Témata prací (Výběr práce)Témata prací (Výběr práce)(verze: 368)
Detail práce
   Přihlásit přes CAS
Three essays on Joseph Stiglitz, information asymmetry, and credit rationing
Název práce v češtině: Tři eseje o Josephu Stiglitzovi, informační asymetrii a omezování úvěrů
Název v anglickém jazyce: Three essays on Joseph Stiglitz, information asymmetry, and credit rationing
Klíčová slova: Stiglitz, informační asymetrie, credit rationing, bankovnictví
Klíčová slova anglicky: Stiglitz, information asymmetry, credit rationing, banking
Akademický rok vypsání: 2010/2011
Typ práce: rigorózní práce
Jazyk práce: angličtina
Ústav: Institut ekonomických studií (23-IES)
Vedoucí / školitel: doc. Ing. Pavel Mertlík, CSc.
Řešitel: skrytý - zadáno vedoucím/školitelem
Datum přihlášení: 07.02.2011
Datum zadání: 07.02.2011
Datum a čas obhajoby: 30.03.2011 16:00
Místo konání obhajoby: IES
Datum odevzdání elektronické podoby:11.02.2011
Datum proběhlé obhajoby: 30.03.2011
Oponenti: Mgr. Jan Čech
 
 
 
Seznam odborné literatury
AGHION, P., and P. HOWITT, 1992. A Model of Growth through Creative Destruction. Econometrica 60: 323-351.
ALCHIAN, A., 1965. Some Economics of Property Rights. Il Politico, vol. 30, no.4. Reprint: Selected Works by Armen A. Alchian: Economic Forces at Work. Liberty Press Indianopolis, 1977.
ARROW, K. J. (1962). The Economic Implications of Learning by Doing. Review of Economic Studies 29: 155–73
BODIE, Z. and Merton R.B., 1999. Finance. Prentice Hall
CHAMBERLAIN, E.H., 1933. The Theory of Monopolistic Competition. Cambridge, MA: Harvard University Press.
COASE, R., 1988. The firm, the Market, and the Law. Chicago: University of Chicago Press.
CULLIS, J. and JONES, P., 1998. Public Finance and Public Choice. Oxford: Oxford University Press.
EASTERLY, W and R. LEVINE, 2001. What Have We Learned From A Decade Of Empirical Research. World Bank Economic Review 15:177-219
EATON, J., and S. KORTUM, 1999. 'International Patenting and Technology Diffusion: Theory and Measurement. International Economic Review 40: 537-570.
FERGUSSON, Ian F. (2008-01-18). "World Trade Organization Negotiations: The Doha Development Agenda". Congressional Research Service.
FRANKEL, J.A., ORZSAG, P.R., 2002. American Economic Policies in the 1990s. Massachusetts: Massachusetts Institute of Technology.
FUKUYAMA, F., 2004. Budování státu podle Fukuyamy. Alfa Publishing.
GROSSMAN, G., and E. HELPMAN, 1991. Innovation and Growth in the World Economy, Cambridge, MA.: MIT Press.
HÅKANSSON, H., HARRISON, D., WALUSZEWSKI, A., 2004. Rethinking Marketing: Developing a New Understanding of Markets, John Wiley & Sons, Chichester.
HALL RE, and CI JONES, 1999. Why Do Some Countries Produce So Much More Output per Worker than Others? Technology 83.
HATZICHRONOGLOU T., 1999. The Globalisation of Industry in the OECD Countries. OECD Science, Technology and Industry Working Papers. OECD Publishing.
HAYEK, F.A., 1978. The pretence of knowledge. In: F.A.Hayek (ed.), New Studies in Philosophy, Politics, Economics and the History of Ideas (pp. 23-34). London: Routledge & Keagan Paul.
JOVANOVIC B. 1995. Learning and Growth. NBER Working Paper 5383
KELLER, W., 2001. Geographic localization of international technology diffusion. NBER working paper no 7509, Cambridge, MA.
KEMENY, T.,2008. Are International Technology Gaps Growing or Shrinking in the Age of Globalisation. Paper presented in the VI Globelics Conference at Mexico City, September 22-24 2008
KIRZNER, I.M., 1973. Competition and Entrepreneurship, Chicago: University of Chicago Press.
KLENOW PJ, RODRIGUEZ-CLARE A. 1997. Economic growth: A review essay. Journal of Monetary Economics 40:597-617.
KORINEK, A. and STIGLITZ, J. E., 2006. Dividend Taxation and Intertemporal Tax Arbitrage. Columbia University.
KOUBEK, I. 2007. Mikroekonomické texty. samba.fsv.cuni.cz/~koubek
LANGOIS, R.N. and ROBERTSON, P.L., 1995. Firms, Markets and Economic Change. London, Routledge.
LINDERBERG, S. and FREY B.S., 1993. Alternatives, frames and relative prices: A broader view of rational choice theory. Acta sociologica, 36:191-205.
