There exists significant literature investigating the link between macroeconomic variables and stock market returns. Most previous studies utilise an overall stock market index to measure stock market returns, thereby aggregating a number of different industries into a single index. This research investigated the link between macroeconomic variables and a single sector’s share returns, being the Resources sector. The aim was to ascertain whether or not a correlation exists between the Resource Index of the Johannesburg Stock Exchange and four macroeconomic variables, namely: GDP, Inflation, Interest rates and the Rand/US Dollar Exchange Rate. Quarterly data for all 4 macroeconomic variables and the Resource Index was collected for the period 2002 to 2011 and tests of correlation performed between each macroeconomic variable and the Resource Index. The findings reveal that there is a positive correlation between GDP and resources share returns, a negative correlation between interest rates and resources share returns and a positive relationship between the Rand/US Dollar Exchange rate and resources share returns. The relationship between the inflation and the resource share returns proved inconclusive.Copyright / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

This study is about whether the money supply in South Africa under a monetary policy regime of inflation‐targeting is exogenously or endogenously determined. The proposition of an exogenous money supply has been offered by monetarists, where the Central Bank determines the quantity of money supplied to the economy and this has a causal influence on income and credit extension. The endogenous money theory is a post‐Keynesian proposition whereby the money creation is determined by banks adjusting their responses to demands for credit‐money from economic agents. The data analysis is from 2000Q1 to 2010Q4 and entails the use of the variables monetary base (MB), domestic credit extension (DCE), M3, and gross national product (GDP). All variables are logged. The empirical tests conducted start with the Augmented Dickey‐Fuller unit root test to determine the variables order of integration. Johansen cointegration tests are done followed by Vector Error‐Correction Models (VECMs) and Granger causality tests to determine whether there is unidirectional or bidirectional causality between variables over the long and short‐run. Based on the results of the testing it was discovered that over the inflation‐targeting regime money supply in South Africa was endogenously determined. Furthermore, the data best supports the Accommodationist analysis of endogenous money as opposed to that of Structuralism and Liquidity Preference / Adobe Acrobat 9.53 Paper Capture Plug-in

This diploma describes basic socioeconomic characterictics of Region of Central Bohemia. It focuses mainly on demography, labour market, social and technical infrastructure and macroeconomics in this region. In theoretical part are mentioned the basic facts from these branches. In analytical part are described time progress mainly in years 2000 -- 2006, comparsion of subregions in Region of Central Bohemia, comparsion of other regions in Czech Republic and the dependence between indicators of particular parts. From knowledges has been made SWOT analysis and has been suggested arrangements for following developement of the region.

The goal of this thesis is to picture the economic behavior of institutional sectors in non-financial corporations, households and government institutions during years 1995 -- 2007. The analysis focuses on selected institutional sectors from the Czech Republic and Slovakia; for a wilder comparison are also included two developed West-European countries -- France and Switzerland. It is based mainly on a data analysis of the national accounts and it is pointing out the problems connected to its outcomes. The thesis is divided into four parts. The first part is dealing with the history of national accounts, development of international standards in the selected countries and its comparison; it is also defining each of the institutional sectors and summarizes economic development of these countries. The second part examines the outcomes from the sectors of the non-financial corporations based on national accounting's regular accounts, and on proprietorial accounts. The third part is considering the households and analyzing specific indicators related to the households. The fourth part is related to the earnings, expenditures, and outcomes of the government operating. In the end the indicators of each institutional sector in some other European countries are also looked at.

The goal of my thesis "Development of economies of the Czech and Slovak Republic in the last twenty years" is not only to assess and compare the economic development of Czech and Slovak Republic in the last twenty years, but also outline the economy of Czechoslovakia as a whole to have an idea of the citations and the context of the time. I only compared the development in the two economies, then also in relation to the EU. I divided the whole work into three chapters according to the various stages of development in the Czech and Slovak economies. In the first chapter, I proceed from a brief description of Czechoslovakia, ie. its creation and subsequent development up to 1989, through the transformation of the economy, focusing on the initial state of the economy, the basic operations carried out and macroeconomic page of the transition itself, to the split of Czechoslovakia into two independent states. The following chapter focuses on the characteristics of a separate economic development of the Czech and Slovak Republic until 2004, when both countries joined the EU. The final chapter then deals with the European Union, the Maastricht criteria before joining the EU and development of the economies after the entry into the Union with regard to the entry of Slovakia into the eurozone.

