Subject of this diploma thesis is to provide an overview of economic theories on why companies tend to invest at foreign markets directly and thus to determine the foreign direct investment (FDI) itself. Covered areas include a foreign direct investment typology, motivation to invest, localisation factors, attractiveness and measurement of a host country business environment. Various types of FDI, methodology and forms of FDI statistical coverage analysis is included in the thesis. Three frameworks influencing all the segments of the FDI are covered in depth. These include the foreign policy factors, domestic policy factors and a process of economic transformation in the Czech Republic. Corresponding analytics map a development between a FDI and selected macroeconomic indicators of the Czech Republic. The analysis shows that foreign investment has a certain influence over selected macroeconomic indicators, however it is not always possible to quantify it as well as to predict its trend. On the other side it is often difficult to prove an influence of macroeconomic development on intensity of the FDI inflow to the Czech Republic. Keywords: foreign investment, determinants of the foreign direct investment inflow, foreign direct investment macroeconomic indicators

This thesis deals with question of Scandinavian social model's transferability on Baltic countries and Iceland. The aim of the thesis is to establish whether and to what extent Estonia, Latvia, Lithuania and Iceland are ready to adopt the system. Three main methods are used in the thesis, namely: analysis of macroeconomic indicators and competitiveness indices, synthesis using the magic pentagon and comparison via coefficient of variation. The thesis comprises three main parts. The first one deals with theory and methodology. The second part applies information gained from databases of world organisations and follows their development. The last part then compares these figures.

The aim of the thesis is to reveal the relation between business cycle and the number of transactions considering mergers and acquisitions. For this purpose the appropriate macroeconomics indicators have been chosen. The base hypothesis, which stands for the procyclical development of transactions, was examined by regression analysis of panel dataset containing quarterly based data from The Visegrad Group countries in the period from 2000 to 2014. The ordinary least square method together with robust estimation of standard deviation provided the confirmation about positive relation of the quarter change of GDP as the main explanatory variable and the number of transactions. Nevertheless, more robust findings appeared in case of significance of stock markets and public debt. The positive relation of the stock price was proven to be in accordance with the behavioral theory. The increase in transaction activity is capitalized through the profit from the sold of overprized stocks. Unexpected result about positive relation of public debt required the specification of assumption about the lower preference of smooth consumption of The Visegrad group households.

The Master Thesis deals with the investment environment of the Central European countries, familiarizes the reader with the phenomenon of foreign direct investment, and analyzes the macroeconomic environment in relation to the investment inflow and stock. It characterizes foreign direct investment in the global setting and outlines several internalization theories. Covering a wide range of various macroeconomic indicators that influence the investment favorability, the thesis compares Czech Republic, Hungary, Poland, and Slovakia along with relevant concise analyses. Moreover, the foreign direct investment inflows and stocks are addressed and the investment inflow influence on national trade, especially export and import flows and trade ties, is presented.

Baigiamajame magistro darbe analizuojama ekonominio vystymosi koncepcija, remiantis užsienio ir lietuvių autorių pateiktais ekonominio augimo modeliais, darnaus vystymosi teorija bei ekonominių išteklių klasifikacija. Analitinėje-tiriamojoje darbo dalyje pateikiamas Lietuvos ekonomikos augimą indikuojančių rodiklių kompleksinis vertinimas, pagrindinių mokėjimų balanso straipsnių dinamikos analizė bei daugiakriterinis vertinimas Baltijos šalių kontekste. Remiantis gautais tyrimo rezultatais, atliktas šalies ekonomikos augimo ir jį apibūdinančių veiksnių perspektyvinis vertinimas. Konstruktyviojoje darbo dalyje žmogiškųjų, materialinių ir finansinių išteklių pagrindu išskiriamos ekonominio augimo tobulinimo kryptys. / There is analyzed economic development conception according to economic growth models that were presented by foreign and local scientists, principals of sustainable development and classification of economic resources in this final Master`s work. The analytic part of this final paper represents complexing research of indicators impacting Lithuanian economic growth, the analyse of the main items of the balance of payments, multicriterial evaluation of Lithuania`s position according to the Baltic countries. Hereudering the results of the research, there is made perspective evaluation of the main factors of economic development. According to human, material and financial resources basics, there are presented the main trends in Lithuanian economic growth.