LUCAS RE. 1986. On the Mechanics of Economic Development: Institute of Economics Academia Sinica Nankang, Taipei
LUCAS, R.E. Jr., 1988. On the Mechanics of Economic Development. Journal of Monetary Economics 22 (July): 3-42.
LUCAS RE. 1990. Why Doesn't Capital Flow from Rich to Poor Countries? The American Economic Review
LUKER, W. Jr. and D. LYONS, 1997. Employment shifts in high-technology industries. Monthly Labor Review, June 1997, pp. 12–25.
MANKIW, N. G., 1995. The Growth of Nations. Brookings Papers on Economic Activity 1: 275-310.
MAS-COLELL, A., WHINSTON, M.D., and GREEN, J.R. 1995. Microeconomic Theory. Oxford University Press.
MERTON,R. and Z. BODIE, 2007. Finance. Pearson
NORTH, D.C., 1990. Institutions, Institutional Change and Economic Performance. Cambridge, UK: Cambridge University Press.
NORTH, D. C., 1994, “Economic Performance through Time”, American Economic Review, 84(3): 359-368.
NORTH, D. C., 1997b. The Contribution of the New Institutional Economics to an understanding of the Transition Problem. WIDER Annual Lectures, March 1997.
PARENTE, S., and E. PRESCOTT, 2000. Barriers to Riches, Cambridge, MA: MIT Press.
PIETROBELLI, C. and D. ARCHIBUGI, 2003. The Globalisation of Technology and Its Implications for Developing Countries. Windows of Opportunity or Further Burden? Technological Forecasting and Social Change, 70(2003)861–883.
PRESCOTT EC. 1997. Needed: A Theory of Total Factor Productivity. International Economic Review 39:525-51
RICHARDSON, G.B., 1972. The organization of industry. Economic Journal, 82 (September), 883-896.
ROBINSON , J., 2000. A Fact Sheet: What Is The New Economy? Alabama Cooperative Extension System. Volume 1, Issue 4. September 22, 2000.
KASK, C. and SIEBER E., 2002. Productivity Growth in 'High-tech' Manufacturing industries. Monthly Labor Review, March 2002.
ROMER, D., 2001. Advanced Macroeconomics. New York: McGraw Hill
ROMER P. M. 1986. Increasing Returns and Long-Run Growth. The Journal of Political Economy 94:1002-37
ROMER, P. M. 1990. Endogenous Technological Change. Journal of Political Economy 98: S71-S102.
ROTHBARD, M. N., 1979. The Myth of Efficiency [Reprinted from Time, Uncertainty, and Disequilibrium, Mario Rizzo, ed. (Lexington, Mass: DC Heath, 1979), pp. 90-95.
SCHMUKLER, S.L. 2004. "Financial globalization: gain and pain for developing countries," Economic Review, Federal Reserve Bank of Atlanta, issue Q 2, pages 39 - 66.
SCHUMPETER, J.A., 1934. The Theory of Economic Development. Cambridge, MA: Harvard University Press.
SEGERSTROM, P., T. ANANT, and E. DINOPOULOS, 1990. A Schumpeterian model of the product life cycle'', American Economic Review 80: 1077-1092.
SMITH, A., 1776. The Wealth of Nations.
SNEHOTA, I., 1990. No Business is an Island: The Network Concept of Business Strategy. Scand. J. Man., 5, pp. 187-200.
SOLOW, R.M., 1956. A Contribution to the Theory of Economic Growth. Quarterly Journal of Economics 70 (February): 65-94.
SOLOW, R.M., 1957. Technical Change and the Aggregate Production Function, The Review of Economics and Statistics, Vol. 39, No. 3. (Aug., 1957), pp. 312-320.
SOLOW, R. M., 2008. "Introduction," Journal of Macroeconomics, Elsevier, vol. 30(2), pages 601-603, June.
SOROS, G., 1994. The Alchemy of Finance. John Wiley & Sons, Inc.
SOROS, G., 2008. The New Paradigm for Financial Markets. Public Affairs
STIGLITZ, J.E., 1989. Markets, Market Failures, and Development. The American Economic Review, Vol. 79, No. 2 Published by: American Economic Association
STIGLITZ, J.E. 2003a. The Roaring Nineties: Seeds of Destruction. New York: Allen Lane
STIGLITZ, J.E., 2003b. Globalization, Technology, and Asian Development. Asian Development Review Vol. 20 No. 2.
STORPER, M and A.J. VENABLES, 2004. Buzz: Face-To-Face Contact and the Urban Economy. Journal of Economic Geography Vol. 4, No. 4.
STORPER, M. 2008. Globalisation and Regional Development. Lecture slides.
STUBBS, R. and G. UNDERHILL, 2006. Political Economy and the Changing Global Order, Oxford University Press. (3rd ed, 2006).
