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Since migration is considered to play an important role on the attainment of the sustainable development goals (SDG’s) this study analyses the reversed perspective of the migration-SDG’s nexus. The data set consists of 308 observations on 28 European Union countries (including the United Kingdom) over a time span of 11 years (between 2008 and 2018). The analysis employed various stages of estimation in order to compare different results obtained from the panel data regression models. Besides the classical panel data regression models, the paper includes the estimation of Arellano-Bover/Blundell-Bond model that uses the Generalized Method of Moments (also known as GMM) as an econometric tool to solve the endogeneity of the selected variables. The focus is on two sustainable development goals: labour and economic growth, and education of the European Union member states plus the United Kingdom. The results showed that there is a significant influence of the selected variables on the migration flows at the European Union level. Although there are some contradictory results regarding the direction and statistical significance of the link between the variables of interest, most estimators do not have fundamentally different results. The GDP per capita keeps its positive impact on migration by generating an immigration flow towards countries with high GDP per capita. Economic growth proves to be the main trigger of migration, while education also plays an important role in shaping migration. The importance of this study derives from the reversed perspectives analysis, considering migration as being directly influenced by the achievement of the sustainable development goals.

This study examines whether determinants of crime, hypothesized in the eco- nomic theory of crime and tested in other global regions, also explain crime rates in Eastern Europe, which is often excluded in existing research. Using fixed effects estimation and controlling for social cohesion and law enforcement, the results suggest that increases in income per capita have a negative effect on homicide and violent crime, but the effect on sexual and property crimes is mixed. Furthermore, the significance and sign of the impact of income in- equality and unemployment differ across individual crimes. This study also investigates crime determinants specifically in Czechia and Slovakia. Contrary to the cross-country analysis, there appears to be little connection between aggregate income and the regional distribution of crime, indicating the impor- tance of social rather than economic factors. JEL Classification K42, O15, O52, P20, C23 Keywords Crime, Income distribution, Eastern Europe, Panel Data, Czechia, Slovakia Title Determinants of Crime in Eastern Europe with a Focus on Czechia and Slovakia

This thesis examines whether the efects of macroprudential policy on credit and house price growth difer across diverse phases of the monetary policy cycle. The dataset covers 33 advanced and 39 emerging market countries in the period 1990-2019. Using the GMM estimation method, the results for individual types of macroprudential policy instruments and their cumula- tive efect represented by macroprudential policy index show that tightening of monetary policy does on average reinforce the efects of macropruden- tial policy on credit and house price growth. Furthermore, the efects of various types of macroprudential policies on credit and house price growth difer depending on the monetary policy cycle phase. The results suggest that macroprudential policies are efective in curbing house price growth in advanced countries but less so in emerging markets. The efects of macropru- dential policy tools on credit growth are somewhat larger in emerging market economies than in advanced economies. The thesis contributes to the growing literature on the efectiveness of macroprudential policy on credit and housing markets and on the interaction between macroprudential and monetary poli- cies. JEL Classifcation E52, E58, G21, G28, E32 Keywords Macroprudential Policy, Monetary Policy, Credit Growth,...

Tax avoidance is an important element of management in the global economy. Managers use tax havens for reducing a company's effective tax rate. The most common practices in international tax planning can be divided into three groups: loans and their related interest, royalties, and transfer pricing. The aim of this article is to find the determinants of the tax burden faced by foreign-owned subsidiaries. Therefore, a model was created for the tax burden, focusing on the special position of subsidiaries within international tax planning. For this purpose, taxes/outcomes was established as a new dependent variable. The panel data used include Czech companies that are owned by parent companies located in other EU countries. The model distinguishes EU tax havens from regular member states; sector dummy variables are also included. The regression model that was created did not confirm the assumed dependencies. Rather, it indicated other important determinants: profitability, the share of intangible assets, size, and the dummy variable for the ICT sector. Based on the regression results, the independent variables connected with known tax planning schemes have relatively low importance. The significance of these results can be seen in the subsequent conclusions. First of all, there is no difference between the subsidiaries' tax burdens based on the parent company's location. Corporations use international tax planning whether or not they are owned from a tax haven. The second significant conclusion indicates the importance of certain sectors and their attributes concerning the tax burden. Companies from the ICT sector are linked to a lower tax burden. On the other hand, the dependencies within the financial sector are not statistically significant. From the perspective of further research, it would be constructive to incorporate the subsidiary's position within the group. Daňová optimalizace je důležitým elementem řízení podniků v globální ekonomice. Manažeři využívají daňové ráje za účelem snížení efektivní daňové sazby společnosti. Nejčastější praktiky mezinárodního daňového plánování lze rozdělit do tří skupin: půjčky a s nimi spojené úroky, platby za využívání nehmotných aktiv a převodní ceny. Cílem tohoto článku je najít determinanty daňového zatížení, kterému čelí dceřiné společnosti vlastněné ze zahraničí. Proto byl vytvořen model daňového zatížení zaměřený na speciální pozici dceřiných společností v rámci mezinárodního daňového plánování. Za tímto účelem byly jako nová závisle proměnná zvoleny daně/výkony. Použitá panelová data zahrnují české společnosti, které jsou vlastněny mateřskou společností sídlící v ostatních zemích EU. Model odlišuje daňové ráje v EU od standardních členských zemí; zahrnuje také sektorové dummy proměnné. Vytvořený regresní model nepotvrdil žádnou předpokládanou závislost. Naopak ukázal jiné významné determinanty: ziskovost, podíl nehmotných aktiv, velikost společnosti a dummy proměnou pro ICT sektor. Na základě výsledků regrese lze konstatovat, že nezávisle proměnné spojené se známými daňovými schématy mají relativně nízkou důležitost. Význam těchto výsledků lze vidět v následujících závěrech. V první řadě není žádný rozdíl mezi dceřinými společnostmi na základě země mateřské společnosti. Korporace využívají mezinárodní daňové plánování bez ohledu na to, zda jsou vlastněny z daňového ráje. Druhý významný závěr indikuje důležitost sektorů a jejich atributů týkajících se daňové zátěže. Společnosti z ICT sektoru jsou spojeny s nižší daňovou zátěží. Na druhou stranu závislosti v rámci finančního sektoru nejsou statisticky významné. Z pohledu dalšího výzkumu by bylo přínosné zahrnout pozici dceřiné společnosti v rámci skupiny.

