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Práce se věnuje analýze a souvislostem důchodového systému České republiky. Důraz je kladen na demografickou analýzu, která uvozuje čtenáře do celé problematiky. Vyvrací mnoho pesimistických scénářů o budoucím vývoji ekonomické struktury obyvatel a upozorňuje na hlavní nedostatky při dlouhodobých (50ti a víceletých) predikcích budoucího demografického i ekonomického vývoje. Na základě analýzy a predikce průběžného důchodového systému je explicitně ukázáno, že jej lze konformně ?reformovat? a zachovat jej jako základní pilíř českého důchodového systému.

The role of monetary policy in today's globalized world has increased in recent years, so it is very important to consider the institutions that constitute it. Feedback effects of these institutions is therefore essential necessity. My thesis has set this specific task, and critically analyzes the role of the European Central Bank in the creation of European monetary policy after year 2007. The thesis should answer the question if the ECB's monetary policy implemented in recent years is effective, what reasons led to the individual measures and it should also predict consequences and implications for the future.

This study divides the eurozone countries into two groups, the first group is "North states" and the second "South states". These two parts are mutually compared and evaluated in terms of the optimum currency area (OCA) theory. The beginning of this work introduces the basic concepts and the history of the OCA theory and the euro area. The theoretical part focuses on the definition and explanation the OCA criteria. The eurozone will be evaluated in terms of fulfillment or non-fulfillment of these criteria. The main aim of this work will be to decide which of these two parts of the euro area to a greater extent fulfills OCA criteria and which of them has a greater potential to become an optimum currency area in the future. The analysis will be based on the available statistical data.

This bachelor thesis deals with the phenomenon of unilateral replacemet of national currency with euro in Montenegro. It presents different opinions on the topic from various economists, published in academic articles, both in favour and against the euroization. Than it analyses the evolution of euroised montenegrin economy from the introduction of euro to the debt crisis of 2012 and compares it with theoretical assumptions. Base on the data from varios institutions, it concludes that euroization has deepen economic integration with EU and accelerated the devolepement of the country, but also has created numerous vulnerabilities, which lead to the big downswing of the economy after 2008 crisis.

This bachelor thesis analyses current position of SMEs startups in the Czech Republic compared to its nearest Slavic neighboring countries -- Hungary and Slovenia. Application section of this work compares necessary procedures of startup process and shows paths for the Czech Republic how to improve the ease of starting a business (the most important is minimizing costs of these administrative burdens). Theoretical part provides explanatory framework for the object of study.

This Bachelor's thesis falls thematically into field of Social Policy. Specifically it deals in Czech Republic yet known, but abroad evolving system of Social Care. Self-Directed Support (SDS) is a support led by an individual and is designed for people with disabilities, the elderly and long-term sick. A fundamental role is set for personal budget, which is closely linked with users of Social Care, and grandts them possibility to allocate funds according to their needs and wishes. British organization is an example of implementation SDS in practice. The thesis analyses the SDS model in the context of the historical development and current Social Care system in England and concludes to the great potential of effectiveness.

With the extension and deepening of the financial and economic crisis, many views are directed to pre-crisis monetary policy of the central bank of the United States. This work is focused on the analysis of the value of federal interest rates in 2001-2005. The analysis is performed by using selected monetary policies - famous Taylor rule, McCallum rule and Gali rule. The work provides us with a comprehensive view of the interest rate compared with the outputs of these monetary rules.

In connection to growing indebtedness of the Czech Republic the government is searching for various ways how to increase income of the deficit budget. One of the ways could be optimization of tax collection. That is why the "svarc-system" which abuses disguised employment relationship was probihibited again by the amendment to the Act of Emlpoyment. The main aim of these thesis is to analyze how this type of disguised employment relationship effects the state budget. Furthemore the thesis deal with economical, social and legal implications of this issue. At the end the thesis study this issue in foreign countries and offers potential solutions of the situation.

Price of electricity is an important part of many households consumption basket. General awareness of what affects the price of electricity, or what parts it create, is low. The aim of this work is to analyze the develompment of price of electricity and identify the main factors that affect it. They will be characterized all parts of the final price of electricity. The practical part will be analyzed on the basis of current prices since 2000. In conclusion will be evaluated whether the level of payments for energy is real increasing or decreasing.