SWAN, T.W., 1956. Economic Growth Capital Accumulation. Economic Record 32 (November): 334-361.
TASSEY, G., 2005. The Disaggregated Technology Production Function: A New Model of University and Corporate Research. Research Policy 34, Issue 3, April 2005, pp.287-303.
YOUNG, A., 1994. The Tyranny of Numbers: Confronting the Statistical Reality of the East Asian Growth Experience. NBER WP No. 4680 (March). Quarterly Journal of Economics.



ALCHIAN, A., 1950. Uncertainty, Evolution and Economic Theory. The Journal of PoliticalEconomy, vol. 58, no. 3.
ALCHIAN, A., 1965. Some Economics of Property Rights. Il Politico, vol. 30, no.4. Reprint: Selected Works by Armen A. Alchian: Economic Forces at Work. Liberty Press Indianopolis, 1977.
BELKA, M., 2001. Lessons from Polish Transition. Finance a úvěr, no. 4/2001.
BOKROS, L., 2001. Visegrad Twins’ Diverging Path to Relative Prosperity
Comparing the Transition Experience of the Czech Republic and Hungary. Finance a uver, no. 4/2001.
CLINTON, B., 2005. My Life. Random House.
CULLIS, J. and JONES, P., 1998. Public Finance and Public Choice. Oxford: Oxford University Press.
DOWNS, A., 1957. An Economic Theory of Democracy. New York: Harper and Row.
DRUCKER, P.F., 1997. Pražské poselství Petera Druckera. Moderní řízení, č.12.
DUGGER, W. M.,1995. Douglass C. North’s New Institutionalism. Journal of Economic Issues. 29, 453-458.
EICHENGREEN, B., 2004. Review of The Roaring Nineties: A New History of the World’s Most Prosperous Decade. University of California Berleley.
FRANKEL, J.A. and ORZAG, P.R., 2002. American Economic Policies in the 1990s. Massachusetts: Massachusetts Institute of Technology.
FURUBOTN, E. G., and S. Pejovich, 1972. Property Rights and Economic Theory. Journal of Economic Literature. 10, 1137-1162.
FUKUYAMA, F., 1992. The End of History and the Last Man. Free Press.
FUKUYAMA, F., 2004. Budování státu podle Fukuyamy. Alfa Publishing.
GIBBONS, R., 1992. Game Theory for Applied Economists, Princeton University Press Belka, M. 2001. Lessons from Polish Transition. Finance a úvěr, č. 4/2001.
GOLDMANN, J., KOUBA, K., 1967. Economic growth in Czechoslovakia: An introduction to the theory of economic growth under socialism, including an experimental application of Kalecki's model to Czechoslovak statistical data. Prague: Academia
GREENWALD, B. and STIGLITZ, J.E., 1986. Externalities in Economies with Imperfect Information and Incomplete Markets. Quarterly Journal in Economics, no.90.
HAGE, D., 2000. Joseph Stiglitz – A Dangerous Man, A World Bank Insider Who Defected. Minneapolis Star-Tribune, October 11.
HAMILTON, W.H., 1919, ‘ The Institutional Approach to Economic Theory’, American Economic Review, 9, Supplement, pp.309-18. Reprinted in Hamilton (1974)
HAYEK, F. A., 1991. Právo, zákonodárství a svoboda (Nový výklad liberálních principů spravedlnosti a politické ekonomie). Academia Praha. Translated from English original 1978. Law, Legislation and Liberty, Chicago:University of Chicago Press
HAYEK, F. A., 1945. The Use of Knowledge in Society. American Economic Review, XXXV, No. 4; September, 1945, pp. 519-30.
HODGSON, G. M., 1988, Economics and Institutions, Polity Press, Cambridge.
HODGSON, G.M., 2000. What Is The Essence Of Institutional Economics? Journal of Economic Issues, June, Vol. 34, Issue 2
HODGSON, G. M., 2003. Darwinism and Institutional Economics. Journal of Economic Issues 37, no. 1: 85-98.
HODGSON, G. M., 2004. The Evolution of Institutional Economics (Cambridge: Cambridge University Press).
HORAK, V., 2008. Rationality of Human Action and Preferences: A Criticism of Subjectivist-Teleological Tenets of Economics and an Outline of a Remedy. IES FSV Charles University master thesis.
JEZEK, T., 2007. Zrození ze zkumavky. Prostor.
KLAUS, V., 2002. Nobelova cena, Prof. Stiglitz a jeho soudy o české ekonomice. Lidové Noviny. January 3.
KHALIL, E.,1995. Organizations versus Institutions. Journal of Institutional and Theoretical Economics 151, no. 3 (1995):445–66.