Dynamics in global processes have led to a number of political, economic and cultural changes that have resulted in the emergence of global cities. In the hierarchy of global cities, those who successfully use the limited available resources and offer an adaptable and flexible living environment, represent the most competitive global cities. Nonetheless, accelerated globalization has conditioned direct competition of global cities for different resources, and one of the most desirable being highly-skilled, talented and creative residents. In such conditions, city leaders face the need to understand the concept and factors of urban magnetism. The analysis of the determinants of urban magnetism can facilitate the formulation of concrete actions aimed at increasing the attractiveness of the city, which ultimately leads to the preservation of long-term socio-economic development of cities. Although financial wellbeing and incentives were considered to be a key factor of urban magnetism, contemporary research approaches have emphasized other factors that may influence urban attractiveness. Starting from that point of view, this paper aims to identify the main urban functions that influence the cities’ size with an analysis focusing on global cities worldwide. The panel regression analysis is applied to the sample of 39 global cities over the period from 2013 until 2019 and the data on urban functions are obtained from the Global Power City Index (GPCI). The results indicate that the size of the global cities population is positively affected by urban functions related to the cultural interaction and accessibility, while research and development function influences negatively on the size of the urban population. Results of the paper led to the conclusion that contemporary urban management strategies need to be defined and implemented aimed at improving the urban magnetism beyond economic performance of the city, focusing on sustainability and urban quality of life.

This thesis investigates the effects of economic freedom and finance accessibil- ity on new firm formation. The former is proxied by the Index of Economic Freedom and its subindices published by The Heritage Foundation, while the latter is represented by four characteristics of the country's financial system re- trieved from the World Bank's Global Financial Development Database. The dependent variable is proxied by the measure of new business density obtained from the World Bank's Entrepreneurship Survey and database. As a result, the data set employed in this thesis is an unbalanced panel consisting of 136 countries observed between the years 2006 and 2017. Given the inclusion of past realizations of the dependent variable, the models are estimated by the dynamic panel estimator System GMM. The variables found to affect new firm formation positively and with a statistical significance are economic freedom, financial freedom, and rule of law. The last variable captures the degree of pro- tection of property rights and the country's level of corruption. On the other hand, the findings suggest that countries with less stable banking sectors enjoy greater new firm formation rates. No significant relationship has been found between financial access and new firm formation.