The subject of this thesis is the description of trends in economy during global financial crisis in 2008. The main object of this work is to find causes and especially to analyze the mortgage bubble in financial markets, panic, uncertainty and risk spreading to other sectors. This work analyzes many consequences, which have been caused by financial crisis on global economy. This thesis also focuses on evaluation of important institution's influence, such as investment banks, insurance companies and rating agencies on financial crises. There are used microeconomic and macroeconomic indicators to analyze financial markets and national economies of countries which were affected by the crisis. Also is analyzed if interventions of central bank and government were eligible. This issue is discussed in part which describes economic cycles from perspective of the Austrian school of economics.

This bachelor thesis introduces a specific kind of investment asset named private equity, which is being compared with investments on public markets. In the first part the paper concentrates on theoretical terms and creates a ground for following analytical chapter. In this chapter it firstly analyzes private equity in general with a focus on the two most important geographical areas - Europe and the USA. Consequently in the second analytical part the thesis examines returns of buyout and venture funds and later on it compares performance of the industry with the public markets.

This barchelor thesis deals with youth unemployment in Spain, where almost 50% of people younger than 25 are unemployed. This is the highest number among all countries in the European Union, so the thesis aims to define reasons why. Thesis engages in conditions of spanish labour market, influence of the European Union, educational structure of target group in comparasion with sectoral unemployment. The thesis deals with impact of economic crisis to youth unemployment, too. It uses statistic analyzes from official sources to reach answers and values are comparing with other european countries.

The topic of pension reform is very actual today in many developed countries, including Czech Republic. Pension systems of many countries face difficult problems, which are growing. They are main issues of political and idealogical debates. Chilean pension reform from 1980s, when pension system transformed from pay-as-you-go to capital, could be the inspiration how to deal with many problems that pension systems are facing today. The aim is to analyse Chilean reform and propose those elements, that could be the inspiration for Czech pension reform.

The goal of this bachelor thesis is to determinate the possibilities of using brownfield sites in Prague locations. Theoretical part of this thesis generally characterizes the areas of abandoned territory. This part also defines negatives of brownfields, description of the process of revitalization and its complications, the institutions dealing with these problems in the Czech Republic, shows financial possibilities and other terms which are associated with depressed areas. The next part of the thesis analyzes the situation of brownfields lands in the Czech Republic and in Prague. In the last part of this thesis there are two practical examples of a successful revitalization in Prague mentioned. These examples are comparing the differences between these projects, especially the attractiveness of the locality, financial options, duration of the revitalization and the size of the transformation of the objects.

The topic of this thesis are the subsidies granted to farmers under the Common Agricultural Policy of the European Union (CAP), and assessing their economic efficiency. The aim is to analyze this issuee from the very beginning of the CAP to the present times. The theoretical part examines analysis of the effectiveness of providing subsidies in the sector of agriculture. This section pays attention to various rules of European Union, which were adopted in purpose of farmers. The practical part is a case study describing the situation of a farm which uses the subsidies of CAP. Using recent data on the subsidies and Cost Benefit Analysis, case study summarizes and considers the pros and cons of running a modern farm in EU.

Small and medium enterprises are the European Union seen as the backbone of the European economy. The European Union spends a large amount of funds which are provided for the development of small and medium-sized businesses. This thesis deals with the influence of European subsidies for the development of small and medium enterprises in the Czech Republic. The thesis is divided into four parts. The first part presents the structural funds and shows why the EU seeks to promote small and medium enterprises. The second part deals with operating the program, from which small and medium-sized enterprises can receive subsidies. It also discusses the effectiveness of pumping. The third section quantifies the transaction costs of obtaining grants. The fourth section, using statistical data and studied the three criteria, examines the impact of subsidies on the development of SMEs and the Czech Republic.

Telecommunications is rapidly growing and important sector of economy. This segment attracted attention of many foreign investors during privatization process. The aim of this thesis is to analyze privatization process of ČESKÝ TELECOM, a.s., especially selling of majority stake and the final bid. Theoretical part of this thesis focuses on transformation from centrally planned economy to market economy with respect to transformation of telecommunications sector. Analytical part focuses on privatization of SPT Telecom, s.p., later ČESKÝ TELECOM, a.s., as a leading landline operator of Czech telecommunications market. The analysis will cover the period from foundation of the company to sale of share and end of privatization process.