The present thesis describes the relation of the gross domestic product and the unemployment rate by educational attainment. The analysis of relation between time series refers to data for the Czech Republic. The thesis is divided into four main chapters. The first chapter deals with the definition of the gross domestic product, the calculation method, the detection and the measurement. The following chapter is focused on the issue of unemployment. Both the chapters are supplemented by historical development of indicators in the Czech Republic. The last theoretical part presents the statistical methods used in the time series analysis. The fourth chapter provides the actual analysis of relations between the gross domestic product and the unemployment rate by educational attainment. The analysis is based on data for the period 1996--2014, which are quarterly seasonally unadjusted data.

The thesis describes interactions and relationships between selected economic indicators. These indicators are the gross domestic product and the average gross monthly wage. The analysis of these selected indicators, are made for the Czech Republic and Slovakia. The work has four main parts, which are divided into several other sections. The first defines the concept of national accounting, the second part contents gross domestic product, the method of its calculating and the frequency of compilation. In the third section is described the field theory of wages and salaries and the concepts such as minimum wage, the average gross monthly wage and median wage and salary are defined. In this two chapters are compared selected countries on the basis of the tables and graphs of selected indicators. The last chapter analyzes the relationships between selected economic indicators in selected countries based on quarterly data from the years 2001-2013.

In the thesis we deal with the analysis of the development of the implementation active employment policy for the last 21 years. We are trying to make a short summary of this development in individual years and the subsequent evaluation of active employment policy. We also verify the effectiveness of this policy and its instruments during the period of economic growth and recession by statistical indicators of the number of jobs created, the number of candidates included into the working process, expenditures on this policy and employment rate. We are aware of some the potential distortion, because we use only for statistical data and do not take into account the social and psychological phenomena that affect effect of the active policy. Thesis also analyse fluctuation of the development of annual and quarterly employment rate in the Czech Republic. To correctly understand the current employment development is first necessary to look into its history and to highlight its past and present problems, because without this knowledge it is not possible for the Czech government to effectively respond for ganges in this indicator using the tools of the active employment policy. Development of quarterly employment rate is interesting with its seasonal periodicity, which brings regularly recurring fluctuations in a period of less than one year. We perform the analysis of quarterly time series of the employment rate using Box-Jenkins methodology and try to predict what the employment situation in the next five quarters. Then we recalculate forecast into years and try to estimate the final value of the employment rate for the year 2013 and the value for the year 2014.

The topic of this diploma thesis is the analysis of the factors influencing the mortgage market in the Czech Republic. The first part explains the basic terms related to the mortgage loan. Then follow characteristics of different mortgage loans which a client is able to get on the local market. Next there is a description of the history of mortgage lending in the Czech Republic and its development to the present day. The first chapter of the analytical part defines the factors which has influence on the development of the mortgage market. In the next chapter these macroeconomic factors are analyzed and evaluated. The objective of the work is to create a simplified model describing the interaction of macroeconomic variables and the mortgage market, used to estimate the future development and managing banking risk.

Gross Domestic Product represents the basic indicator of macroeconomic performance of the Czech economy and its importance is growing. The need to get the information on its development as quickly as possible for the necessary government actions is unquestionable, but the time taken to publish its first quarterly estimate of growth rate is significantly longer (45 days after the reference quarter) in comparison to other countries. The aim of this thesis is to attempt the construction of composite leading and coincidence indicator to estimate quarterly GDP changes, starting 30 days after the reference quarter. The methods of time series analysis, by which the relationships among GDP and indicators available in this 30-day period and possibly entering this composite leading, respectively coincidence indicator are analyzed, are used.