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Securitization and her role in current financial crisis
Bísková, Hana ; Jílek, Josef (advisor) ; Hájek, Jan (referee)
Securitization has been one of the most important causes of recent financial crisis. Diploma thesis characterizes subprime mortgage securitization with the emphasis on entities in the process involved and their motivations for securitization use. The thesis describes the most used securitized assets with the emphasis on risks arising from their characteristics. The thesis also clarifies negatives associated with securitization especially moral hazard, asymmetric information on the market and decline in lending standards and that securitization lead to failure of rating agencies evaluation. Thesis connects cheap money policy with increase demand for mortgages that have been securitized afterword and with losses of investors into securitized assets.
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Approach to the life insurance from the perspective of Czech population
Loudová, Martina ; Jílek, Josef (advisor) ; Kubelková, Karina (referee)
The life insurance is an integral part of financial market, although changing its importance during the development. This thesis aims to carry out a research focused on the approach and attitude of the Czech population to the life insurance and its resulting analysis. The research was conducted through a questionnaire survey effected on an independent sample of the Czech population in the number of 185 respondents and a case study MetLife insurance company. The thesis does not neglect the theoretical background, current trends in the life insurance and the future prognosis. The results of analysis refer to the dependence of approach to the life insurance on the factors of age, the number of household members, the actual amount of outstanding liabilities and the gross monthly income. The lack of knowledge of respondents on the profitability, the risk and the liquidity of their life insurance policies and its dependence on the factor of achieved education were proved. In the case of a higher number of concluded life insurance contracts they diversify the risk and use different insurers. It also came out that the life insurance has recently kept losing its original meaning in the sense of risk instrument and is perceived still more as a savings and an invesment instrument. Although the current approach is not the rational reasoning, I continue to assume the increasing importance of unit linked life insurance.
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Analysis of Influence of European Sovereign Debt Crisis on Financial institutions
Byrtusová, Eva ; Jílek, Josef (advisor) ; Titze, Miroslav (referee)
Banking crisis and following sovereign debt crisis are the cause of some changes on the financial market. This thesis is mainly focused on the debt crisis and its impact on financial sector stability. Roots, consequences and probable solutions of the debt crisis are also examined. Among analysed solutions were included proposals for financial transaction tax, stability bonds and regulation under new concept of CRD IV, bail-in and federalization of the eurozone. Analysed are also ratings, fiscal policy and optimality of the euro currency areas and its impact on stability of financial institutions. According to results, some proposals could be contrary to each other if implemented in its present form. Or it can increase moral hazard of financial institutions. Another consequence is establishment of new regulations. On the other hand, positive is that financial institutions have endured the sovereign debt crisis.
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The global reflection of private pension pillars and its economic impacts
Červenka, Michal ; Jílek, Josef (advisor) ; Šimíček, Petr (referee)
The main addressed question of this thesis is whether international experiences indicate that private pension pillar contributes to the profitability and stability of pension system and economic development. Firstly, global private pension pillar is characterized. Its long term return is estimated from derived virtual portfolio. Following Aaron-Samuelson principle, it is calculated notional return of global public pension pillar. Comparing returns of both pillars, there is slightly higher return of private pension pillar, but considering variability, entailing risk, the public pension pillar becomes favorable. Moreover, combination of both pillar doesn't seem to be effective since both returns are well correlated. Next section of the thesis deals with economic effects of private pension pillar on labor market. Simple correlation doesn't proof a positive linking of private pension pillar's contribution magnitude and labor activity, expressed as an average annual working time of population in productivity age. Subsequent analysis of private pension pillar's outlook in selected countries illustrates unfulfilled expectations of participants in private pension pillars. Reflecting all particular findings, it wasn't confirmed that private pension pillars substantially contribute to profitability and stability of pension system and performance of economy.
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Analysis of the pension systems of selected countries
Málek, Jakub ; Jílek, Josef (advisor) ; Šarapatka, Michal (referee)
The topic of this thesis is the issue of pension systems, which are an integral part of every advanced society. The aim of this thesis is to provide an insight into the basics of the issue, analyze selected pension systems and to assess the possibility of introduction similar pension systems in other countries. In the theoretical part of the thesis first presents basic aspects of the development of approach to finance consumption in old age, possible forms of pension systems, the risks that are associated with them, as well as several models of pension system that are currently enforced. In the analytical part pension systems of Australia, Denmark, Canada, Netherlands, Sweden and Switzerland are first specified separately and subsequently, on the basis of criteria coverage rate, financial sustainability and adequacy of pensions, subjected to comparative analysis. The result of the analysis is the determination of the Dutch pension system as a system that has, although not in all analyzed areas, the relatively best results of functioning. However, the widespread introduction of this system definitely not recommended, due to given economic differences in various countries, which are described in the conclusion of this thesis. Nevertheless of each pension system we can choose a positive approaches to solving problems on which we can build in the future.
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Central Bank Independency
Böhm, Tomáš ; Jílek, Josef (advisor)
Práce se zabývá nezávislostí centrálních bank, záběrem od právního postavení CB, aspektů nezávislosti, argumentů pro a proti vysoké míře nezávislosti, dále přehled studií zabývajích se nezávislostí CB až po politické vlivy na centrální banku.
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Analysis of monetary strategy CNB from 1989 to the present
Jindová, Petra ; Zeman, Karel (advisor) ; Jílek, Josef (referee)
The target of this bachelor thesis is to analyze monetary strategy of Czech national bank since 1989 to the present, deal with decisions of central bank in monetary policy in important periods. This theme is selected with regard on current financial situation in European Union and independence of Czech national bank in deciding about monetary policy. In theoretical part of this thesis will be described how monetary instruments works and what functions and targets have monetary policy of Czech national bank. In practical part will be analyzed progress of central bank from its beginning to the present. The main focus will be placed on break-even periods for our banking sector. The result of this analysis will evaluation of success Czech national bank's monetary targets since 1989 and comparison of positives and negatives with entry to European Monetary Union.
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Impacts of credit risk transfer through credit derivatives on financial stability and the current world economy
Pozdníková, Magdaléna ; Jílek, Josef (advisor) ; Titze, Miroslav (referee)
The subject of this thesis is an analysis of causes and impacts of credit risk transfer through credit derivatives on the world economy. It deals with the theoretical view of credit derivatives and their definition. A significant part of the work is devoted to a description of the current credit derivatives market and to motives for trading them. In the continuous process of derivative products innovation selected types are described. Those types that were spread during last two decades. In another part are introduced credit derivatives market participants and special attention is given to the banking sector. Important part is the description of an economic situation in countries in crisis. The aim of this work is to give a complete description of all sectors that were influenced by credit derivatives market.
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Credit risk regulation and management and its influence on US economy since 80's until today
Řídký, Jan ; Jílek, Josef (advisor) ; Mládek, Josef (referee)
This thesis describes an impact of credit risk management and credit risk regulation on the volume and quality of credits. Consequently there is an influence on economic activity of people and companies, price level and business cycle. In the thesis the basic principles of credit risk management and regulations are described. The volume of granted credit determines the probability of default. If there is an option to transfer a credit risk to the third party, volume of granted credits increases. The volume of credit depends also on the regulatory duty to hold an adequate amount of capital. In the case the banks find the way to diminish this regulatory capital, the volume of credit increases. Credit activity of banks boosts economic activity of people and companies and it has an impact on the price level. The option of credit risk transfer to the third party together with high saturation of credit market leads to taking higher risk by lenders. At the end it has an impact on the business cycle.
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