A number of studies have already shown that public expenditure in human capital development is the investment with the highest return in the form of higher economic performance. National governments are fully aware of this, and they are seeking to stimulate human capital and encourage its development. The aim of this paper was to verify whether public expenditure in areas producing goods and services developing human capital really contributes to its development in EU-28 member countries. The COFOG government expenditure and the Human development index are the variables that were chosen for this analysis. The panel data analysis for the sample of the 28 EU countries in the period 1995-2018 was applied to test the hypotheses. Hausman test recommended a model with fixed effects as the most suitable method for performing the analysis. The panel estimation of the relationship between public spending and human development proved that public spending has both positive and negative impact on human development. The model with fixed effects showed that public expenditure on recreation, culture, and religion has the highest positive effect on human development, followed by health, social protection, housing and community amenities in descending order. A negative statistically significant impact on human capital development was demonstrated for public spending on environmental protection. The analysis of panel data showed that some areas of public expenditure cultivate human capital, while some areas of public expenditure may have the opposite effect. Řada studií již prokázala, že veřejné výdaje určené pro rozvoj lidského kapitálu jsou investicí s nejvyšší návratností v podobě vyšší ekonomické výkonnosti. Národní vlády jsou si toho plně vědomy a snaží se stimulovat lidský kapitál a podporovat jeho rozvoj. Cílem tohoto příspěvku bylo ověřit, zda veřejné výdaje v oblastech produkujících zboží a služby, které rozvíjejí lidský kapitál, skutečně přispívají k jeho rozvoji v členských zemích EU-28. Vládní výdaje dle COFOG a index lidského rozvoje jsou proměnné, které byly vybrány pro tuto analýzu. K testování hypotéz byla použita panelová analýza dat pro vzorek 28 zemí EU v období 1995-2018. Hausmanův test doporučil jako nejvhodnější metodu pro provedení analýzy model s fixními efekty. Panelový odhad vztahu veřejných výdajů a lidského rozvoje prokázal, že veřejné výdaje mají pozitivní i negativní dopad na lidský rozvoj. Model s fixními efekty ukázal, že nejvyšší pozitivní vliv na lidský rozvoj mají veřejné výdaje na rekreaci, kulturu a náboženství, následované zdravotnictvím, sociální ochranou, bydlením a občanskou vybaveností v sestupném pořadí. Negativní statisticky významný dopad na rozvoj lidského kapitálu byl prokázán u veřejných výdajů na ochranu životního prostředí. Analýza panelových dat ukázala, že některé oblasti veřejných výdajů kultivují lidský kapitál, zatímco některé oblasti veřejných výdajů mohou mít opačný efekt.

Cílem této práce bylo provést empirické ověření teoretického modelu vnitřní migrace a zhodnotit vliv vybraných determinant na vnitřní migraci v Polsku. K dosažení tohoto cíle byla provedena analýza vnitřní migrace v Polsku a ekonometrická analýza. Analýza byla zpracována s použitím dat ze 16 voivodeships (tj. Na úrovni NUTS2); analyzované období bylo od roku 2003 do roku 2017. Na základě vybraných teoretických konceptů migrace a současných studií o vnitřní migraci byl specifikován teoretický model vnitřní migrace. Bylo odhadnuto celkem pět modelů; nejprve byly pro všechny vojvodství odhadnuty čtyři modely a následně byl proveden odhad GLS s tzv. „silnou oblastí“. Výsledky ekonometrické analýzy ukazují, že regionální mzdové rozdíly spolu s rozdíly v míře nezaměstnanosti určovaly vnitřní migraci, což je v souladu s předpoklady neoklasické ekonomiky. Pozitivní vztah byl indikován mezi stupněm migrace a její zpožděné proměnné v loňském roce, což zároveň poukazuje na platnost předpokladu teorie kumulativní příčiny. Test proměnné figuríny ukázal, že v období krize vzrostl stupeň regionální migrace. Z pohledu faktorů push a pull byly tahovými faktory v hostitelském regionu tyto determinanty: mzda, poptávka po práci v průmyslovém sektoru ekonomiky a zahraniční lidský kapitál; naopak, mezi faktory, které tlačí, patřila zvyšující se míra nezaměstnanosti, náklady na bydlení a stupeň urbanizace. The goal of this paper was to carry out an empirical verifi cation of the theoretical model of internal migration and evaluate the infl uence of selected determinants on internal migration in Poland. In order to achieve this goal, an analysis of internal migration in Poland and an econometric analysis were carried out. The analysis was processed using data from 16 voivodeships (i.e. on the NUTS2 level); the analyzed period was from 2003 to 2017. Based on selected theoretical concepts of migration and present studies on internal migration, the theoretical model of internal migration was specifi ed. A total of fi ve models were estimated; fi rst, four models were estimated for all voivodeships and subsequently a GLS estimate was carried out with the so-called “strong region”. Results of the econometric analysis show that regional wage differences together with differences in the unemployment rate determined internal migration, which is in agreement with the assumptions of neo-classical economy. The positive relationship was indicated between the degree of migration and its delayed variable last year, which points simultaneously to the validity of the assumption of the theory of cumulative causation. The test of the dummy variable has shown that the degree of regional migration increased in the period of crisis. From the perspective of push and pull factors, pull factors in the host region were the following determinants: wage, demand for work in the industrial sector of the economy, and foreign human capital; on the contrary, push factors included the increasing unemployment rate, housing costs and the degree of urbanization.

This diploma thesis deals with differences in income and pension between men and women in the Czech Republic. The target was to evaluate time series and panel data of income and pension of both sexes and to evaluate the existence of differences by using econometrics methods. From the performed analysis was forecast the future development for next three years and then was created the marketing recommendation for retail store regarding the focus on consumers in the pension in the end.

