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Efficiency of Regulation on Spanish Housing Market
Hejlová, Hana ; Hlaváček, Michal (advisor) ; Doležel, Pavel (referee)
Covering reciprocal and mutually reinforcing relations between business, housing and credit cycles, the thesis assesses the Spanish housing market in its wider circumstances. With use of several conceptual notes on demand for housing, dynamic path of the house prices in Spain may be explained based on the difference in how these structural components react on changes in financial and macroeconomic environment. As a result of controlling for match of demand and supply in both timely and spatial manner empirically, expectations were included to explain the subsequent volume of housing traded on the market and simple microeconomic decision making model taking into account taxes was derived to assess the role favourable incentives might have played on fuelling the house price cycle in Spain. Next, existence of the reciprocal relations suggested by the theory discussed was confirmed empirically only during the house price upturn and asymmetry in speed of downward adjustment was found in the opposite case, pointing out at the redistribution effect abrupt changes in house prices have in time. The results derived finally allowed to assess possibilities of better employment of anti cyclical regulatory tools towards eliminating mutually enforcing powers between the cycles and avoiding both financial and...
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Financial crisis as a result of risk management failure
Minařík, Štěpán ; Rippel, Milan (advisor) ; Hlaváček, Michal (referee)
In this thesis, we examined time period from year 1993 to 2008 concerning real estate market in USA and coherent risk management decisions and tools used by US government and private mortgage institutions. After qualitative analysis of information resources (financial data, official documents and statements, economic researches and coments), we tested hypothesis of underestimation of real estate price bubble in years 2000 to 2007 by mortgage agencies and US stock market. The tool we used was linear regression (ordinary least squares method) to examine pricing of mortgage-backed securities by mortgage agencies and pricing of mortgage bank Fannie Mae stocks by investors.
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Chinese economy and foreign trade imbalances
Podhajecká, Eva ; Hlaváček, Michal (advisor) ; Benáček, Vladimír (referee)
Chinese economy and foreign trade imbalances The paper analyses current global imbalances in international trade that are characterized on one side by huge US current account deficit, on the other side by growing economies of South East Asia that are accumulating foreign exchange reserves and consequently investing them back to the US dollar denominated assets. This way they basically facilitate further growth of US indebtedness. The question is how much longer are these imbalances sustainable and how much longer will be foreign investors willing to lend the money to the US. The thesis consists of introduction; followed by explanation of circumstances that allowed these imbalances to reach such a large scale. Second chapter addresses to the brief description of US economy, impact of growing budget deficit on current account deficit and new trends in financing these deficits. In the third chapter, the economy in China is thoroughly analyzed, its monetary policy, development of foreign trade and its share on widening of current trade imbalances. Powered by TCPDF (www.tcpdf.org)
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Housing financing support
Marková, Diana ; Hlaváček, Michal (advisor) ; Stráský, Josef (referee)
This thesis presents the system of housing financing support generally in the context of European countries and concretly in the Czech Republic. First, the housing market and the specificity of housing as a good are presented. Next, the thesis describes taxation in relation to housing and the influence of taxation on affordability of housing. The main part of the thesis is devoted to general concept of housing policy and overview of the instruments of housing financing support, which is followed by concrete example of the Czech Republic. The overview of the instruments in the Czech Republic is followed by an attempt to estimate their impact to the state and public budgets. The situation in the Czech Republic was wery interesting because of the started application of the new concept from 2011, which changed the direction of the housing policy and the portfolio of instruments. Almost at the end of the thesis, there is briefly presented the model of real estate market by DiPasquale and Wheaton. According to this model it is possible to make a statistic comparative analysis of the impacts of some instuments of housing financing support on the real estate market. The knowledge, acquired during the work on the thesis, is used in the last chapter to prepare the SWOT analysis and evaluation of the current portfolio...
