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Supervision of the financial system in the European Union
Žáček, Ondřej ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
1 Abstract This master thesis deals with the arrangement of the supervision of the financial system in the European Union. Its content and structure is strongly tied with two principal supervisory pillars - European System of Financial Supervision (ESFS) and Single Supervisory Mechanism (SSM). The first chapter starts with the historical background of the European financial supervision and proceeds to the recent global Great recession which motivated the reforms that led to the current state of the supervisory structure. The operation of the ESFS and SSM is thoroughly explained in chapters two and three respectively, moreover I cover their interaction with national supervisory authorities and special emphasis is put on the role of the Czech National Bank. Several controversial issues are also reflected in the course of the thesis, ie. rather regulatory than supervisory role of the European supervisory authorities which contradicts the initially declared intentions, their low operability or quite illusory legislative demand of extensive independence of national representatives when they stand for their respective home authorities in the European institutions. The emphasis on the Czech Republic is evident from the sub-chapter regarding the potential entry into the close cooperation with the Single Supervisory...
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Financial cycle
Novotný, Tomáš ; Blahová, Naďa (advisor) ; Gevorgyan, Kristine (referee)
Diploma thesis is focused on the issue of financial cycle. It has theoretical character and it is based on foreign sources. Diploma thesis describes the definition of financial cycle, its interactions with business cycle and moreover it explores sychronization of cycles. Furthermore financial cycle indicators and measures are analyzed. The reactions of macroprudential, fiscal and monetary policy are also discussed in the thesis. In particular, the attention is drawn to theoretical view on countercyclical buffer. The last part is devoted to the setting of countercyclical buffer in chosen european countries.
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Analysis of the approaches of Central and Eastern European countries towards their membership in the Banking union
Samuelis, Tomáš ; Dvořák, Petr (advisor) ; Fleischmann, Luboš (referee)
The goal of this thesis is to analyze the approaches of countries in Central and Eastern European region towards their membership in the Banking Union. The selected topic has been investigated based on structural characteristics of the banking sectors of the impacted countries. The comparison of these characteristics resulted in identification of inconsistencies between the 2 standpoints (Opt-in and Opt-out). The thesis monitors the motivation of banks in choosing or changing the legal form of 'their' banks in host markets. The work identifies areas in which the host government can act to prevent banks from converting into branches, thus retaining the regulatory powers in local authorities. The thesis in the first 2 chapters maps the first and the second pillar of the Banking Union, Single Supervisory Mechanism and the Single Resolution Mechanism respectively. Furthermore, it summarizes the results of the European Central Bank in carrying out the Comprehensive Assessment exercise.
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Monetary Policy and Macroprudential Policy: Rivals or Teammates?
Malovaná, Simona ; Frait, Jan
This paper sheds some light on situations in which monetary and macroprudential policies may interact (and potentially get into conflict) and contributes to the discussion about the coordination of those policies. Using data for the Czech Republic and five euro area countries we show that monetary tightening has a negative impact on the credit-to-GDP ratio and the non-risk-weighted bank capital ratio (i.e. a positive impact on bank leverage), while these effects have strengthened considerably since mid-2011. This supports the view that accommodative monetary policy contributes to a build-up of financial vulnerabilities, i.e. it boosts the credit cycle. On the other hand, the effect of the higher bank capital ratio is associated with some degree of uncertainty. For these and other reasons, coordination of the two policies is necessary to avoid an undesirable policy mix preventing effective achievement of the main objectives in the two policy areas.
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Analysis of Single Resolution Mechanism
Kardaczová, Karolína ; Blahová, Naděžda (advisor) ; Marková, Jana (referee)
The final thesis follows the effort of the European Union to transfer responsibility for issues in the banking sector from taxpayers to its shareholders and creditors. It adopts many new tools and measures. The first part of the thesis is devoted to the banking union project, which unifies the supervision and procedures for solving the crisis at the European level. Emphasis is placed on the newly adopted Single resolution mechanism. Since the adopted legislation does not apply exclusively to the Eurozone countries the second part of the thesis analyses the implementation of the BRRD into Czech law, and the related amendments concerning the Czech banking sector. The aim of the thesis is to analyse the crisis resolving procedure, which is specified in the third chapter on the example of a fictitious bank. The example monitors tools and measures that can be used in various life stages of a bank. It is mainly based on the rules laid down in BRRD and the Czech legislation ZOPRK.