Submitted by Roberta Torres de Abreu Carvalho (robertacarvalho05@gmail.com) on 2016-03-03T22:00:57Z No. of bitstreams: 1 Dissertação Mestrado_RobertaCarvalho.pdf: 1028094 bytes, checksum: aef6e235bc09215a923d10903c0acc19 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2016-03-04T19:18:41Z (GMT) No. of bitstreams: 1 Dissertação Mestrado_RobertaCarvalho.pdf: 1028094 bytes, checksum: aef6e235bc09215a923d10903c0acc19 (MD5) / Approved for entry into archive by Maria Almeida (maria.socorro@fgv.br) on 2016-03-14T17:30:58Z (GMT) No. of bitstreams: 1 Dissertação Mestrado_RobertaCarvalho.pdf: 1028094 bytes, checksum: aef6e235bc09215a923d10903c0acc19 (MD5) / Made available in DSpace on 2016-03-14T17:31:12Z (GMT). No. of bitstreams: 1 Dissertação Mestrado_RobertaCarvalho.pdf: 1028094 bytes, checksum: aef6e235bc09215a923d10903c0acc19 (MD5) Previous issue date: 2015-12-14 / The work studies the use of macroeconomic indicators in strategic planning, considering the perception of senior Brazilian executives. Strategic planning is a management process of great importance within companies of all sizes and sectors. Good planning drives the company in the right direction, helping so she can anticipate the threats and make a diagnosis of opportunities and improvements. Macroeconomic indicators mainly represent data and / or signaling information behavior (individual or integrated) of the different variables and phenomenon components of an economic system of a country, region or state. These play a key role both to provide a better understanding of the present situation and the design of shortterm trends in the economy, and to support the process of making strategic decisions of public officials (government) and private (businesses and consumers). The design of the research followed a qualitative-quantitative model, conducting 12 semi-structured interviews, followed by conducting a survey to 416 companies operating in Brazil. As a result of research it was concluded that top executives know the importance of using macroeconomic indicators in strategic planning, and other accompaniments and decisions of companies, and point out that is not yet fully incorporated into the strategic planning process, running today, in most companies, only as a source of information and confirmation. The analysis of the two variables, from the perspective of senior executives resulted in the highlighted two other interesting variables for future work: trust and Brazilian culture. / O trabalho busca estudar o uso dos indicadores macroeconômicos no planejamento estratégico, considerando a percepção dos altos executivos brasileiros. O planejamento estratégico é um processo gerencial de grande importância dentro das empresas de todos os portes e setores. Um bom planejamento impulsiona a empresa na direção correta, auxiliando para que ela possa antecipar-se às ameaças e fazer um diagnóstico de oportunidades e melhorias. Os indicadores macroeconômicos representam essencialmente dados e/ou informações sinalizadoras do comportamento (individual ou integrado) das diferentes variáveis e fenômenos componentes de um sistema econômico de um país, região ou estado. Estes desempenham um papel fundamental tanto para propiciar uma melhor compreensão da situação presente e o delineamento das tendências de curto prazo da economia, quanto para subsidiar o processo de tomada de decisões estratégicas dos agentes públicos (governo) e privados (empresas e consumidores). O desenho da pesquisa seguiu um modelo qualitativoquantitativo, realizando 12 entrevistas semi-estruturadas, seguido da realização de uma sondagem junto a 416 empresas que operam no Brasil. Como resultado da pesquisa concluiuse que os altos executivos sabem da importância do uso dos indicadores macroeconômicos no planejamento estratégico, e para outros acompanhamentos e decisões das empresas, e destacam que este ponto ainda não é totalmente incorporado no processo do planejamento estratégico, funcionando hoje, na maioria das empresas, somente como uma fonte de consulta e confirmação. A análise das duas variáveis, segundo a ótica dos altos executivos, resultou no destaque de outras duas variáveis interessantes para trabalhos futuro: a reputação corporativa e a cultura corporativa.

The Brazilian social protection has accentuated its importance among the lower classes of society. These individuals see the INSS with only source of income during old age or in case of an accident during your life. An analysis of macroeconomic indicators and rates of occupational factors that are linked to social security and tax collection, issue and balance are important in building a policy that helps in decision making. This study estimates the relationship between macroeconomic variables and financial indicators with the Occupational Social Security, said revenues, and balance pension issue. The data used represent monthly rates available on government websites, for the period March 2002 to December 2009. For this purpose, we use unit root tests and Johansen cointegration, Granger causality analysis, estimation and analysis of the model vector error correction (VEC), estimation of impulse response function and the decomposition of the variance of errors prediction. The results indicate that changes in long-term indicators and the collection of social security issue is related to the same variables and coefficients of adjustment to imbalances in the short term are low, that is, slowly tend to balance in the long run. Regarding the pension balance different variables that were found to show long-term relationship with this variable, but also the long-term equilibrium occurs slowly at times. After the construction of error correction models found for the variables under study, one can say that the results showed important inter-relationships between variables and that are consistent with the literature. These results show the behavior of financial indicators of the Brazilian social security system in relation to other variables / A proteção social no Brasil tem sua importância acentuada entre as classes menos favorecidas da sociedade. Os indivíduos pertencentes a elas vêem no Instituto Nacional do Seguro Social a única fonte de renda durante a velhice ou em caso de algum acidente durante sua vida. Uma análise dos indicadores macroeconômicos e das taxas ocupacionais que estejam interligados aos fatores previdenciários como arrecadação, emissão e saldo são relevantes na construção de uma política que ajude na tomada de decisões dos gestores. Esta pesquisa tem por objetivo estimar relações empíricas existentes entre as variáveis macroeconômicas e ocupacionais com os indicadores financeiros da Previdência Social, ditos arrecadação, emissão e saldo previdenciário. Os dados empregados correspondem a índices mensais disponíveis nos sites oficiais para o período de março de 2002 a dezembro de 2009. Para tal, utilizaram-se as métricas e análises de testes hipóteses de raiz unitária e de cointegração de Johansen, além do teste de análise da causalidade de Granger, a estimação e análise do modelo vetorial de correção de erro (VEC), a estimação da função impulso-resposta, além da decomposição da variância dos erros de previsão. Os resultados indicam que as variações de longo prazo para os indicadores da arrecadação e da emissão previdenciária são relacionadas às mesmas variáveis, e os coeficientes de ajuste a desequilíbrios de curto prazo são baixos, isto é, tendem lentamente ao equilíbrio no longo prazo. Em relação ao saldo previdenciário, foram encontradas variáveis diferentes que se mostram relacionadas, em longo prazo, com essa variável, mas o equilíbrio, também de longo prazo, se dá de forma lenta nos períodos. Após a construção dos modelos de correção de erros encontrados para as variáveis em estudo, pode-se dizer que os resultados mostraram importantes interrelações entre as variáveis estudadas, concordando com a literatura em questão.