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Housing prices in Prague- their developments and prediction
Petr, Adam ; Hlaváček, Michal (advisor) ; Rippel, Milan (referee)
The housing prices in Prague had risen by more than 63% between 2002 and 2008. However since August 2008, when they reached their peak, they have been almost constantly falling. Most of the publications regarding housing prices are taking into account Prague as one of the Czech regions. On the contrary, this work analyzes housing prices in Prague and its 22 districts. In first part of this work the indicators of rent-to-price ratio, price-to-income ratio and new building development factors are considered to explain possible future development of housing prices. This is seemed to continue falling during the year 2011. The second analytical part tries to explain the housing prices according to specific locality features and macroeconomic aspects. The panel regression is used and it reveals that the most significant attributes are the macroeconomic features.
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Financial stability and the impact of instability on the real economy
Havránek, Štěpán ; Hlaváček, Michal (advisor) ; Mertlík, Pavel (referee)
This thesis focuses on the problematic of financial stability - its maintenance and the detection of possible sources of instability. In the first theoretical part, a summary of the role of financial stability for properly working financial system is followed by identification of threats to stability and historical examples of instability. The thesis continues with an analysis of the recent subprime crisis. In the second empirical part, vector autoregression is used to estimate interconnections between financial instability indicators. This is followed by impulse response analysis. Although some assumed relationships are affirmed, their scop does not answer the fundamental question: why do values of these indicators change so vigorously during the time of distress.
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Foreign Banks and Financial Development - Foreign Bank Lending in CEE Countries
Köthe, Anja ; Hlaváček, Michal (advisor) ; Svoboda, Karel (referee) ; Korosteleva, Julia (referee)
Foreign Banks and Financial Development - Foreign Bank Lending in CEE Countries Master thesis Anja Köthe Abstract The objective of this paper is to investigate the relation between foreign banks and financial development and to focus on foreign bank lending, in particular. The research focuses on four countries with a high share of foreign banks: Czech Republic, Hungary, Poland and Slovakia. Using a dataset of 122 banks over a 10 year period from 2005 to 2015 a fixed effects panel regression models is used for an empirical analysis. Loan growth as a proxy for lending behaviour and credit stability is used as the dependent variable. The empirical models investigate the determinants of loan growth in foreign and domestic banks as well as the dependence of foreign bank subsidiaries on their parent banks. The regression results indicate that domestic banks are more dependent on local economic conditions and bank performance. Their credit supply depends more on their profitability, loan quality and domestic market share. Foreign bank subsidiaries, in contrast, exhibit greater independence from local economic conditions and also from subsidiary performance indicators such as profitability ratios. Instead their lending behaviour is significantly influenced by the financial characteristics of their parent banks.
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Rent deregulation in the Central and Eastern Europe
Malecká, Anna ; Hlaváček, Michal (advisor) ; Buzková, Petra (referee)
This thesis deals with the theme of rent deregulation in selected countries in Central and Eastern Europe, attention is paid to the comparison between the Czech Republic and Slovakia. There are theoretically described the characteristics and impacts of rent control and its possible elimination through privatization and deregulation. The thesis summarizes the specifics of regulation and deregulation process in the Czech Republic, Slovakia and Poland since its beginning in the first half of the 20th century to the present. It focuses on the Czech and Slovak law on unilateral rent increases and a Polish citizen's complaint to the European Court of Human Rights. The second part is devoted to a more detailed comparison of the impacts of regulation, such as the proportion of rental housing in the total housing stock and the rate of internal migration, in the Czech Republic, Slovakia and in their regions. The rate and speed of deregulation in both countries is also compared. Powered by TCPDF (www.tcpdf.org)
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Collective investment and real-estate market in the Czech republic
Posolda, Lukáš ; Richter, Tomáš (advisor) ; Hlaváček, Michal (referee)
The novelization of the Act on Collective Investment of May 2006 enabled the creation of real estate funds in the Czech Republic. These may take two forms: (1) special real estate fund which is designated for the general investment community and (2) qualified investor fund meant only for institutional and "experienced" investors. This study uses in-depth analysis of the legislation in order to examine the aspects of the functioning of the real estate fund sector while concentrating particularly on fundamental characteristics of indirect real estate investment. The study takes a global view on the property market evolution since 1990 while examining risks faced by the real estate funds and their growth potential. The questions that yet remain to be answered are if it is appropriate to introduce REIT in the Czech legislation as another real estate investment instrument and what possibilities are open to real estate funds in the context of the anticipated pension reform. Powered by TCPDF (www.tcpdf.org)
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