This master's thesis investigates the impact of exchange rate volatility on trade balance of the Czech Republic during 2005-2016. The analysis is performed on the constructed panel dataset for 53 trading partners of the Czech Republic by estimating the trade gravity models. The realized volatility values are obtained for 43 Czech koruna pairs against the local currencies. The variables included into the empirical analysis are the GDP and population of the Czech Republic and its trading partners, realized volatility, weighted distance, contiguity, direct access to the sea and information on EU and OECD membership. The methodological approaches in the analysis are calculations of realized exchange rate volatility and for gravity models panel data estimation techniques: pooled OLS, fixed effects and random effects. The gravity models are compared by the formal tests, and the most efficient among them is the fixed effects. The results of the estimated augmented model reveal significant positive impact of exchange rate volatility on trade balance of the Czech Republic. The key variables that have the expected significant positive impact on trade balance are GDP of the Czech Republic and its trading partners in the basic model, population of the Czech Republic and EU membership in the augmented model....

The main aim of this diploma thesis was to explore the topic of malaria preventive measures. Concretely, to study which preventive measures are useful and to see how they are distributed around the world. For international organizations, this is very important as they need to know whether funds allocated for malaria aid are distributed effectively. This study is using manually compounded data from the World Health Organization for all countries threatened by malaria mostly from 2001 to 2018. For this purpose, panel data regression methods using robust standard errors, bootstrapping and cluster analysis were used. The results showed that generally, the most useful preventive measures are indoor-residual sprayings, a combination of sprayings and insecticide-treated nets and rapid diagnostic tests. Furthermore, the effect of the population living in rural areas is significant. Besides, gross domestic product is a very important factor for African countries. The stability analysis - bootstrapping - confirmed our results. However, we examined that insecticide-treated nets are still the most distributed measures. Doing the cluster analysis, we observed that countries on the same continent should not be treated similarly and we emphasized countries that should receive higher attention. Overall, the...

Diploma thesis focus on the regulation of consumer housing loans market. Based on the analysis of the consumer housing loans market in the European Un-ion, the main regulations and factors affecting this market are identified. Panel data analysis is available to determine the effects of regulation and factors on mortgage lending. The explained variable is the growth of mortgage loans. The explanatory variables are macroeconomic factors and macroprudential policy in-struments. Results showing effects of macro-prudential instruments on the con-sumer housing loans market.

As housing is one of the important parts of gross domestic product and one of the most significant components of people's wealth it is vital to investigate the determinants of its prices. Therefore, we analyze housing prices in Central and Eastern European coun- tries using pooled mean group estimator and vector autoregressive models. The objective of this thesis is to find out whether the fundamentals of housing prices are comparable across different countries and how the shocks in the economy affect housing pricese. For our analysis we used housing prices per square metre, GDP per capita, unemployment rates, 5-year interest rates, harmonised indices of consumer prices and construction cost indices. The conclusions of using pooled mean group estimator suggest that GDP, un- employment, interest rate and HICP indeed significantly affect the housing prices. The results of empirical analysis of individual countries using vector autoregressive model con- clude that shocks in the determinants affect housing prices with lags of 2 to 3 quarters and that the individual countries are driven by slightly different fundamentals.

Slavíček, M. Convergence of the sector financial corporations in the European Union countries. Diploma thesis. Brno: Mendel University, 2020. The diploma thesis deals with the possible convergence between the years 2004–2018 within the sector account of a financial corporations (defined by the ESA 2010 methodology) across the countries of the European Union, with an emphasis on Central European countries. The stated goal of the work was fulfilled by selecting suitable indicators that were used for the creation of cluster analysis and for calculating the standard deviations in the indicators. More specifically, these are indicators dealing with financial transactions (F.1–F.8), credit market concentration, number of credit institutions, number of employees in credit institutions and premiums written. However, the empirical results of the work did not prove or refute financial convergence across EU countries, as the clusters have changed over the years and even the development in standard deviations did not indicate demonstrable convergence.

The goal of this paper was to carry out an empirical verifi cation of the theoretical model of internal migration and evaluate the infl uence of selected determinants on internal migration in Poland. In order to achieve this goal, an analysis of internal migration in Poland and an econometric analysis were carried out. The analysis was processed using data from 16 voivodeships (i.e. on the NUTS2 level); the analyzed period was from 2003 to 2017. Based on selected theoretical concepts of migration and present studies on internal migration, the theoretical model of internal migration was specifi ed. A total of fi ve models were estimated; fi rst, four models were estimated for all voivodeships and subsequently a GLS estimate was carried out with the so-called “strong region”. Results of the econometric analysis show that regional wage differences together with differences in the unemployment rate determined internal migration, which is in agreement with the assumptions of neo-classical economy. The positive relationship was indicated between the degree of migration and its delayed variable last year, which points simultaneously to the validity of the assumption of the theory of cumulative causation. The test of the dummy variable has shown that the degree of regional migration increased in the period of crisis. From the perspective of push and pull factors, pull factors in the host region were the following determinants: wage, demand for work in the industrial sector of the economy, and foreign human capital; on the contrary, push factors included the increasing unemployment rate, housing costs and the degree of urbanization.