KNIGHT, F. H. et al., 1957. A New Look at Institutionalism: Discussion. American Economic Review (Supplement), 47(2), May, pp. 13-27
KNIGHT, F. H., 1952. ‘Institutionalism And Empiricism in Economics’, American Economic Review (Papers and Proceedings), 42, May, pp. 45-47
KORNAI, J., 1990. The Road to a Free Economy : Shifting from a Socialist System. The Example of Hungary, New York and London: W.W. Norton & Company
KORINEK, A. and STIGLITZ, J. E., 2006. Dividend Taxation and Intertemporal Tax Arbitrage. Columbia University.
KORNAI, J., 1992. The Post-Socialist Transition and the State: Reflections in the Light of Hungarian Fiscal Problems. American Economic Review, Papers and Procedings, vol. 82, no. 2.
KORNAI, J., 1993. Transformational recession: the example of Hungary. Economie Appliquée, no.2, Paris.
KORNAI, J., 1996. Paying the bill for goulash-communism: Hungarian development and macro stabilization in political economy perspective. Social Research, vol. 63, č. 4.
KORNAI, J., 2000.: Ten Years After „The Road to a Free Economy“. The World Bank.
KORNAI, J., 2001., Ten Years after The Road to a Free Economy: The Author’s Self-Evaluation, Annual World Bank Conference on Development Economics
KOUBA, K., 2004. Privatisation Without Capital, Working Paper no.46, Institute of Economic Sciences, Prague
KUCZYNSKI, P. P., WILLIAMSON, J., eds. (2003): After the Washington Consensus: Restarting Growth and Reform in Latin America. Institute for International Economics.
KRUGMAN, P., 2003. The Great Unraveling: Losing Our Way in the New Century. W. W. Norton & Company.
LANGE, O., TAYLOR, F. M., 1938. On the Economic Theory of Socialism. New York: University of Minessota Press. McGraw-Hill Book Company.
LANGLOIS, R. N., 1986. The New Institutional Economics. In R. N. Langloised.., Economics as a Process: Essays in the New Institutional Economics, Cambridge, UK: Cambridge University Press.
LEWANDOWSKI, J., SZOMBURG, J., 1989. Property Reform as the Basis for Social and Economic Reform. Communist Economies and Economic Transformation, vol. 1, no. 3, London.
LEWANDOWSKI, J., SZOMBURG, J., 1990. The Strategy of Privatization. Research Centre for Marketazitaion and Property Reform. Gdańsk, October 1990.
LOUZEK, M., 2007. Recenze – Madeleine Albrigthová: Mocní a všemohoucí. CEP Newsletter, duben 2007.
MARTINCOVA, M., 2003. Profiles of World Economists - Joseph Stiglitz. BIAf his TEC, Volume XI, 10/2003.
MATOS, C., 2002, Post-socialist employment ‘in formalisation’: Hungary and Czech Republic, EAEPE 2002 Conference on Complexity and the Economy, Aix-en-Provence, November 7-11
MATOS, C., 2005. Post-socialist Transformation and Institutions, SASE conference What Counts? Calculation, Representation, Association June 30 - July 2, 2005 Budapest, Central European University and Corvinus University of Budapest.
MISES, L., 1920. Economic Calculation in the Socialist Commonwealth, Ludwig von Mises Institutte, 1990.
MLČOCH, L. 2005. "Ekonomie štěstí: proč méně může být více / Economics and Happiness: Why Less Can Be More [available in Czech only]," Working Papers IES 94, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised 2005.
MURRELL, P., 1992. Conservative Political Philosophy and the Strategy of Economic Transition. East European Politics and Societies, vol. 6, no.1.
MURRELL, P., 1995. The Transition According to Cambridge, Mass. Journal of Economic Literature, vol. 33, March.
NEW YORK TIMES, 1995. New York Times. February 25, p. 1.
NORTH, D.C., 1977. Markets and other allocation systems in history. Journal of European Economic History, 6(3):703-716.
NORTH, D. C., 1990. Institutions, Institutional Change and Economic Performance. Cambridge University Press.
NORTH, D. C., 1991. Institutions, Journal of Economic Perspective, 5(1): 97- 112
NORTH, D. C., 1994, “Economic Performance through Time”, American Economic Review, 84(3): 359-368.
NORTH, D. C., 1996. Institutions, Institutional Change and Economic Performance, Cambridge, UK: Cambridge University Press.
NORTH, D. C., 1997a. Understanding Economic Change in NELSON et al., eds., Transforming Post-communist Political Economies, Washington D.C.: National Academy Press.
NORTH, D. C., 1997b. The Contribution of the New Institutional Economics to an understanding of the Transition Problem. WIDER Annual Lectures, March 1997
NORTH, D. C., 1999. Understanding the Process of Economic Change. IEA Occasional Paper 106, London: Institute of Economic Affairs
OECD, 1993. OECD Economic Surveys. Hungary.
OECD, 1994. OECD Economic Surveys. Poland.
