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Cross-Border Contagion: An Empirical Analysis of the Current Financial Crisis in Central and Eastern Europe
Žáková, Kristýna ; Geršl, Adam (advisor) ; Mertlík, Pavel (referee)
The objective of this thesis is to examine cross-border contagion effects during the 2007-09 crisis in Central and Eastern Europe (CEE) and from all the possible propagation channels, it chooses to focus on cross-border bank loans. It tries to discover which global and local factors had significant influence on the changes in bank loans from banks in source (lending) countries to banks, as well as households, corporations and government in host (borrowing) countries. The main research method is a panel data regression model. The empirical results suggest that both local and global factors had influence on the changes in cross-border loans, i.e. helped to spread the 2007-09 crisis to CEE. The significant local factors were macroeconomic and financial characteristics of both source and host countries, such as their GDP growth differential, interest rate differential, FDI, or profitability and health of the banking sector. The significant global factors were the expected market volatility and investors' risk appetite/aversion which was an indicator of "pure" contagion. The main contribution of this thesis lies in its focus on CEE and the analysis of investors' behavior based on their changing risk appetite.
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The Influence of the Economic Crisis on Corporate Social Responsibility Activities
Potůčková, Petra ; Rynda, Ivan (advisor) ; Novák, Josef (referee)
The aim of this thesis is to introduce the concept of Corporate Social Responsibility (CSR) and describe the relevance of corporate social responsibility activities. Due to the fact that, one of the basic characteristics of Corporate Social Responsibility, is long-term in character, which requires a dedication to CSR activities, even in times of financial difficulties when company does not have the optimal results, this thesis shows how selected companies fulfill the concept of CSR. The theoretical part is divided into two parts - the first is the concept of Corporate Social Responsibility, which focuses on the development, pillars, benefits and concepts associated with this concept. I deal with crisis and describe financial crisis, economic crisis, its development, causes and consequences in the next part. The empirical part of this thesis is based on the methodological triangulation - expert interviews, documented examination and comparison. This thesis sampled five selected companies and shows how these companies perceive CSR, what activities they have implemented, how to cope with the crisis that affected them and how it affected the implementation of CSR activities. Another benefit of this thesis is to expand knowledge about values of companies around the city of Kolín. The results of this...
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Icesave dispute and Icelandic EU application
Tůmová, Kateřina ; Váška, Jan (advisor) ; Hořejšová, Tereza (referee)
The bachelor thesis analyzes the influence of the Icesave dispute on the EU application and answers a research question, if the dispute poses an essential threat to Icelandic membership in the EU. The conflict over the Icesave debt began after the collapse of Icelandic banking system during the global economic crisis in 2008. Icesave was an online brand by the bank Landsbanki, which provided savings account in the United Kingdom and the Netherlands. The biggest problem in the dispute was reimbursement of the Icesave debt, which should Iceland paid for to both of the countries due to the Icelandic membership in the European Economic Area and on the base of the EU directive on deposit-guarantee schemes. The first chapter of this bachelor thesis is dealing with a development of the Icelandic financial crisis and with an excursion to the Icelandic banking system. The cause of the Icelandic financial crisis wasn't the global economic crises itself but also the unsustainable size of the Icelandic banking sector. The following chapter contains origins and development of the Icesave dispute and its international dimension. The third chapter is dealing with Icelandic EU application (July 2009). And the last chapter is the analysis of possibilities, how the Icesave dispute can thwart the EU membership, and...
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Basel III: Evaluation and Impact in the Czech Republic
Gleta, Jakub ; Teplý, Petr (advisor) ; Geršl, Adam (referee)
The thesis is focused on content and impact of the new Basel Capital Accord, commonly known as Basel III. These rules react to recent development in global financial markets and introduce some substantial changes into regulatory approach, which include changes to the definition and required amount of regulatory capital and presents new liquidity requirements. The thesis then assesses new rules form two points of view. First, a quantitative model is constructed that predicts the impact of new rules on capital adequacy of four major Czech banks based on default rates data. In the second part of the analysis, institutional impact of new regulation is stressed, namely the question of how new rules fit within the theoretical framework of optimal regulatory architecture and what pitfalls they have. The thesis is unique in the eclectic nature of its approach, whereby two seemingly disparate approaches oppose each other and an attempt at synthesis is presented. Keywords Banking regulation, Basel II, Basel III, capital adequacy, capital accords, regulatory impact analysis, credit risk JEL classification G21, G28
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Resolving banking crises
Juhász, Michal ; Seknička, Pavel (advisor) ; Bažantová, Ilona (referee)
The Diploma Thesis deals with the banking crisis and aims to account for different approaches to the understanding of the nature of banking crisis. The Thesis further aims to provide answers why the banking crisis are caused and why so far there are no measures that would effectivelly prevent such crisis. At first, the Thesis states the definition of banking with the emphasis on banks as the institutional backbone of the current functioning of the financial system. The Thesis pays specific attention to the characteristics of two basic legal banking instruments, particulary loans and deposits. While acknowledging the loan expansion, the thesis argues the role of regulatory authorities and the limits of their competences in regards to the prevention of crisis. Followingly, the Thesis offers a view on a banking crisis phenomenon with appropriate historical overview outlining the banking crisis in Czechoslovakia in years 1918 to 1939 and after 1989, the loan expension influence on the business cycles and approaches to banking crisis solving in respect to stabilization of the banking system and restructuring of banks. At last but not least, the Thesis sums up the global financial crisis that started as a banking crisis, respectively as a crisis of one segment of the banking market in the United States...