The aim of this paper which is called "Competition in Regulation: Implementation of BASEL II in Canada" is to analyze the introduction of Basel Rules in the banking sector in Canada. The goal is to prove that the economical stability, high concentration of the banking sector and a simple system of regulation and supervision can be a competitive advantage for a banking market. The analysis is based on the comparison of the implementation of BASEL II in Canada, the USA and the European Union.

The convergent criteria and its implementation across countries is a very actual and discussed issue of the past few years with regard to the increasing number of countries striving for joining the European Economic and Monetary Union (EMU). It has also become a part of the policies of the particular central banks having a significant impact on its performance. The beginning of this work is intent on the theory of the Optimal Currency Area (OCA) as developed by Robert A. Mundell in the sixties, which gave rise to the Maastricht criteria, subsequently the findings will be applied to the environment of the Czech Republic. The aim of this thesis is to analyze the evolution of the monetary policy of the Czech Republic with regard to the fact that the Czech Republic also commited itself to adopting the common European currency. And what about the impact of a fact, that the Czech Republic represents a small open economy strongly reliant on the development of Euro, especially the German economy? Furthermore I will also evaluate the policy of the central bank which must be performed in order to meet the determined Maastricht criteria. One of the other aims of this thesis is to assess the benefits and risks associated with the entry to the monetary union, such as depreciation of Czech National Bank (CNB), primarily the loss of using the exchange rates representing the important means to stabilize the economy.

With the benefit of hindsight we can analyse the expansion of consequences of the financial crisis and its influence in Czech Republic. The goal of the work is focusing on the factors which affect the traffic in Czech Republic. This helps evaluate the situation on the traffic market. I was concentrating on the speed of the economic growth, the government control, the price fluctuation of the costs, the toll and condition of the road infrastructure. After analyse will be deduced the logical conclusion about the road traffic in the Czech Republic. The theoretical part will be compared with practical part -- questionnaire. This act will accomplish the goal of the thesis.

This thesis focuses on innovation and their forms, theories of innovation as a source of economic cycles and innovation activity within the entrepreneur theory. On these basics using a deductive method creates a new theory of population as the only real source of innovation potential. This theory is then used for analysis with focus on quantity -- number of inhabitants and quality -- educational structure of inhabitants. It leads to the conclusion, that Czech republic doesn't have enough sources for innovation driven economic growth.

The theme of my bachelor's thesis is devoted to the concentration of the banking sector. Due to the fact that banks represent external financial source to the industries and firms concentration in the banking sector can significantly influence the size and number of firms in the market and have an impact on the overall economical situation in that area. To illustrate this situation I will introduce two different theories: the first one suggests that banks prefer their old customers with who they already have a well established relationship, and the second one suggests that banks prefer new firms which are just entering the market. The question of the optimal bank size has an important place in my work. I will mention the conditions under which mergers and acquisitions are approved by antitrust authorities. The reasons that lead financial institutions to merge will also be discussed, as well as the benefits and disadvantages connected with it. And to make the topic more complete I will examine the relationship between bank profits and concentration of the banking sector.

The major goal of this work is to conduct a careful analysis of the 2007 -- 2008 mortgage crises, with focus on both the United States financial and mortgage markets. The actual 2007 -- 2008 collapse wasn't only a typical market crash. It was also a "collapse" of ideals and new methods that came to life particularly during the times of the Great Moderation. In this work I further examine three particular issues. These are: economic and political decisions, the psychology of continuous and sustainable growth and the creation of so called toxic assets. Also in tandem to and related with a monetary policy and moral hazard analysis, I try to fully comprehend the actual market bust of the late 2000s. The purpose of my analysis is then finding out if there was a single cause of the market crash of 2007 -- 2008 or if there actually were multiple factors leading to the slump.

This thesis deals with the Austrian business cycle theory. At the beginning it introduce methodology of the Austrian School. It also describes the Austrian structures of the capital and production based on time preference, which are necessary to understand this whole theory. One of goals is to show the possible causes of the business cycle, which the Austrian economists see in the monetary expansion. This causes a reduction in interest rates, disorientation of investors and the spread of investment demand. Furthermore, the task is to verify the viability of this theory in practice, applications to the Great Depression in the U.S.. Here this thesis analyzes the anti-crisis measures of the government of presidents Hoover and Roosevelt. Results are compared with the assumptions of Austrian theory and based on this comparison it draws conclusions.