PARKER, C. H., 1918, ‘Motives in Economic Life’, American Economic Review (Papers and Proceedings), 8(1), Supplement, March, pp.212-31.
PEUKERT, H., 1956. "The Schmoller Renaissance." History of Political Economy 33.1 (2001): 71-116. Project MUSE.
POPPER, K. R., 1957. The Poverty of Historicism. London: Routledge & Kegan Paul
RICHTER R. 1996. Bridging Old and New Institutional Economics: Gustav Schmoller, the Leader of the Younger German Historical School, Seen With Neoinstitutionalists’ Eyes’, Journal of Institutional and Theoretical Economics/Zeitschrift für die gesamte Staatswissenschaft, 1996.
RODRIK, D. and SUBRAMANIAN, A., 2003. The Primacy of Institutions (and what this does and does not mean). Finance and Development, June 2003, pp. 31-34.
ROGOFF, K., 2002. An Open Letter to Joseph Stiglitz, Author of Globalization and Its Discontents (New York: W.W. Norton & Company, June 2002) Washington D.C., July 2, 2002
ROLAND, G., 2001. Ten Years After… Transition and Economics, IMF Staff Papers, 48 (special issue), pp. 29-52
ROSS, D., 1991 The Origins of American Social Science, Cambridge, Cambridge University Press.
RUTHERFORD, M., 1996. Institutions in Economics, Cambridge, UK: Cambridge University Press.
RUTHERFORD, M., 1995. The Old and the New Institutionalism. Journal of Economic Issues. 29, 443-451.
SCHMOLLER, G., 1978. Grundriß der allgemeinen Volkswirtschaftslehre, 2 Vols. Berlin: Duncker und Humblot.
SMITH, A., 1776. The Wealth of Nations.
SNEHOTA, I., 1990. No Business is an Island: The Network Concept of Business Strategy. Scand. J. Man., 5, pp. 187-200.
SOROS, G., 1994. The Alchemy of Finance. John Wiley & Sons, Inc.
STIGLER, G. J., 1961. The Economics of Information. J. Polit. Econ. 69:213-25.
STIGLITZ, J., 1986. "Economics of Information and the Theory of Economic Development," NBER Working Papers 1566, National Bureau of Economic Research, Inc
STIGLITZ, J., 1992. The Design of Financial Systems for the Newly Emerging Democraciesof Eastern Europe. In: The Emergence of Market Economies in Eastern Europe. Cambridge.
STIGLITZ, J., 1993. Financial Systems for Eastern Europe´s Emerging Democracies.Occasional Paper No. 38, International Center for Economis Growth, San Francisco.
STIGLITZ, J., 1994. Whither socialism? Cambridge, MA: MIT Press.
STIGLITZ, J.E., 1998. Knowledge As a Global Public Good. World Bank.
STIGLITZ, J.E., 2001a. Transformation and Moral Hazard. The Leadership Forum and Charles University, Prague.
STIGLITZ, J.E., 2001b. Information and the Change of Paradigma in Economics. Prize Lecture. December 8.
STIGLITZ, J.E., 2002a. Globalization and its Discontents. New York and London: W. W. Norton & Comp.
STIGLITZ, J.E., 2002b. Employment, Social Justice, and Societal Well-Being, International Labour Review, 141(1-2), 2002, pp. 9-29.
STIGLITZ, J.E., 2003a. The Roaring Nineties: Seeds of Destruction. New York: Allen Lane
STIGLITZ, J.E., 2003b. Democratizing the International Monetary Fund and the World: Governance and Accountability. Governance: An International Journal of Policy, Administration, and Institutions, Vol. 16, No. 1, January 2003 (pp.111-139).
STIGLITZ, J.E., 2006a. The IMF’s America Problem. Project Syndicate. www.project –syndicate.org (downloaded 12th July, 2007).
STIGLITZ, J.E., 2006b. Making Globalisation Work. Project Syndicate. www.project –syndicate.org (downloaded 12th July, 2007).
STIGLITZ, J.E., 2006c. The Failure of Inflation Targeting, Project Syndicate. Available at http://www.project-syndicate.org/commentary/stiglitz99
STIGLITZ, J.E., 2007. China’s New Economic Model. Project Syndicate. www.project –syndicate.org (downloaded 20th July, 2007).
STIGLITZ, J.E., 2008. The Nobel Prize Laureate Meeting at Lindau. August, 2006
STIGLITZ, J.E. and A. Weiss, 1981. Credit Rationing in Markets with Imperfect Information, American Economic Review, 71, 3, str. 333-421.
STIGLITZ, J.E. and A. Weiss, 1991. Asymmetric Information in Credit Markets and Its Implications for Macroeconomics, Oxford Economic Papers, 44, 4, str. 694-724.
TVERSKY, A., and KAHNEMAN, D., 1986. Rational choice and the framing of decisions. Journal of Business, 59, S251-S278.
