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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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How Financial Markets Assess the State of Major Economies
Němeček, Josef ; Jílek, Josef (advisor) ; Czesaný, Slavoj (referee)
In accordance with its main goal, the main thesis shows which published data and indicators contemporary financial markets use to assess the state of major economies and forecast their short-term future development. Using Bloomberg as the primary source, the thesis provides a detailed analysis of the indicators and surveys sought by finance professionals when assessing the performance of the economy in the United States, the euro-zone (with emphasis on Germany) and, in the context of the impact on the global economy and markets, in China and Japan. A preliminary hypothesis about the similarity or closeness between the theoretical view and the practical approach of financial markets has been refuted. Instead, after close scrutiny and detailed analysis, we have established that financial markets put great emphasis on forward-looking indicators and monetary policy. This emphasis was confirmed by a survey of local investors. Using expert opinion and analysis, the thesis charts an overview of select economic indicators and their over- (payrolls, consumer sentiment) or undervaluation (regional Fed activity indexes, CFNAI).
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Comparison of anti-crisis measures in the USA and EU (2008 - 2012)
Vyskočilová, Tereza ; Ševčíková, Michaela (advisor) ; Hájek, Jan (referee)
stract Abstract The aim of this thesis is to compare the responses of the two largest economies in the world - the U.S. and the EU -- to economic, debt and financial crisis that began in 2007 on U.S. mortgage markets, respectively, confirm or disprove the hypothesis that the United States deal with the crisis better. For this purpose the thesis describes the causes and consequences of the crisis on which was applied measures at EU level and at the level of the USA. The list of these measures is also presented in the thesis. To decide whether the hypothesis is correct or not is at the thesis analyzed the impact of the measures implemented to both economics. This analysis is based on monitoring the development of statistical indicators of major macroeconomic aggregates - especially the GDP, unemployment and public debt, and quantification of bailouts for the financial sector. Based on the above analysis, the present work confirmed the hypothesis.
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The impact of the financial crisis on the U.S. bond market
Ševčík, Marek ; Pavlík, Zdeněk (advisor) ; Čajka, Radek (referee)
The thesis analyses the impact of the financial crises on the U.S. bond market. Theoretical part deals with the factors affecting the value of bonds and deals with the processes in the american bond market. The main goal of the practical part is to analyse the U.S. bond market after the bankruptcy of Lehman Brothers, analyse changes in the monetary policy of the Federal Reserve and changes in yields of the government obligations, selected derivatives and assets. Primarily, there will be compared annual return on government bonds to annual return on stock in the period of the financial crisis.
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US banking sector during financial crisis
Valtr, Jiří ; Bolotov, Ilya (advisor) ; Pavlík, Zdeněk (referee)
This bachelor thesis looks into the financial crisis which began aproximately before 7 years in United States of America caused by the burst of the mortgage bubble. The main goal of this thesis is to explain and describe the fall of Too big to fail institutions in the banking sector. This thesis is coherent, however, it does not provides all the information about every event. Which occured during financial crisis. The final thesis has three main chapters. First familiarize us with causes of mentioned financial crisis. It describes main players who will be mentioned thorough the thesis. It also covers mortgage bubble, it's burst and problems attached to it. This section also pays close attention to financial instruments, mortgages and derivatives. In the second part the origin of events caused by bubble burst and it's impact on troubled institutions are described. Last chapter covers more institutions affected and tries to show and explain the solving proces from the US government to save these institutions.
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Monetary policy of Federal reserve system and the reaction of American stock markets during financial crisis in 2008
Novotný, Martin ; Titze, Miroslav (advisor) ; Zamrazilová, Eva (referee)
The main aim of this final thesis is to analyze unconventional monetary policy of American central bank, which has been implemented during financial crisis in 2008. Fed used extremely accommodative monetary policy to restore interbank liquidity and to stimulate the real economy. In theoretical part of this thesis is examined the liquidity trap. The thesis describes transmission mechanism of transferring Fed measures to financial markets and real economy as well. Practical part of the thesis analyzes further steps of Federal reserve system, which have been implemented when key interest rates have already been lowered near the zero bound. The thesis is finished by the evaluation of these steps of American monetary authority and behavior of US stock market, which has been directly stimulated and is currently reaching its all-time highs.
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Analysis of the influence of monetary policy on the creation and course of speculative bubbles on the capital markets
Zajíčková, Tereza ; Titze, Miroslav (advisor) ; Loužek, Marek (referee)
This thesis deals with monetary policy from the point of view of its impact on the creation of speculative bubbles and presents the mechanism with which the central banks can, on a general scale, stimulate a significant increase in prices of assets which has no fundamental justification. The thesis analyses two selected speculative bubbles which preceded one of the deepest economic crises and confirms the significant influence of the expansionary monetary policy of The Fed on their creation. Attention is also paid to the measures implemented by The Fed in reaction to bursting of the pricing bubbles, which are very different in both cases of economic crisis.
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Hypoteční krize v USA a její hlavní determinanty
Šleglová, Magdalena
The purpose of the Bachelor thesis is to identify the main determinants of mort-gage crisis in the USA that erupted in the early 21st century. The paper focuses on the period before the outbreak. First, the paper deals with major imbalances which led to outbreak of mortgage crisis. Further, emphasizing the role and influence of the U. S. central bank FED with Chairman Alan Greenspan, which is often referred as one of the main determinants of the problems in the financial markets. Part of the paper is a chronological structuring of the events that preceded the outbreak of the mortgage crisis, in which it is possible to watch similar macroeconomic characteristics of the U. S. economy.
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Central bank monitoring - December 2014
Česká národní banka
Latest monetary policy developments at selected central banks and news. Spotlight: Monetary policy and inequality. Selected speech: „Patience is a virtue when normalizing monetary policy“ by Charles L. Evans (president of the Federal Reserve Bank of Chicago).
Fulltext:  PDF; PDF
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