This study examines the factors affecting the cost of service trade between China and the countries of the EU. The costs between China and EU member states from 2005 to 2017 are measured using the improved gravity model. On the basis of relevant theories, the influencing factors system of service trade cost is constructed, and a dynamic panel model is used to conduct empirical analysis. The empirical results can be summarized into four aspects. First, the costs of service trade between China and EU member states has shown a general trend of gradual decline and there is still room for further decline. Second, the costs of trade in services between China and developed EU countries are lower, while those between China and undeveloped EU countries are higher. Third, service restriction, economic development levels and infrastructure have a greater impact on the cost of bilateral trade in services. Lastly, there are differences in influencing factors of service trade cost among countries with different levels of economic development.

Fiscal decentralization as a shift of decision-making powers from the central level of government to lower government levels is an object of wide research. In this field there is a discussion ranging from the eligibility of fiscal decentralization, its advantages and threats, to searching for the fiscal decentralization´s impact on certain macroeconomic indicators. Research focusing on investigating for fiscal decentralization determinants has not clear answer to this question. It considers various indicators often with their ambiguous impact on fiscal decentralization. In this paper, the problem of fiscal decentralization determinants is investigated on the EU countries sample in period 1995-2015. EU countries are divided into groups according to their fiscal decentralization average degree using the cluster analysis. Fiscal decentralization different measures refer on the expenditure, revenue, tax and grant decentralization. For each cluster a panel model is estimated to reveal an influence of selected variables on fiscal decentralization, while fiscal decentralization as dependent variable is measured by chosen various measure. Sensitivity of the estimation results on the fiscal decentralization measurement is obvious. Obtained results partially support assumptions given on basics of related literature. Significant appearance of the economy openness variable, GDP per capita growth and inflation rate, public and local debt variable and variable based on dependency ratio, and population density is influenced by construction of the fiscal decentralization indicator. It might explain the disunited character of observed FEM and REM results, additionally the turn of coefficient sign comparing fiscal decentralization measures postulates certain common tendencies revealing the fiscal decentralization character and conditions.

Růžičková, E. The influence of monetary policy on firm investment activity in countries of V4. Diploma thesis. Brno: Mendel University, 2019. The aim of this thesis is to determine the influence of monetary policy on firm investment activity in the automotive industry in countries of V4, together with the further verification of the influence of other company-specific characteristics. The analysis uses the panel data of microeconomic character, which was drawn from the Amadeus database in the period from 2006 to 2015. As an independent variable representing the influence of monetary policy, a 12-month interest rate PRIBOR, BRIBOR, EURIBOR, BUBOR and WIBOR, representing each of states, was chosen. Other independent variables were selected as company-specific characteristics. Net fixed assets have been chosen as a dependent variable, which can be used to express investment in fixed assets. The models for selected countries will verify the influence of monetary policy on the development of investment activity in the selected industry.

Chalupníková, K. Factors influencing the degree of trade openness of selected coun-tries. Diploma thesis. Brno: Mendel University in Brno, 2019. The main aim of this work is to identify and quantify factors influencing trade open-ness in CEEC countries. For this aim is used regression, correlation and panel data analysis. The dataset consists of 11 CEE countries in the period 2002-2017. A com-parison of territorial and commodity structure of selected countries is also per-formed. The empirical analysis showed that the real exchange rate, unemployment, GDP, price index and EU membership have a statistically significant impact on the degree of openness.

This thesis deals with the detection of change in the intercept in panel data re- gression model. We are interested in testing a null hypothesis that there was no change in the intercept during the observation period in case with no depen- dency between panels and with the number of panels and observations in each panel going to infinity. Based on the results for simplified case with no additional regressors we propose a statistical test and show its properties. We also derive a consistent estimate of the parameter of change based on the least squares me- thod. The main contribution of the thesis is the derivation of theoretical results of the proposed test while variances of errors are known and its modification for unknown variance parameters. A large simulation study is conducted to examine the results. Then we present an application to real data, particularly we use four factor CAPM model to detect change in monthly returns of US mutual funds during an observation period 2004-2011 and show a significant change during the sub-prime crisis in 2007-2008. This work expands existing results for de- tecting changes in the mean in panel data and offers many directions for further beneficial research. 1

The dissertation consists of four empirical papers in the field of monetary economics. The first paper examines the extent of real exchange rate misalignment in the selected euro area countries, the next two papers shed light on macroeconomic spillovers in the remaining EU countries which are not part of the single currency area, while the last paper focuses on the exchange rate pass-through in the Czech Republic.