The topic of this work is european monetary integration and receiving european currency euro in Slovakia. First part of this work is focused to compare european monetary union with theory of optimum currency areas. In this part I compare indicators, which the countries engaged to the european monetary union should realize, with their reality. In the second part the main idea is history of the european monetary union from the beginign of the second half of the twentieth century to the present. In the last part I describe receiving euro in Slovakia and development statistics indicators before and after receiving. Some of these indicators I compare with indicators from the Czech republic. On the last, I add classification and opinions to receiving euro in Slovakia from different subjects, e.g. from european commission and specialists to this problems.

This study deals with the administrative barriers and their impact on business. Small and medium-sized businesses are the backbone of many economies, including the Czech one, nevertheless they face a considerable amount of administration and official restrictions on launch and during their activities. The aim of this work is to present the views of the economic community dealing with barriers to entry for emerging businesses. Furthermore, to examine the impact of these restrictions and the main factors that affect this area. On this theoretical basis it will be presented the current state of this area in the Czech Republic, which will be compared with selected countries. The comparison will lead to the identification of places where the Czech Republic has the potential to improve and suggestions of possible solutions.

At the turn of the 19th and 20th century, the Czech countries could boast a flourishing sugar industry. The share of the Czech countries in the European sugar exports reached to 57%. However, over time this important position on the sugar market have disappeared, and demand for imports of this commodity in the Czech Republic started to grow. The goal of this paper is to analyse the demand function for sugar import in the years 1996-2010, try to find factors that it could effect in the chosen period of time and determine their intensity. The method of examination is to set up a simple model and the subsequent implementation of regression and correlation analysis to determine the level of dependence of demand functions on individual factors. The conclusion summarizes the partial results of the analysis and proposes other possible variables that could be incorporated into the model.

The work is focused on exploring the issue of renewable energy resources, their current status and possible future development, especially the issue of solar power. The first two chapters focus on the legislation that regulates business conditions in the field of OZE, the reasons of promotion of OZE and the economic theory of government intervention and infuence of the group. Chapters three and four are about subjects in the electricity market in the Czech Republic and the support tools of OZE. The fifth chapter analyzes the current state of OZE in the Czech Republic and the last development in this area, their market share, capacity utilization of existing and possible future development in these sectors. The last -- six chapter -- the work aims to find out what led to the current situation in the field of solar energy, what is the status quo in this area, what is the impact on the economy of this state and what are the possibilities of resolving the current situation. The conclusion summarizes the knowledge, which I arrived at work.

The main goal of this bachelor thesis is to compare and valorize principal advantages and potential risks of adopting the Euro in the Czech Republic. Decision-making, whether to enter the Eurozone or not, represents a very important part of continuing European integration, which means for the post-communist states an economic and political approach to the west countries. The fundamental basis for this bachelor thesis is the theory of optimum currency areas, which is applied to the situation in the Czech Republic. The analysis of particular impacts of adopting the Euro follows. The thesis also includes some considerations about the future of the eurozone and indicates, how the actual debt crisis in some countries might influence those states, which have not adopted the Euro yet.

The thesis deals with monetary policy applied by the central bank in Czech republic in the last 20 years. On the established theoretical basis analysis performed monetary policy since the transformation economic environment in 90's 20th century to the present. The aim thesis is to assess the results of the applied monetary policy in certain stages of economic development in the Czech republic and its impact on the economy and macroeconomic indicators. In the second half of analytical part connected to the analyzes of the applied monetary policy influence European union on the Czech monetary policy and requirement on its harmonization with European central bank's monetary policy, which is essential assumption to entry our country into higher degree of integration, thus joining into the European monetary union.

