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Change in the rating of european countries in connection with the debt crisis
Gažo, Ivan ; Blahová, Naděžda (advisor) ; Marková, Jana (referee)
This paper deals with the rating with a focus on finding the main causes of changes in the rating during the debt crisis in Europe. The first chapter describes the main characters, types of rating and differences between the rating and other evaluation methods. Next part of this paper is about the world-wide rating agencies. In the end I analyze changes in ratings on the specific examples of European countries, on which had the debt crisis the greatest impact.
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Analysis of the relationship between the change of sovereign rating and market behavior
Cibulka, Jakub ; Musílek, Petr (advisor) ; Vorek, Marián (referee)
This master thesis analyzes the relationship between the change of sovereign rating and market behaviour. The first part is devoted to rating itself. I present the various types of the rating, development, structure and risks of the market for credit rating agencies. The second part focuses on the nature of government bonds and the methodology for determining credit rating. The third part contains an analysis of market indicators in selected countries, econometric analysis of the relationship between credit ratings and risk perception in the market and comparison with other indicators of potential default. I summarize all the knowledge in the conclusion and I am trying to predict future developments in the market for credit rating agencies.
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The Importance of Credit Rating and Credit Rating Agencies on the Stability of International Financial Markets
Búry, Jan ; Kalínská, Emílie (advisor) ; Čajka, Radek (referee)
Credit rating agencies judge the creditworthiness of the debtors and debt obligations and the relative probability of their default. Credit rating plays a very important role in the financial markets. It influences the behavior of all participants (investors, debtors and regulators) of the market transactions. The first part of the thesis deals with definition and function of the credit rating. The main controversial points in the activity of the credit rating agencies will be discussed, as well as how the industry is regulated. In the second part it is claimed that the opinions of the credit rating agencies on sovereign bonds (sovereign rating) contribute to the overheating of the economies or to the deeper recession due to procyclicity of the rating. The actual credit rating of the country will be compared with a rating based on a theoretical model designed with publicly available economic data.
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The Comparison of Sovereign Ratings and Country Risk Classification according to the Arrangement on Officially Supported Export Credits and its Development after Financial Crisis
Vasická, Lucie ; Kalínská, Emílie (advisor) ; Sedláček, Milan (referee)
In the first chapter the paper is focused on sovereign rating, it describes the history and explains the basic characteristics in the context of its usual usage. In the second chapter the basics behind the Arrangement on Officially Supported Export Credits are explained. Because the main purpose of this paper is to compare sovereign rating and the country risk classification based on the Arrangement, the chapter focuses especially on the Knaepen Package that introduced country risk classification to the Arrangement. In the chapter there is also the introduction to the Malzkuhn-Drysdale Package. In the third and fourth chapter sovereign ratings and county risk classifications are compared on theoretical basis. There were used several different criteria, e.g. methodology of rating/classifying, time necessary for adjustment and criteria for evaluation. The fifth chapter is focused on Basel I-III, the connection between Basel capital adequacy and both credit risk evaluation systems is explained. In the following chapter, the question of guilt of rating agencies and their role in the outbreak of financial crisis is discussed. The last chapter is based on the case study that describes the difference between development of financial crisis in Italy and Greece and its impact on rating grades and country risk classification.
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The Comparison of Sovereign Ratings and Country Risk Classification according to the Arrangement on Officially Supported Export Credits
Vasická, Lucie ; Kalínská, Emílie (advisor) ; Sedláček, Milan (referee)
In the first chapter the paper is focused on sovereign rating, it describes the history and explains the basic characteristics in the context of its usual usage. In the second chapter the basics behind the Arrangement on Officially Supported Export Credits are explained. Because the main purpose of this paper is to compare sovereign rating and the country risk classification based on the Arrangement, the chapter focuses especially on the Knaepen Package that introduced country risk classification to the Arrangement. In the third chapter are sovereign ratings and county risk classifications compared on theoretical basis. There were used several different criteria, e.g. methodology of rating/classifying, time necessary for adjustment and criteria for evaluation. The last chapter is based on the case study that describes the changes of rating grades and country risk classification on examples of Visegrád Four - the Czech Republic, Hungary, Poland and Slovakia.
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Fiscal rules and their efficiency - Anglophone countries and the EMU
Haas, Jakub ; Tajovský, Ladislav (advisor) ; Váňa, Daniel (referee)
Diplomová práce se zaměřuje na zkoumání fiskálních pravidel - omezení fiskální politiky, která byla přijata v průběhu devadesátých let 20. století. Zkoumané země se dělí na dvě skupiny. Zaprvé se jedná o anglofonní země (Spojené království, Austrálie, Nový Zéland) s odlišným právním a politickým systémem než země druhé skupiny - Evropské měnové unie, které musely akceptovat tzv. Maastrichtská kritéria a Pakt stability a růstu. Analýza efektivnosti fiskální pravidel, která zahrnují pravidla numerická, procesní i transparentnostní, se zaměří na rizikovou prémii u úrokových sazeb finančního trhu jednotlivých zemí, na tzv. sovereign rating hodnotící kreditní riziko a samozřejmě také na konkrétní výsledky působení pravidel na fiskální agregáty jednotlivých zemí. Ačkoliv byla klíčová pravidla přijata až v devadesátých letech, reflektovala určitý vývoj veřejných financí v minulosti, proto se práce zaměří také na historické aspekty vzniku těchto pravidel, které hrály důležitou roli při jejich konstrukci. Výsledkem analýzy pak bude mezinárodní komparace efektivity fiskálních pravidel, která pomůže formulovat obecnější hospodářsko-politická doporučení pro země s rizikovým vývojem veřejných financí.
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