This thesis is composed of three chapters that form two parts. The first part is composed of two chapters and studies problems related to the exotic option market. In the first chapter we are interested in a numerical problem. More precisely we derive closed-form approximations for the price of some exotic options in the Black and Scholes framework. The second chapter discusses the construction of multivariate Lévy processes with and without stochastic volatility. The second part is composed of one chapter. It deals with a completely different issue. There we will study the problem of individual and temporal aggregation in panel data models. / Doctorat en sciences économiques, Orientation économie / info:eu-repo/semantics/nonPublished

The drivers of CO2 emissions are a widely studied subject of great importance to both individual countries and the global community. However, the inclusion of a quantitative measure of political uncertainty, national and global, has until now been largely overlooked. We investigate how geopolitical uncertainty (GPU) and income interact with CO2 emissions using a panel quantile regression approach for a set of 63 nations over the period 1985-2014. Our key findings are; (i) a consistent negative (positive) relation between global (local) uncertainty and the different CO2 emission distribution levels, (ii) the relation between uncertainty and emissions is heterogeneous across different income groups, (iii) clear and consistent evidence for the Environmental Kuztnet Curve hypothesis with respect to uncertainty, (iiii) when deciding on environmental policy, it is of great importance to consider political uncertainty and whether to use a local or global measure.

This paper analyses a panel data of 198 Czech municipalities for the period 2003-2015. The aim is to define determinants of municipalities' tax revenue budgeting errors using static panel data models with fixed and random effect. Czech municipalities have a tendency to underestimate both total and tax revenues. On average, budgeted tax revenues are about 7 % lower than collected revenues during the period under examination. Such action could entail less transparency in budgeting process. Results indicate that structure of tax revenues also plays a role in explaining forecast errors. Further, the analysis shows the impact of electoral cycle and macroeconomic variables on budget deviations.

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.

This master thesis deals with research of Subjective Quality of Life for population fifty years old or more, depending on the selected demographic, social and economic indicators. More and more people live to the older ages, and thus important question of living conditions and well being of this ageing population comes forward. General concept of Quality of Life of older people is described on wide theoretical scale with focus on the cause of the phenomenon, Demographic Ageing of populations. The Demographic Ageing is described not only on the theoretical level, but also in a quantitative way. There are specific fertility rates introduced according to an age of a mother while birth giving, or still increasing Life Expectancy at Birth for both males and females. To explore the dependencies of Subjective Quality of Life on selected indicators, there is a statistical model introduced. The input indicators come from the European panel data research Survey of Health, Ageing and Retirement in Europe. Techniques used for analyzing the data are Analysis of variance for one single wave (held around year 2013) and Panel data analysis for all available waves (from 2004 to 2013). The results from both analyses for the Czech Republic are compared with results for selected countries, Germany, Sweden, Spain, Italy and Greece. From the SHARE data set can be read the following results. The variable Age significantly influences all included models for all selected countries, the similar influence can be observed for the Education. For almost all countries and models is proving of the significant influence of Gender to Subjective Quality of Life indefinite (we are not able to observe significant influence). Also the influence of the variable Living alone/with other people is not perfectly convincing. On the other hand, significantly observable categories are Unemployed and Permanently sick or disabled. The question of Quality of Life is related to all parts of population. While the number of older people in population increases, this question of the quality of their lives becomes more and more important. The way how to secure those needed, powerless and often vulnerable people in a decent way and with dignity is not easy.

Export promotion via officially supported export credits and insurance is relatively widespread around the world. The thesis describes activity of Czech Export Bank (CEB) and mentions also its legal framework in Czech system of export promotion. Text contains pros and cons of export promotion. The main part of the thesis is panel data analysis using gravity equation. This panel data involves 130 countries in period of 1996 -- 2008 with data on export, export promotion, GDP, political risk and other variables. There is investigated impact of activities of CEB on Czech export using 2 gravity models (static and dynamic). In these models export promotion is significant factor with positive impact on Czech export.

I model foreign trade among European countries by applying gravity equation model on panel data. The aim is to investigate exchange rate volatility impact on foreign trade and to test for the presence of the so-called Rose effect in relation to the Euro currency area. I develop a novel complex approach to the estimation of the gravity equation when the assumption of homogeneous reaction within the group of studied countries is relaxed. New methodology, tests and implementation is proposed. I develop several heuristic methods that permit effective clustering of countries in a selection of subgroups. The clustering process is iterative: in each step, countries are redistributed in new subgroups and the process is terminated, when no subsequent superior redistribution is possible. Finally, the effective selection of subgroups of countries is chosen to minimize an appropriately defined objective function. Results of the proposed heuristic tests suggest that no dominant method exists. Therefore, an algorithm of chaining of alternative heuristic methods is proposed. After the solution is achieved with one method, an alternative method is imposed and the search for the optimal solution continues, until the objective function reaches its minimum. The proposed methodology is applied to estimate the gravity equation of foreign trade with the extension that permits to assign countries into optimally selected subgroups using the newly introduced algorithms.

In this thesis, the effects that state sector relocations have on regional development in Sweden are investigated. In January 2017, a government report was released, suggesting the relocation of 10 000 state sector jobs from the capital of Stockholm to other parts of Sweden in order to enhance the preconditions for regional development in the destination localities. This thesis aims to investigate which effects that state sector relocations and state sector jobs have on regional development. Three determinants were used to find these effects: the share of state sector employees, the state sector employee growth rate and a dummy variable which denoted four separate occasions of larger relocations. Three of those relocations were executed as a compensation for military base closures. With a fixed effect panel data analysis, it was possible to investigate the effects of these three determinants and a number of control variables on two regional development variables: average income growth and net migration rate. The data used consists of panel data for the years 2006-2015 on a municipality level, with 264 included municipalities, in Sweden and derived from Statistics Sweden. The results showed that the state sector employee growth rate-variable had a positive effect on average income growth. However, the state sector relocation dummy had a negative effect on average income growth. These contradictory results, might be due to the military base closures which occurred a couple of years before the relocations, blurring the positive effects from the relocations. The state sector job-variables had no significant effect on net migration rate, and no obvious long-term effects were found as the share of state sector employees did not show any significant effects on average income growth.

In this paper is tested validity of the neoclassical migration model. For this purpose, were used Fixed effects model and VAR model. Data contain period of years 2001 to 2010 from 14 regions of the Czech republic and dataset contains 140 observations. Empirical results of Fixed effects model show that socioeconomic determinants had signifficant influence on regional rate of migration in the Czech republic. The direction and strength of influence of the most explanatory variables corresponded to the neoclassical theory. Estimations of VAR model indicate that regional migration did not decrease disparities within regions. These results questioned validity of neoclassical migration model.

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.