This work examines Public Private Partnership phenomenon and its usage in Czech Republic's road-traffic infrastructure, in D3 highway specificaly. As a purpose I chose answering the question of possibility and appropriateness of building road-traffic infrastructure in Czech Republic thanks to PPP. In these days, we are facing accelerating deficit of public treasure, emphasis is put into effectiveness, usability and avoid of risk in refer to extremely expensive projects. And one of the possible cure could be cooperation between public and private sector. In theoretical part I will compile common framework of PPP then I will decompose reasons of failure of pilot PPP projects in Czech Republic. In the second part I'm going to analyse D3 highway and compare this project with D47 highway, formed by first wave of PPP and also with analogous one abroad, the M1/ M15 project in Hungary. Those datas should be sufficient to give us the answer to the question -- if it is possible to build road-traffic infrastructure effectively in conditions which Czech Republic offers.

This thesis examines the monetary policy of the Slovak republic between the years 2000 and 2010. At first there are described transmission mechanisms, then continues by monetary policy tools in the Slovak republic and monetary policy tools that are used by European central bank. This is followed by the description of the proccess of adopting the Euro and the optimum currency areas theory. In the second part is performed an analysis of Slovak's monetary policy including changes in institutional framework especially those changes which are connected with the Euro adoption. The thesis answers question whether Slovak's monetary policy has changed due to Euro adoption.

European integration is a complex and long-lasting process, which gradually affects all areas of national policy. A very up-to-date problem is also an unsustainable pension scheme facing many member states and which is the reason why European Union starts to deal with it more and more. The aim of this bachelor thesis is to characterize the pension schemes in selected member countries (Sweden, Germany, United Kingdom) and then find the differences and similarities between them. Furthermore, the thesis analyzes the current state of coordination of national pension systems within the European Union and other possible development in this area. In the model, which assumes a single European pension system, the advantages and disadvantages of its implementation are pointed out through a SWOT analysis on the example of the Czech republic. The conclusion of the thesis collects information and responds to the question whether the existence of a single European pension system is feasible.

Foreign direct investment has become commonplace in today's globalized world. The Czech Republic attracted foreign investors in the 1990s during the period of transition and has become one of the countries with the highest FDI inflows in Central and Eastern Europe. The inflow of FDI may impact on the economy with a wide range of effects. The aim of this bachelor thesis is to find out what impact FDI has on the labour market in the Czech Republic, and also what motivates investors to make an investment in another country. The first part describes when it is foreign direct investment and its effects on the host economy. It also presents the growth of FDI inflows into the Czech Republic from the last decade of the 20th century. The next part presents the localization factors upon which the investor decides on its investment into a country. The last chapter examines the relationship between the size of FDI in regions and labour market variables on the basis of correlation analysis. Whether the unemployment rate, its annual change and the number of vacancies are dependant on FDI or not.

Demographic changes in age structure of czech population brings a number of problems relating to the financial sustainability of the pension system. The pension system in the Czech Republic consists of two pillars. The first pillar is mandatory, state-guaranteed and continuously funded. The second pillar (pension additional insurance) is a voluntary. The problems of financial sustainability of pension systems must be solved. Demographic changes are not only in the Czech republic but in almost all developed countries. CR has an opportunity to monitor the actions of other countries and inspired to find a solution. Successful reform has already been in the Sweden.

Pension reform in the Czech Republic is a frequently discussed topic. Look at the present state of pension system and its development we can supposed that pension reform will be necessary. This work deals pension reform in the Czech Republic compared with countries of Visegrad Group and financial burden analysis of pension systems. Necessity of reform depending up demographic development of society is described in the first part of the work. There are also mention steps leading to the stabilisation of pension system in the Czech Republic. Below is present development of pension system and pension insurance from 90th of 20th century to the present. Next part of the work presents pension systems in others Visegrad countries (Slovakia, Poland and Hungary) and their reforms. The conclusion compares the financial burden of pension systems in each country and its evaluation.

This thesis deals with labor productivity and factors affecting it. Such as technological progress, education and development. Examines how various factors improve productivity and how PA affects other sectors. Furthermore, the focus on comparisons of labor productivity in the Czech Republic and European Union countries - and it seeks to draw conclusions. The work space is defined for comparison between the Czech Republic and the founding States of the European Union and then with all the countries of the European Union. Analyzes the current state of labor productivity in the CR and its impact on the competitiveness of Czech enterprises. Their ability to survive in the global market. At the same time predicts the possible future development of PP and the impact on public finances in the context of accentuated the need for reform. The aim of this work is, among others, are familiar with concepts related to the PP and the PP itself. And on the basis of these data to understand the diversity of PP in different countries and the resulting wage differences.