This thesis analyses economic and political situation of France and its position during the evolution of the European integration process. The first chapter focuses on the role of France in the European integration process from its beginnings to the present. The second chapter discusses the current position of France in the EU and its attitude to reforms which address the issue of the euro zone debt crisis. The third chapter concentrates on the macroeconomic analysis of France from the perspective of the most important macroeconomic indicators and it also compares France with other EU countries.

This diploma thesis deals with the debt crisis in the Euro Area. Thesis describes debt crisis in the eurozone in general and then crises in five most affected states - Portugal, Italy, Ireland, Greece and Spain. In addition there will be compared economic structures and macroeconomic indicators of two selected euro area countries - Spain and Italy. Thesis also contains a chapter in which opinions are expressed by several international and Czech economists. Opinions of economists in the world on the causes, consequences and possible solutions to the crisis are often diverge.

Submitted by Paulo Guitti Fernandes Oliveira (pguitti@hotmail.com) on 2012-12-16T13:27:51Z No. of bitstreams: 1 Dissertacao_V_FINAL.pdf: 462199 bytes, checksum: 7596783f5352fad0a9bf47c47ac91300 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2012-12-17T11:32:27Z (GMT) No. of bitstreams: 1 Dissertacao_V_FINAL.pdf: 462199 bytes, checksum: 7596783f5352fad0a9bf47c47ac91300 (MD5) / Made available in DSpace on 2012-12-17T11:33:16Z (GMT). No. of bitstreams: 1 Dissertacao_V_FINAL.pdf: 462199 bytes, checksum: 7596783f5352fad0a9bf47c47ac91300 (MD5) Previous issue date: 2012-12-06 / A identificação das principais variáveis que influenciam a volatilidade implícita das opções de juros (IDI) pode ser de grande valia para os agentes do mercado financeiro. Sendo assim, o presente trabalho procura determinar quais divulgações econômicas - dentre elas, as alterações das taxas de juros da economia brasileira pelo COPOM (Comitê de Política Monetária onde são tomadas as decisões sobre a nova taxa de juros básica), a divulgação de seus documentos oficiais de comunicação (Ata e Relatório Trimestral de Inflação), e até as surpresas de dados macroeconômicos, como a variação do PIB, a variação da produção industrial e das vendas no varejo - alteram de forma significativa a variável de estudo. Para isso, foi utilizado um teste de evento, considerando-se o período de análise de agosto de 2007 a maio de 2012, analisando as opções com vencimento em 126, 189 e 252 dias úteis, possuindo deltas de 25%, 50% e 75%. De todas as variáveis analisadas, a principal variável de destaque é a decisão do COPOM, que altera de forma significativa a volatilidade implícita dessas opções de juros. / Setting the main variables that influence the implied volatility of the interest rate options (IDI) could be of great value to financial market participants. Therefore, this study looks for determining which economic releases - among them, changes in interest rates of the Brazilian economy by COPOM (Monetary Policy Committee, responsible for interest rate decisions), the release of their official documents of communication (Minutes and Quarterly Inflation Report) and even the surprises of macroeconomic data, as GDP growth, industrial production and retail sales - significantly change the studied variable. The present study will use an event test, considering the period from August 2007 to May 2012, analyzing the options maturing in 126, 189 and 252 days, with deltas of 25%, 50% and 75%. Among all the variables analyzed, the most important variable is the COPOM decision, which significantly changes the implied volatility of these interest rate options.