VEBLEN, T., 1909, ‘The Limitations of Marginal Utility’, Journal of Political Economy, volume 17.
WILLIAMS, W., 2007. Minimal Wage? The Freeman: Ideas on Liberty.
WILLIAMSON, O., 1985, The Economic Institutions of Capitalism, New York, Free Press.
WILLIAMSON, J., 2002. Did the Washington Consensus Fail? (www.iie.com/jwilliamson.htm).
WORLD BANK, 2001. Transition The First Ten Years. Analysis and Lessons for Eastern Europe and the Former Soviet Union. Washington, D.C.: World Bank.
WORLD BANK, 2002. Building Institutions for Markets. World Development Report 2002, Washington: The World Bank
Předběžná náplň práce
Tato práce obsahuje tři eseje vztahující se k dílu ekonoma Josepha Stiglitze. První esej popisuje Stiglitzův přínos k ekonomické teorii s důrazem na problémy spojené s informačních asymetrií, novou Keynesovskou a institucionální ekonomií, racionalitou a teorií trhů. Jsou popsány nedostatky neoklasické ekonomie a navrhnuta možná řešení. Závěrečná část shrnuje nejčastější kritiku Stiglitze.
Druhá esej aplikuje téma informačních asymetrií na diskusi, jestli současný stupeň ekonomického vývoje vede ke konvergenci nebo divergenci technologických a informačních úrovní. Závěr je, že ačkoliv globalizace ovlivňuje technologii i informace, nedochází ke konvergenci, kterou předvídají některé teoretické modely, a informační asymetrie zůstává významným faktorem v ekonomice.
Poslední esej propojuje teorii Stiglitze a Greenwalda o přidělování kreditu s novými českými daty z let 2007-2009. Data potvrzují, že dochází ke zvýšenému omezení úvěrů (credit rationing), zvyšují se informační asymetrie a transmisní mechanismus nefunfuje dobře během hospodářského poklesu. Docházím k závěru, že české banky zpřísňují prověřování klientů a přidělování kreditu, což vede k nejednoznačnému vývoji úrokové míry. Současná česká data tak mohou potvrzovat Stiglitz-Greenwaldovu měnovou teorii.



1. General Introduction 16
1.1. Structure of the work 18
2. Life and Work of Joseph Stiglitz 19
2.1. Joseph Stiglitz 19
2.2. Stiglitz’s contribution to the economic theory 20
2.3. Rationality and markets 22
2.4. Institutional economics 24
2.4.1. The Washington Consensus 27
2.5. New Keynesian economics 28
2.6. Critique of Joseph Stiglitz 29
2.7. Concluding remarks 33
2.8. References 36
3. Information asymmetry 42
3.1. Neoclassical economics 42
3.2. Theories of market 43
3.3. Economics of information 46
3.4. Information asymmetry 49
3.5. Applications of information asymmetry 50
3.6. Markets and information asymmetry 52
3.7. Information asymmetry and technology 56
3.8. Contemporary globalisation 57
3.9. Trade and developing countries 58
3.10. Theory of technology and information 60
3.10.1. Definition of technology 61
3.10.2. The Solow model 63
3.10.3. Total factor productivity 66
3.11. Contemporary evidence on convergence 67
3.12. Multinational companies and the government in technology and information asymmetry 69
3.13. Conclusion 71
3.14. References 73
3.15. Annex 77
3.15.1. The Solow growth model 77
3.15.2. R&D models 77
3.15.3. Assumptions about parameters 78
4. Banking crisis – Czech Republic case study 80
4.1. Introduction 80
4.2. New paradigm in monetary economics 81
4.3. Banking system 83
4.4. Credit rationing 85
4.5. Financial crisis 87
4.6. Loanable funds 94
4.7. GDP fluctuations 96
4.8. Analysis of the financial crisis impact on major banks in the CEE 105
4.9. Questions and focus 106
4.10. Raiffeisen International 108
4.10.1. Ownership structure (as of March 2010) 108
4.10.2. Key ratios 109
4.10.3. Stock evolution 113
4.10.4. Net profit 114
4.10.5. Country analysis 115
4.10.6. Credit analysis 118
4.11. Société Générale 122
4.11.1. Ownership structure 123
4.11.2. Key Ratios 123
4.11.3. Stock evolution 125
4.11.4. Net profit 125
4.11.5. Country analysis 126
4.11.6. Credit analysis 129
4.12. UniCredit 130
4.12.1. Ownership structure 130
4.12.2. Key ratios 131
4.12.3. Stock evolution 133
4.12.4. Net profit 134
4.12.5. Country analysis 135
4.12.6. Credit analysis 137
4.13. Erste Group 138
4.13.1. Ownership structure (as of March 2010) 138
4.13.2. Key ratios 139
4.13.3. Stock evolution 142
4.13.4. Net profit 144
4.13.5. Country analysis 145
4.13.6. Credit analysis 148
4.14. KBC 150
4.14.1. Ownership structure 151
4.14.2. Key ratios 151
4.14.3. Net profit 153
4.14.4. Stock evolution 154
4.14.5. Country analysis 154
4.14.6. Credit analysis 158
4.15. Comparison 162
4.15.1. Credit 162
4.15.2. Measures taken 163
4.16. Conclusion and limitation 164
4.16.1. Limitations of the thesis 165
4.16.2. Conclusion 165
4.17. Bibliography 168
4.18. Abbreviations 169