The first goal of this thesis is to reveal main causes of increasing public debts of the Czech Republic and Hungary. The results of that analysis should show us whether the both countries differ in such causes or not and if there is a chance that the Czech Republic's public finance system could be in danger, as it happened in Hungary in 2008. At the beginning, we suppose that there are no important differences in those causes and that the main reason for the increasing public debts are long-term budget deficits which are of structural character. That means that those structural deficits are formed on purpose, by irresponsible fiscal policy. The other goal of this thesis is to analyse the most important factors which cause the long-term structural deficits in the Czech Republic, and to suggest some steps which would help to stop the further creation of those deficits.

The world financial crisis in 2008 struck banking sector significantly. This bachelor thesis explores impacts of the crisis on the Czech banking, maps structure and development of the Czech banking market and describes single types of credit products available in the Czech Republic. The following chapters are focused on transfer of the crisis from USA to the Czech Republic and on policy change of Czech banks. The goal of this thesis is the analysis of the volume of credit advanced for citiziens and entreprises, this analysis can be found in the last chapter.

The topic of pension insurance is often being discussed by politicians, experts and general public as well. This paper is focussed on describing the Czech pension system and comparing it to the pension systems of chosen member states of the European Union. It is also concentrated on incomes coming from particular fields of this very system. I will present comparison of pension benefits and average incomes during certain time periods. In the field of pension insurances I focus on calculating profitability of pension funds, valorization of the invested funds etc. In another part of this paper I am comparing the Czech republic to other selected states, concentrating on the expenses related. At the end I summarize the facts determined and those concerning the Czech system of pension insurance.

The controversy about the effectiveness of government interventions in the economy exists perhaps from time immemorial. Especially at a time when the economy is in crisis, this topic is always more popular. Essay returns to the dispute of two economists, which related to state intervention and its impact on the economy and of course, causes and solutions of the Great Depression. The first privy to this controversy is a representative of the liberal economics Friedrich August von Hayek and the second competitor is John Maynard Keynes, a supporter of government interventionism. Both, of course, saw the causes of the crisis elsewhere and both had different solutions. The aim of this paper is to examine the real causes of depression and to compare them with theories of these two economists. The goal is also investigate proposed measures against depression, their analysis and selection of effective solution. Due to the popularity of both economists in these days, the paper applies ideas of liberals and Keynesians on the current economic crisis, and verifies the validity and effectiveness of their theories.

The bachelor thesis is concerned with problems of motor freight transportation in the Czech Republic with emphasis on toll collection. The thesis focuses as well on other regulation -- the driving restriction and hours of service. The thesis is divided into four parts. First section presents the Stigler's and Peltzman's theory of economic regulation. In part two is emphasized the importance of motor freight transportation. There is described the situation on freight transport market as well. Third section explains what regulation are set in the Czech Republic, especially the electronic fee collection is described. The last part analyses advantages and disadvantages of toll colletion and compares with foreign countries -- with German, Austria and Slovakia. The other kind of regulation (driving restriction and hours of service) are assessed and compared as well.

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.

The aim of this paper is to analyze the effects of monetary policy to the Japanese real economy during the eighties and nineties, whichare often referred to as the the Lost Decade. The theoretical part is devoted to the basic description and comparison of selected theories of monetary policy. It focuses primarily on the Liquidity trap, Friedman's monetarism and also deals with the benefits of mainstream economics and Austrian School. The maen finding is analysis of selected data in the Japanese economy sensitive to monetary policy. On the basis of evaluated data shows to what extent the real product influenced monetary policy. As exploration of the data is chosen short-term interest rate at which banks offer loans to investors, share prices, changes in money supply and demand and the development of gross domestic product. The result of the examination is to determine the proportion of the impact of monetary policy to fluctuations in the so-called Lost decade.