Income inequality is an alarming issue affecting especially developing countries, yet very scarce attention is paid to how it is influenced by development aid. This study investigates the relationship, focusing on modern approaches to foreign assistance which have changed considerably since 1999. With a sample of 123 developing countries, the effect is estimated using both static and dynamic panel data techniques while controlling for the Kuznets curve. The results show that robust to method and functional form, development aid neither improves nor worsens inequality. Nonetheless, estimating the model for specific groups of countries in the sample yields different, statistically significant results, while also depending on political environment. JEL Classification D31, F35, C23 Keywords Inequality, Foreign Aid, Panel Data Title Does Foreign Aid Decrease Inequality? Evi- dence from the Most Recent Data Author's e-mail anna.umlaufova9@gmail.com Supervisor's e-mail jaromir.baxa@fsv.cuni.cz

The aim of diploma thesis is to determinate factors which have significant in-fluence on trade openness in the BRICS countries. It is based on quarterly figures for the years 2010 and 2018. For the analysis, econometric statistical methods are applied to basic data together with analysis of commodity and territorial structure of BRICS´s exports. The conclusion summaries results of multivariable regression model which are also used for assessment investment opportunities of Czech companies in these countries.

This diploma thesis examines the influence of the economic crisis from 2008-2009 on the convergence of the regions of the Czech Republic defined at NUTS 3 level. Trends in region convergence are identified based on the beta convergence and sigma convergence analysis using panel data from 2002-2015. Subsequently are discussed the reasons for the observed differences and the consequences of unequal economic development in the regions for private companies that are located or are operating in the regions.

The diploma thesis is devoted to determining factors influencing the intensity of two-way trade between the Czech Republic and other member countries of the OECD. In order to fulfil this objective, a model based on principles of the so called gravity equation is constructed. Using a dataset of 35 cross-sectional units (repre-senting the 35 member states of the OECD), observed during the 2007–2016 pe-riod, the impact of the economically relevant variables on the volume of Czech export and import is estimated. Apart from the usual panel data analysis, the vari-ability of the regression parametres within the given time time period is also ex-amined, using cross-sectional approach. Obtained results, among other things, suggest that the impact of the selected explanatory variables on Czech export and import can be considered rather symmetrical.

The diploma thesis deals with an increasing demand for real estate loans, which support the increase of prices on the housing market. As a consequence of this, systemic risk grows, which causes that financial stability is unstable. By means of regressive analysis of panel data we try to find out the efficacy of macro-prudential tolls on increasing demand for real estate loans. Increase of real estate loans was chosen as a described factor, as well as macro-prudential tools and macro-economic indicators. The analysed data in the research come from the first quarter of 2006 until the fourth quarter of 2017. Time series are covered quar-terly. Eight countries of the European union were chosen as a sample for the analysis.

The present paper looks into the relationship between deflation and economic output. Previous studies relied uniquely on annual macroeconomic data on GDP and prices, which caused lack of observations on deflation. This paper uses panel data on 86 sectors of the Czech economy in 1993-2015, which offer more variation in price changes and display frequent observations of deflation. Our goal is to test the hypothesis whether deflation negatively affects output growth – as is commonly thought – and whether central banks should counter all deflation that appears. The most common argument against deflation is that decreasing prices lead consumers and firms to postpone purchases, which in turn depresses output. We find that (1) sectors with output price deflation and below-average inflation have higher growth rate of output, and that (2) these sectors also tend to show quicker growth in gross value added. This evidence contradicts the often held notion that deflation is linked with recession or subpar growth. It also shows that firms with deflating output prices do not have trouble preserving their profits. Deflation observed in the Czech economy in 1993-2015 is likely to be the result of falling unit costs enabled by firms’ investment rather than the result of falling demand. This might have policy implications. Our results highlight that monetary policy should differentiate among sources of deflation and that deflation observed in the Czech Republic has been rather of the ‘good’ type. We believe that our approach using sector data is novel because it uncovers more variation in prices and output than the more common approach that uses macroeconomic aggregates.

Author: Pavel Ryska Doctoral thesis: The Empirics of Deflation and Economic Growth Abstract This doctoral thesis deals with the relationship between deflation and economic growth. Existing empirical research has focused on the simple link between price growth and GDP growth or introduced narrower price measures as control variables. The goal of the present work is to account for shifts in both demand and supply, so that the effect of price inflation on growth as such could be separated from effects of changes in certain elements of nominal demand and supply. The work takes two general approaches. First, I use a large macroeconomic panel data set of 20 countries over approximately 140 years to explore long-run and short-run effects of inflation on output growth, after controlling for money supply growth as a demand shifter and oil price growth as a proxy for shifts in supply. In doing so, I use a range of methods such as the vector error-correction model, autoregressive distributed lag model and the fixed effects panel model. Second, I propose a new approach that uses disaggregated sector data from national accounts on output, prices and other variables to explore the link between quantity produced and sector inflation rates. The advantage of the data set is that it is rich in modern-day observations of...

The main objective of this thesis was to examine the determinants of Russian export directed to its 36 main trading partners. Employing the Gravity model, the standard gravity variables, such as economic masses of the trading partners and their distance, were estimated as having significant impacts on the volume of export from Russia. However, a special attention was paid to the role of FDI, studying whether FDI flows or FDI stock act as complements or substitutes of the export. Unfortunately, with the help of the Fixed-effects and the Random-effects estimation methods we came to statistically insignificant conclusions, which might have been caused by the prevalence of missing observations in the FDI variables.

