The diploma thesis is concerned with the intervention of the Czech National Bank in the area of the exchange market and its impact on the insolvency of companies. The majority of the studies dealing with the liquidation of companies focuses primarily on the microeconomic determinants of bankruptcy. Conversely, the empirical study carried out in this project concentrates on the macroeconomic determinants of company bankruptcy. For the purposes of this study were used the quarterly panel data of insolvencies for the 5-year-period between 2010 - 2015. The quantity of insolvencies was established for individual branches. Furthermore, the method Differences-in-Differences was employed in order to compare those branches which were assumed to prove a significant impact of the depreciation of the Czech crown in comparison to those where the exchange rate seems to be rather irrelevant. The results of the regressive analysis have confirmed the initial hypothesis of this work: from the perspective of insolvency, the intervention on the aggregate level has improved the situation of companies. Finally, the impact on individual branches was investigated in this diploma thesis. The results testified that the situation deteriorated in case of the travel agencies (as expected).
| Identifer | oai:union.ndltd.org:nusl.cz/oai:invenio.nusl.cz:205869 |
| Date | January 2016 |
| Creators | Kudějová, Barbora |
| Contributors | Komrska, Martin, Potužák, Pavel |
| Publisher | Vysoká škola ekonomická v Praze |
| Source Sets | Czech ETDs |
| Language | Czech |
| Detected Language | English |
| Type | info:eu-repo/semantics/masterThesis |
| Rights | info:eu-repo/semantics/restrictedAccess |
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