like Spain or Irleand, which according to Austrian theory led into economic recession. Chosen countries are subjected to closer analysis of economic indicators for entire period in the monetary union.

This diploma thesis aims to compare the approaches of EU and USA to the merger control from the point of view of the competition policy. Its goal is to confirm the hypothesis that both these approaches converge, but there are still significant differences. The comparative method was used to achieve this goal. The necessary information was gained from law regulations, academic papers and books. The results is that in the last years, mainly after the reform of merger control in EU in 2004, the definition of the lessening of the effective competition has been converged and the same happened in the field of horizontal mergers. However there are still significant differences in the area of non-horizontal mergers, mainly because the approach of USA is based on the ideas of Chicago school, but the approach of EU is rather based on the post-Chicago economics. Other differences can be found in the fact, that US merger control system is judicial but in EU it is administrative. Apart of that the US antitrust authorities use more economics and econometrics. These findings are also proved by the arguments of EU and USA in the cases GE/Honeywell and DB/NYX, in which both jurisdictions decided differently.

Deflation, which has recently represented significant source of concern, is by many economists perceived to be an unfavorable phenomenon in the economy. The aim of this paper is to identify the possible link between deflation and economic downturn based on the comprehensive view. The emphasis is put on the analysis of historical episodes of deflation over the past two centuries in order to shed light on causes and impacts of deflation during the periods. The paper does not neglect the comparison of theoretical approaches. The results of the analysis, supported by empirical studies, imply that the relationship between deflation and recession is complex. Although the paper does not confirm the existence of a general link between deflation and recession, it reveals that recession often leads to deflation (especially in a low inflation environment), but deflation does not usually result in recession. In many cases deflation remains to be a symptom of economic problems, not their cause.

The present thesis analyzes the economic and political measures of United States President Ronald Reagan and their impact on income inequality. Moving away from Keynesian interventionist government action meant a return to the traditional, modernized, neoclassical economics in the foreground with the school supply side. Changing fiscal policy, deregulation, globalization, and the consequences of a change in the factors of demand for labor is the cause of greater poverty for children, African-American and Hispanic households. Using traditional methods of measuring the level of income inequalities prove that the popular Reagan's economic policies have had a positive impact on high-income people, and people with a university degree.

The target of this bachelor's thesis is comparison of current measurement of inflation, a measurement by consumer price index, with alternative attitudes of measuring of inflation including an identification of their vallue added. Nowadays the maintenance of a stable inflation rate is one of the dominant targets of all central banks in developed countries. The central banks use various instruments of monetary policy to ensure this target. One of the regime of monetary policy that central banks use the most is inflation targeting, more precisely targeting of consumer price index. Unfortunately, this price index carries an amount of disadvantages. At first, I mention predominant discussion about technical imperfections that are caused by the method of it's calculation. Then I focus on monetary - political imperfections of the consumer price index that are caused by the fact that this index ilustrates development of only relatively stable consumer prices, so it's reactions on changes of monetary policy are very weak. After that I carry out an comparative analysis of representative alternative attitudes of measurement of inflation, including a comparison of developement of inflation rate according to these attitudes in USA in last few years.

This thesis analyzes the e-commerce in terms of logistics as the dominant aspekt affecting the final margin in this sector, profit. A positive profit of e-commerce is taxed by the appropriate extent according to Czech legislation. The second view on this issue is in the terms of impact on revenues to the state budget in the period 2005-2010. Selected time interval is historically optimal for interpreting the impact on revenue to the state budget and show interesting facts described in the conclusion of this work.

One of the core economic questions of present Europe is european debt crisis. This work focuses on analysis of situation of the Economic and Monetary Union of the EU using Taylor rule model. Outcome of the analysis is confirmation of hypotesis about a heterogeneity among member states concerning monetary policy. Optimal interest rates of individual states according to Taylor rule are not homogeneous and diverge from interest rate of European Central Bank. This signifies an heterogeneity in demands on common monetary policy. There are two groups of countries identified according to the extent of heterogeneity - periphery and core countries. Further this work builds up on the findings of model and discusses in depth their connections with current problems of monetary union. There are chosen three main areas: credit expansion, public finance and single currency.

This bachelor thesis deals with the relation between the growth of transfers and economic performance during the crisis. By means of the Austrian School looks at the issue of state intervention in the economy and on the example of America's recent financial crisis (2007 - 2010) questions the government actions taken to stimulate the economy. Recommendations of the Austrian School economists are constantly overlooked and during the crisis period the word gets Keynesian economics, whose validity has been questioned many times. The thesis deals with the macroeconomic indicator of GDP, which sees not inadequate for drawing conclusions on economic performance. This indicator on the contrary, due to more than 70 % weight of consumption, complies with policy makers in promoting stimulus packages to support the economy and other interventions to increase consumption. As a result of these interventions finds work, not sustainable economic growth, but growth of government itself. The growing volume of transfer payments, which should support the performance of the economy, especially led to a tightening of government power and its growth.

This bachelor thesis engages in the labour market of the Czech Republic, its institutional structure and labour market development which is compared with four countries of European Union. Theoretical part is focused on market labour equilibrium, which is influenced by economic cycles. The subsequent comparison of GDP growth rate and unemployment rate proves the effect of Okun's law. General development of whole European Union is described in the next step. I have chosen four countries against its GDP growth rate and unemployment rate, in which I describe law settings of their labour markets. Institutional settings have great importance on the market flexibility. Differentiation of Czech regions and industry sectors is discussed in the final part of this thesis.

The goal of this work is to prove poor explanatory power of inflation forecasts, which monetary policy regime of inflation targeting depends on. Actual inflation is significantly different from its forecast especially during unstable periods of economic cycle. The paper compares inflation forecasts and actual inflation in the Czech Republic, Switzerland, the United States and Great Britain from 1999 to 2011. Central banks use similar inflation targets and monetary policy regime in selected countries, however there are significant differences among them. The results for all the countries are almost identical despite these local specifics. The explanatory power (especially conditional forecasts) was found to be minimal. This hypothesis is proved by the regression analysis of actual inflation and inflation forecasts.

The aim of this thesis is application of the Austrian Bussiness cycle theory on the real economy. The ability of this theory to explain the causes of the crisis will be researched on the Japanese economy during the economic boom in the 80's which preceded the "Lost decade". I will try to find out the real cause of this historical event. In theoretical part I will focus on the assumptions of this theory which has clearly defined causes, process and consequences of trade cycle. In the practical part i will confront these assumptions with the real data. In this part will be analysed development of relative prices in particular sectors of economy. The output of this part confirmed the hypotesis of theory in principle. The objective of thesis is to find the causes of contraction in the japanese economy at the end of 80's with using Austrian business cycle theory.

The thesis verifies the relationship between education and economic growth using economic theory and current data about education in the Czech Republic. After verifying this relationship the current state and the form of Czech education are analyzed. Demonstration of declining results of Czech primary and secondary education with the usage of international comparative investigations follows together with the detection of the absence of similar data in tertiary education. These findings direct the main goal of the thesis to ascertain the causes of the declining results of primary and secondary schools and their impact on the quality of higher education. Subsequent analysis of the Czech tertiary education identifies the strengths and weaknesses of the higher education system and also positive and negative trends in this area during the last decade. Final identification of the causes determining the current level and quality of tertiary education leads to the submission of recommendations to improve the quality and increase the competitiveness of Czech universities in international comparisons. Providing top quality education is one of the decisive factors influencing the competitiveness and future economic growth of the country.