The thesis examines an impact of quantitative easing in Euro area. European central bank conducted unconventional monetary policy in reaction to global financial crisis’ aftermath. Quantitative easing, arguably the most controversial measure, is aimed to provide commercial banks with excessive liquidity and subsequently persuade an increase in provided loans and thus stimulate GDP. The thesis links to previous literature on quantitative easing effect with up-to-date dataset and examines the impact of quantitative easing through bank lending channel. The thesis identifies and describes heterogeneity of quantitative easing’s effect among Euro area countries.

The thesis investigates if introduction of Exchange Traded Fund, which replicates given index, has impact on liquidity and risk of underlying component securities. This thesis specifically examines impact of introduction ETF called Lyxor ETF WIG20, which was introduced at Warsaw Stock Exchange. ETF holds stock of WIG 20 Index. The impact on liquidity is investigated by using univariate analysis and by using multivariate panel regression, where dummy variable is used. The impact on risk of component stock is analyzed by beta coefficient.

The thesis explores quantitative relationship between space R&D expenditures and economic growth of the EU Member States. So far, there hasn’t been done quantitative research on the causal relationship of these two variables in Europe. The paper attempts to compose appropriate review of the previous research and to find the best method to evaluate the aforementioned relationship. It presents limitations in available literature in this field, as well as limitations in suitable methodology and available data. For our panel dataset we chose Granger causality. The results of the research show that there is no significant quantitative relationship - space expenditures per capita don’t Granger cause real GDP per capita, and vice versa. In the end, we provide recommendations for the EU policy, as well as for the national policies. Researchers should try to use unified time periods as well as corresponding type of data, measures, and methodology.

Thesis focusses on impact of global financial crisis 2008-2009 on Eurozone countries and countries with own currency. This is analysed via chosen macroeconomic indicators from databases of International Monetary Fund and Eurostat. Goal of the thesis is to assess the impact on indicators and provide statistical base for decision, whether membership in Eurozone in times of crisis is beneficial for countries or not. To serve this purpose, models of panel data with fixed and random effects and method Difference in Difference are used.

Riskiness of Czech banking sector is subject of interest of this thesis. Since the beginning of 21st century, there is moderately growing number of banks and their overall profitability expressed in absolute values is increasing. Ratio of non-performing loans to total loans is also displaying optimistic values. Four indicators of riskiness are studied through data about Czech banks from 2008 to 2015. These indicators are: z-score, leverage ratio, RWA density and ratio of non- performing loans to total loans. Rather low correlations among these indicators are found, the highest correlation (0,670) is between leverage ratio and RWA density, on the other hand the lowest one (0,093) is between z-score and NPL ratio. In aggregate form are three of the indicators displaying stable trend to lower riskiness in 2008-2015 period, the same can be stated about NPL ratio in 2010-2015 period. Then is regression analysis employing fixed effects estimation and random effects estimation used, with the aim to identify determinants of the four indicators. Size of banks expressed in logarithm of total assets is significant in only one model with RWA density on the place of dependent variable. This significance is at 10 per cent level and corresponding coefficient is negative. In contrary, growth of assets and dummy...

The bachelor thesis deals with the evergreen topic which is an impact of minimum wage on unemployment. This effect is investigated in Slovak economic conditions. On the basis of a professional literature the theoretical part defines impact of minimum wage, pros and cons of minimum wage and experience of states with minimum wage. In the main part of thesis an impact of minimum wage on unemployment in regions of Slovakia is examined by force of regression analysis. Data are gathered up on the regions level and evaluated by econometric program Gretl. The gained results are summarized and evaluated. The recommendations for further development of minimum wage are defined in the conclusion on the basis of gained results.

This thesis examines the effects of an increase of minimum wage level on unemployment, employment, disposable income and risk of poverty. We contribute to the existing literature by directly comparing results resulting from two similar datasets, one working with national, one with regional data. We use different sets of explanatory variables to see whether they affect the results of the estimation. On national level, our results confirm positive effect of minimum wages on employment of adults and on disposable income - but these findings were not confirmed on regional level. With respect to the regional perspective, the results are however subject to substantial uncertainty and are prone to substantial sensitivity to empirical specification. We attribute this uncertainty mainly to the quality of the data - small number of observations together with large heterogeneity. JEL Classification E02, E24, J08, J30 Keywords minimum wages, employment effect, disposable income, risk of poverty, panel data, NUTS 2 regions, comparison Author's e-mail majkovat@gmail.com Supervisor's e-mail jaromir.baxa@fsv.cuni.cz

This thesis analyzes determinants of housing construction in regions in the Czech Republic. The main research question is the impact of standard of living on housing construction. The living standard is expressed in terms of net disposable income per capita and housing construction represents the number of housing starts. Other determinants included to the model estimation are rate of unemployment, housing price and number of mortgage. Analysis works with the panel data from period 2005- 2015 and all variables are used in the logarithmic form with one year lag. The model is estimated by random effects model. The assumption about positive impact of living standard on housing construction is not confirmed, because of the statistical insignificance of variable net disposable income. In case of other variables expected effects are confirm. The increases in rate of unemployment and housing prices have the negative impact on housing construction. And opposite the number of mortgage has positive impact on housing construction.