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International Stock Market Co movements and the Global Financial Crisis
Poldauf, Petr ; Horváth, Roman (advisor) ; Baruník, Jozef (referee)
International Stock Market Co-movements and The Global Financial Crisis Petr Poldauf May 16, 2011 Abstract This thesis investigates development of co-movements among international equity returns at the market and industry level over the period 2000 - 2010. Emphasis is put on the influence of the Global Financial Crisis of 2008/2009. We analyze daily data from major markets in Australia, Brazil, Canada, China, Germany, Japan, Russia, South Africa, the UK, and the USA using GARCH family of models. We find that there are still weakly correlated markets and the influence of the Crisis differs from country to country. The sectoral indices, including the financial sector, were significantly less correlated than the market indices over the whole period. 1
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The Impact of the Economic Crisis on the Work of Regional Libraries in the Czech Republic
Gruber, Martin ; Landová, Hana (advisor) ; Drobíková, Barbora (referee)
(in English): The thesis describes the current economic crisis, to which the Government responded by a set of restrictive measures of public finance. The main attention is paid to the research whether the current financial crisis and government austerity measures influenced the activities of the regional libraries in the Czech Republic and whether they compromised the quality of services provided to the public. The introductory chapter briefly describes the activities of the regional libraries, the most important legislative documents, defines standards of public information services and the development concept. The next chapter is focused on the theoretical definition of the financial crisis and its typology, summarizes its reasons and its historical context. The third chapter briefly approaches the main cases of the current financial crisis in the United States and its impact on European markets, the course of the financial crisis in the United Kingdom and how it influenced the public library sector. The next chapter briefly describes the financing of the public sector in the Czech Republic with a focus on libraries, the current financial crisis in the Czech Republic and the political development in the country since 2006. The last chapter contains a survey conducted by the form of statistical...
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Value-at-risk forecasting with the ARMA-GARCH family of models during the recent financial crisis
Jánský, Ivo ; Rippel, Milan (advisor) ; Seidler, Jakub (referee)
The thesis evaluates several hundred one-day-ahead VaR forecasting models in the time period between the years 2004 and 2009 on data from six world stock indices - DJI, GSPC, IXIC, FTSE, GDAXI and N225. The models model mean using the AR and MA processes with up to two lags and variance with one of GARCH, EGARCH or TARCH processes with up to two lags. The models are estimated on the data from the in-sample period and their forecasting ac- curacy is evaluated on the out-of-sample data, which are more volatile. The main aim of the thesis is to test whether a model estimated on data with lower volatility can be used in periods with higher volatility. The evaluation is based on the conditional coverage test and is performed on each stock index sepa- rately. Unlike other works in this eld of study, the thesis does not assume the log-returns to be normally distributed and does not explicitly select a partic- ular conditional volatility process. Moreover, the thesis takes advantage of a less known conditional coverage framework for the measurement of forecasting accuracy.
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Advertising within weekly publications in times of the economic crisis 2007-2011
Tůmová, Michala ; Vlasák, Zbyněk (advisor) ; Zápotocký, Jan (referee)
This bachelor thesis Advertising within weekly publications in times of the economic crisis 2007-2011 uses quantitative content method to figure out frequency of advertisement placed by economic subjects in weekly magazines Respekt, Reflex and Týden. Time range was set from June 2007 to June 2011. The goal of this thesis is to ascertain behavior of these economic subjects before the crisis, in it's early period until the half of it. Theoretical part brings the explanation of the cause of the financial crisis, explains relations between advertisement and media, describes the evolution of chosen periodicals and introduces readers to used research method. Empirical part presents and illustrates obtained data which leads to conclusions. The appraisal of the study helped to make clear conclusions that proves the impact of financial crisis on economical subjects.
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The role of the government in Ireland's economic growth
Poč, Marek ; Kasáková, Zuzana (advisor) ; Šlosarčík, Ivo (referee)
This bachelor thesis deals with the circumstances behind the economic growth in Ireland. The thesis primarily focuses on the specifics of this process, tries to compare the growth from the Celtic Tiger period and the current economical situation. The thesis tries to analyze how Ireland handled economic problems from the end of the last century and problems caused by the impact of recent financial crisis. It especially focuses on the role of the government in the process of the economic resurgence. The thesis analyzes and compares particular steps of the Irish government during the crisis.
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