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Application of macroprudential policy in the US
Husarčík, Marek ; Blahová, Naděžda (advisor) ; Pour, Jiří (referee)
The master thesis deals with macroprudential policy and its application in the US. The thesis is mainly focused on the large reform of the financial market in the US known as Dodd-Frank Wall Street Reform and Consumer Protection Act. The main objective of the thesis is to analyse the impact of this act on the financial market in the US. The thesis is divided into four chapters, which are logically connected. The first chapter describes the institutional structure of the regulation and supervision over the financial market in the US, with the emphasis on the organisational structure of FED. The second chapter deals with macroprudential policy from the theoretical point of view with the focus on the tools of the policy and its interaction with other policies. It also covers the incentives which lead into putting this policy into practice. The third chapter focuses on the causes of the financial crisis and particularly on the response to the crisis in the form of Dodd-Frank Act. The final chapter analyses the impact of particular measures contained in Dodd-Frank Act on the US financial market. Analysing this the thesis concludes whether these measure were successful from the perspective of objectives that Dodd-Frank Act wanted to meet.
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Selected problems of macro prudential policy
Červená, Michaela ; Blahová, Naděžda (advisor) ; Kaimova, Nadira (referee)
The subject of this work is to describe the steps of the process of implementation of macro prudential policy which have been made up to now and to assess the efficiency of the policy. The work offers the reader a comprehensive view of the topic. The work is divided into three parts. The first part deals with overall characteristic of macro prudential policy. The second part describes the macro prudential tools. In the last part, the efficiency of macro prudential policy and its tools is evaluated. The aim of this work is to provide the reader with a through view on macro prudential policy and to highlight the problematic parts of the implementation of the policy. Furthermore, it aims to describe the efficiency and effectiveness of the policy and its tools.
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Bank stress testing
Vorlíček, Jaroslav ; Blahová, Naděžda (advisor) ; Brada, Jaroslav (referee)
This thesis deals with stress testing of the banking sector. Stress tests are a set of analytical tools used to test the resilience and financial stability of the banking sector. At the beginning of the work financial stability and systemic risk impact not only in the form of sys-temically important financial institutions are discussed. Followed by a chapter on stress tests, which describes historic development of stress testing approaches to testing of individual banking risks and their implementation in the form of stress testing. Stress testing methodo-logy is described primarily from the perspective of the Czech National Bank, the importance of banking regulation and supervision in Basel III is also presented. In the final chapter of the thesis there are commented results of Czech National Bank's stress tests, and EU wide stress tests 2014, launched in cooperation with European Banking Authority, European Central Bank and the European Systemic Risk Board.
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The Interaction and Compatibility of Monetary and Macroprudential Policy in the Czech Republic
Pfeifer, Lukáš ; Ježek, Tomáš (advisor) ; Mandel, Martin (referee) ; Czesaný, Slavoj (referee)
The thesis deals with the interaction of monetary and macroprudential policy, or with the compatibility of the objectives of these policies in the Czech Republic. The main attention is given to the use of interest rate instruments for the purpose of achieving financial stability during the accumulation phase of cyclical dimension of systemic risk. For this purpose the crucial item is the relationship of financial and price stability in the economy. On the Czech economy data is therefore tested the relationship between credit activity and asset prices, to be subsequently quantified the relationship between the prices of selected assets and consumer prices. The model results open the door to greater use of industrial producer price index for the coordination of monetary and macroprudential policy. The thesis for the same reason also recommends continuing research into the development of the general price level during the financial cycle.
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Macro-prudential policy framework tools by CRD IV / CRR
Konečný, Vojtěch ; Pfeifer, Lukáš (advisor) ; Řežábek, Pavel (referee)
The aim of the thesis was to determine the impact of macro-prudential policies adopted by the transposition of CRD IV and CRR to the legal order of Member States of the European Union, with regard to its interaction with already existing supervisory policies. An important influencing factor turned out to be the question of complementarity and coordination. The results suggest that the stabilizing effect of already established tools -- capital reserve -- is limited in relation to the strength of financial distortion that happen upon financial system. However decisive conclusion can not be made at this point, mainly due to absence of robust quantitative data on working of macro-prudential tools in practice, caused by their relative novelty.
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