The diploma thesis deals with performance evaluation of commercial insurance companies. Literary research focuses on the specifics of the insurance industry. Further, there are presented the issues of financial analysis, sources of information and methods suitable for observation of commercial insurance companies. In a significant part of the literary research economic added value is defined as a modern measure of performance. The strengths but also the limitations of the indicator are listed. In the practical part is performed a classical financial analysis that evaluates the financial situation of insurance companies. Furthermore, there is proposed a methodology for calculating economic value added. Factors affecting economic value added are analyzed by regression analysis of panel data.

The diploma thesis deals with the identification of influence of the monetary policy on stock markets in the developed countries where central banks accepted usage of the unconventional tools of monetary policy. The effect of monetary policy is observed on stock prices of 200 blue chip stocks of companies emitted in USA, UK, EU and JAP. The influence of the unconventional monetary policy will be examined in empirical part of the diploma thesis via panel regression analysis with focus on verification of portfolio rebalance channel of the transmission mechanism.

Šustrová, R. Fiscal decentralization and economic growth in the European Union countries. Diploma thesis. Brno: Mendel University, 2017. This thesis analyses relationship between fiscal decentralization and economic growth in the European Union countries. The empirical investigation is based on panel data regression analysis. The regression models include 27 member states from 1997 to 2015. The investigation of relationship between economic growth and public budget balance is also one of the research question of this thesis. This relationship is check through Granger Causality testing. Obtained results are compared with results of earlier studies.

Koldasová Kristýna. The Impact of sharing economy on tourism in Barcelona. Bachelor thesis. Brno: Mendel University, 2017. The bachelor thesis using an econometrics model examines the influence of sharing economy (Airbnb short-term rental) and other variables as GDP per capita, prices of services and products related to tourism, frequency of air transport, weather and seasons on the number of spent nights of foreign tourists arriving in Barcelona. By time series analysis predicts the Airbnb demand until January 2017, which compares with the performance and financial indicators of hotel accommodations in Barcelona. The questionnaire characterizes the Airbnb clients and other factors playing a role in choosing accommodation.

This bachelor thesis analyses the impact of the sharing economy (Airbnb) and other selected determinants on tourism demand in Prague. Based on monthly panel data from the period January 2014 to March 2015 the econometric model was estimated. Determinants used in the model for analysis are Airbnb listings of short-term rentals, GDP per capita, relative price, weather temperature, rainfall, marketing and dummy variables summer, autumn and winter. Results from estimations show that Airbnb, the indicator of sharing economy, GDP per capita, which represents the income, relative price and Prague.eu, that represents the marketing component have significantly positive effect on tourism demand.

In this thesis, we explore the effect of globalization on the income inequality. We examine some features of methodology used in the majority of research on this topic that can have significant impact on results but they are not addressed in the publicly available research. Firstly, we proposed a new method of normalization that creates more stable data and created a new simple index of globalization using this method. This index then yielded more consistent results than the standard globalization indices. Secondly, we found out the most significant variable in a composite index can have no economic or logical interpretation. This was the case with the effect of mobile cellular subscriptions per 100 people on the income inequality. This means results of composite indeces should be interpreted carefully and a better analysis is probably estimating effects of all underlying variables individually. Moreover, we found that underlying variables in a composite globalization index can have opposite effects on the income inequality. The effects than cancel out, at least partly, and this can lead to smaller, statistically less significant results. Nevertheless, the overall effect of globalization on the income inequality, though statistically not significant, appeared to be negative. This is the case...

Chinese outward direct investment is surging and is unique in the sense that its development is much faster than of any other developing country. This thesis investigates the determinants of Chinese outward direct investment (ODI) in eight countries of Central and Eastern Europe throughout the years 2003-2014. Using panel data analysis, the regression model incorporates both traditional macroeconomic variables as well as institutional variables, testing thereby what are Chinese ODI driven by in those post-communist countries. The quality of institutional framework is represented by EBRD indicators, which seem to be more suitable for transition economies. Findings suggest that Chinese MNEs do not access Central and Eastern European countries primarily for market-seeking reasons, however the fact of being a member of the EU boosts Chinese ODI, since entering a member state market grants at the same time access to the whole EU common market and this fact is decisive for China. Also, R&D capacities play an important role in attracting Chinese ODI. On the other hand, Chinese ODI seem not to be associated with a good institutional environment of a host country, only large-scale privatization index is found significant and positively correlated with Chinese ODI inflow. Therefore, the findings of this thesis lead to the conclusion that macroeconomic factors are still more influential than the institutional ones when studying Chinese outward direct investment in Central and Eastern Europe.