5. Appendix: Posudky diplomové práce 170




Figure 1: Credit institutions and their role in the economy. Source: Deutsche Bank, Roland Berger Strategy Consultants 83
Figure 2: Core and elementary functions of banks in modern economy. Source: Deutsche Bank, Roland Berger Strategy Consultants 84
Figure 3: Motives for holding money according to Keynes. Source: Stiglitz and Greenwald (2003) 85
Figure 4: Effect of recession on aggregate demand and supply curves. Source: Stiglitz and Greenwald (2003) 87
Figure 5: Czech National Bank’s interest rates. Source: CNB 88
Figure 6: Czech market interest rates. Source: CNB 88
Figure 7: Development of financial markets, FTSE, DAX, Dow Jones and CEE average (in percentage, January 1st, 2007=100%). Source: yahoo.finance.com, author’s calculations 89
Figure 8: The effect of a recession on real lending interest rates. Source: Stiglitz and Greenwald (2003, p.32) 90
Figure 9: Ex ante real interest rates in the Czech Republic. Source: Czech National Bank Inflation Report 2010 I 91
Figure 10: Loanable funds model, no credit rationing. Source: Stiglitz, Greenwald (2003) 94
Figure 11: Fixed capital formation. Source: CNB Inflation Report 2010 I 95
Figure 12: Newly extended loans. Source: CNB Inflation Report 2010 I 97
Figure 13: Barriers to growth on the Czech market. Source: CNB Inflation Report 2010 I, Czech Statistical Office 97
Figure 14: Interest rates on lending for house purchase, Czech data. Source: CNB Inflation Report 2010 I, Czech Statistical Office 98
Figure 15: Consumer’s confidence. Czech data, 2005 average=100. Source: (CNB, 2010), Czech Statistical Office 98
Figure 16: Indicator of development in the industry. Czech data. Source: CNB Inflation Report 2010 I 99
Figure 17: Business confidence. Czech data. Source: CNB Inflation Report 2010 I 99
Figure 18: Loans to households. Czech data. Source: CNB Inflation Report 2010 I 100
Figure 19: Loanable funds model with credit rationing. Source: Stiglitz and Greenwald (2003) 100
Figure 20: Expected return to bank according to Stiglitz, Greenwald (2003). 101
Figure 21: Interest rates on loans to non-financial corporations. Czech data. Source: CNB Inflation Report 2010 I 102
Figure 22: Structure of Czech GDP growth. Czech data. Source: CNB Inflation Report 2010 I 102
Figure 23: M1 and M2 (annual percentage changes). Czech data. Source: CNB Inflation Report 2010 I 103
Figure 24: Raiffeisen International ownership structure 108
Figure 25: Development of Key Ratios, Raiffeisen International 109
Figure 26: Raiffeisen International, Cost / Income Ratio for a country 111
Figure 27: Stock Price Chart (EUR), Raiffeisen International 112
Figure 28: Trading volumes of Raiffeisen International Share 113
Figure 29: Raiffeisen International Net Profit Evolution. 113
Figure 30: Growth of RI’s net profit in 2008 (Retail segment results), Source: Annual reports, author’s calculation 114
Figure 31: Growth of Raiffeisen International’s net profit in 2009 in comparison to 2008 115
Figure 32: Raiffeisen International’s net profit per country, 2007-2009 116
Figure 33: Structure of loans and advances to customers, 2009, Raiffeisen International 119
Figure 34: Structure of liabilities on the statement of financial position (in EUR bn), 2009, Raiffeisen International 120
Figure 35: Risk ratios, 2009, Raiffeisen International 120
Figure 36: Risk contribution of individual risk types to economic capital, 2009, Raiffeisen International 121
Figure 37: Société Générale ownership structure, Source: Annual reports and author’s calculations 122
Figure 38: Development of Key Ratios, Société Générale, Source: Annual reports and author’s calculations 123
Figure 39: Stock Price Chart (EUR), Société Générale 124
Figure 40: Trading volumes of Société Générale Share, Source: Annual reports and author’s calculations 124
Figure 41: Société Générale Net Profit Evolution, Source: Annual reports and author’s calculations 125
Figure 42: Societe Generale’s presence in the CEE (as of 2010) 126
Figure 43: Société Générale, Cost / Income Ratio for a country, Source: Annual reports and author’s calculations 127
Figure 44: Société Générale’s Net profit per country, 2007-2009, Source: Annual reports and author’s calculations 128
Figure 45: UniCredit Group ownership structure, Source: Annual reports and author’s calculations 130
Figure 46: Development of Key Ratios, UniCredit Group, Source: Annual reports and author’s calculations 131
Figure 47: UniCredit Group Cost / Income Ratio for a country, Source: Annual reports and author’s calculations 132