The aim of this bachelor thesis is to answer the question whether European Currency Union (particularly the countries that have already entered the 3rd phase of European monetary union) is the Optimal Currency Area (OCA). This question is significant, especially when examining advantages and disadvantages of using a common currency (Euro). This work clarifies fundamental conditions that are connected with the theory of optimal currency area, as it has developed since R. A. Mundell. The thesis also briefly introduces historical development of the European Union and Monetary Union, and tries to point to fundamental turning-points within the integration process. Furthermore, there is a comparison with other regions which use a common currency, e g. the United States of America. One of the main characteristics of the OCA is unification of business cycles within the region. The final section of this thesis is devoted to an analysis and overview of business cycles of selected countries before and after adopting Euro.

The question of business cycles is one of the most interesting topics of the economic policy. The period of economic recession influences most of the subjects in the economy. One of these subjects is a firm. In this thesis I discuss the question how economic depression impacts the value of a firm and how firms react to the recession, what are the consequences of their reactions and the results of these consequences at the macroeconomic level. To demonstrate the impact of the crisis I have evaluated the firm ACTIVA with Discounted Cash Flow Entity method in two different time frames, first evaluation was done before the crisis occurred and the second was done during the crisis. I conclude that the crisis causes a slowdown of the growth of the relevant market and therefore also of the revenues of the firm, it causes a fall in the economic results and not least the profit margin. As a result the value of the firm decreases to less than a half of its pre-crisis value. This proves that the view of a firm's value has significantly changed as a result of the crisis. The firm's behaviour has changed as well and whence it follows that the business cycle is a consequence of a changed behaviour of the economic subjects, which operate their behaviour according to the prices.

First part of the work presents the theoretical base of retirement system, introducts the basic constructs and historical development of the system. Then the work presents two basic ideal systems- continuously financed system and fund financed system. Their combination creates the unique retirement system of every state. Both systems are analysed in light of their impact to public budgets. Second part of the work presents the retirement system of Czech republic. There is introduced historical development of czech system, especially in modern history. The development is analysed in context of economical transformation in ninetees. Analyse is focus on the financial expensiveness of the retirement system and its impact to public budgets. In this part are presented retirement systems of three specific countries, that are compared with czech system. This comparison is also focus on financial expensiveness. At the end are these systems analysed in light of potential use of some their elements in reform of czech retirement system.

The goal of this paper is to evaluate the qualitative competitiveness of the Czech entrepreneur environment. The qualitative competitiveness of the entrepreneur environment is the key factor for the economic growth, especially in the current globalized world. The innovation performance is one of the most important factors of qualitative competitiveness, which is mainly influenced by the research and development activities. The character of the Czech entrepreneur sector highlights the importance of innovations especially in the industry. The analysis of the Czech research and development has proven that this area is insufficiently and inefficiently financed, which is also proven by the weak patent performance. The general uncompetitiveness of the Czech entrepreneur environment according to existing international studies topped with the imperfect condition of the research and development have proved that the qualitative competitiveness of the Czech entrepreneur environment lags behind highly developed countries.

Subject of my work is problem of households indebtedness. I figure on Czech republic data rapid growth credits households, the biggest part rank credit on living, especially mortgage credit. Incidence increased credit activities can have devastating effect. During economic fall, at growing unemployment and fall earnings, some households have not enough sources and stop pay off a debt. Then non-performing loans on overall debt very fast grew since 2008 to current 4,5 %. Banks have to handle credit risk, because every unpaid loan presents loss. Important indicators relative indebtedness, which compare debt against wealth and household's savings, is in Czech republic in most affably. Households are clean takers interests from financial assets, so they can pay back the credit. To banks important share credits to deposits is on 60 per cent. Expected progress suppose growth non-performing loans, but there is no expectation to make bank condition worst.

In the late 1990s deflation returned to the centre of interest of economists. One of the reasons was the recent japanese experience from the 1990s when deflation followed the long-lasting recession. The aim of the work is to find out if deflation was the main reason of the japanese economic recession or if it was only a symptom of some deeper problems. In the first part the paper presents possible definitions of deflation and compares theoretical approaches to this phenomenon -- the mainstream and austrian approaches. The second part focuses directly on the japanese economy. First, it explains historical and economic circumstances which are necessary for correct evaluation of the character of japanese deflation. Next, it offers an analysis of the deflation per se, tries to investigate its character and causes. On the basis of the deep knowledge of the development of japanese economy and data analysis, the paper considers deflation more likely to be a symptom of deeper economic problems than one of the main reasons of japanese recession.