Figure 48: Price Chart, UniCredit Group –Share, Source: yahoo.finance.com 132
Figure 49: UniCredit Group Net Profit Evolution, Source: Annual reports and author’s calculations 133
Figure 50: Growth of UniCredit Group’s net profit in 2008 (Retail segment results), , Source: Annual reports and author’s calculations 134
Figure 51: Growth of UniCredit Group’s net profit in 2009 in comparison to 2008, Source: Annual reports and author’s calculations 135
Figure 52: UniCredit Group’s Net profit per country, 2007-2009, Source: Annual reports and author’s calculations 135
Figure 53: UniCredit Group balance sheet 2009/2008, Source: Annual reports 136
Figure 54: UniCredit Group loans and deposits brakedown 2009/2008, Source: Annual reports 136
Figure 55: Erste Group ownership structure, Source: Annual reports and author’s calculations 137
Figure 56: Development of Key Ratios, Erste Group, Source: Annual reports and author’s calculations 139
Figure 57: Erste Group, Cost / Income Ratio for a country, Source: Annual reports and author’s calculations 140
Figure 58: Price Chart, Erste Group Bank AG-Share, Source: Erste 142
Figure 59: Trading volumes of Erste Group Share, Source: Erste 142
Figure 60: Erste Group Stock Price, ATX, and DJ Euro Stoxx Banks Evolution (EUR) since January 2009, Source: Erste Group 142
Figure 61: Erste Group Net Profit Evolution, Source: Annual reports and author’s calculations 143
Figure 62: Growth of net profit in 2008 (Retail segment results), Source: Annual reports, author’s calculation 145
Figure 63: Growth of Erste Groups’s net profit in 2009 (Retail segment results), Source: Annual reports and author’s calculations 146
Figure 64: Erste Group’s Net profit per country, 2007-2009, Source: Annual reports and author’s calculations 147
Figure 65: Loans and advances to customers, structure and trend, in EUR m, Source: Erste Group annual report 148
Figure 66: Balance sheet structure/liabilities and total equity in EUR m, Source: Erste Group annual report 149
Figure 67: KBC ownership structure, Source: Annual reports and author’s calculations 150
Figure 68: Development of Key Ratios, KBC, Source: Annual reports and author’s calculations 151
Figure 69: KBC Net Profit Evolution. , Source: Annual reports and author’s calculations 152
Figure 70: Stock Price Chart (EUR), KBC 153
Figure 71: Growth of KBCs net profit in 2008 (Retail segment results), Source: Annual reports, author’s calculation 154
Figure 72: Growth of KBCs net profit in 2009 (Retail segment results), Source: Annual reports, author’s calculation 155
Figure 73: KBC’s net profit per country, 2007-2009, Source: Annual reports and author’s calculations 156
Figure 74: KBC, Cost / Income Ratio for a country, Source: Annual reports and author’s calculations 157
Figure 75: Impairment on loans and receivables (IFRS, m EUR), for KBC, Source: (KBC, 2010) 158
Figure 76: Credit cost ratio and Tier-I ratio for KBC group, Source: (KBC, 2010) 158
Figure 77: Loan and investment portfolio, (KBC, 2010) 159
Figure 78: Economic capital distribution, (KBC, 2010) 159
Figure 79: Loans and customer deposits (bn EUR), (KBC, 2010) 160
Předběžná náplň práce v anglickém jazyce
This thesis contains three essays related to the work of economist Joseph Stiglitz. The first essay describes the contribution of Stiglitz to economic theory by analysing problems of information asymmetry, new Keynesian and institutional economics, rationality, and market theories. Shortcomings of neoclassical economics are described and possible solutions are outlined. The last part of this essay summarizes the main critique of Stiglitz’s work.
The second essay applies the topic of information asymmetry by discussing whether the current level of economic development leads to convergence or divergence in the technology and information levels. The conclusion is that even though globalisation affects the level of technology and information, we do not see convergence as predicted by several theoretical models and information asymmetry remains an important element in the economy.
The last essay links the Stiglitz-Greenwald theory of credit rationing using recent Czech data from years 2007-2009. Data confirm that credit rationing increases, information asymmetry increases, and the transmission mechanism does not function well during economic decline. I conclude that Czech banks increase their screening of clients and consequently credit rationing in the times uncertainty leading to ambiguous development of interest rates. Recent Czech data can confirm Stiglitz-Greenwald monetary theory.
 
Univerzita Karlova | Informační systém UK