|
|
Legal regulation of financial markets under the influence of the recent financial crisis
Růžička, Michal ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
The thesis deals with proposed modifications of legal regulation of the financial sector that are currently discussed in the context of the recent financial crisis. It explores both newly proposed procedures and new measures which should ensure a strong and resilient financial sector. It analyzes possibilities and issues connected with implementation of these procedures in practice and also in relation to the Czech financial market. It also evaluates these proposals from the perspective of their applicability and benefit for functioning of financial markets in accordance with intentions to find and implement legislation which prevents future financial crises and their spread to other entities.
|
|
|
Financial Crisis in Economies with External Imbalances: A Comparative Analysis of Ireland and Spain
Semerák, Ondřej ; Váška, Jan (advisor) ; Young, Mitchell (referee)
The financial crisis of 2007-08 has had momentous consequences for most developed countries and triggered recession on the global financial markets. Consequently, economies with pre- existing deficiencies were hit in particular. In the European Union, especially two groups of member states with specific imbalances could be discerned. This thesis is intended to discuss the impacts on economies with external imbalances, where the crisis was not rooted in public finance profligacy. The main protagonists, Ireland and Spain, experienced resembling economic boom prior to the crisis, later accompanied by accumulation of foreign debt and real estate bubbles. Nonetheless, despite the strong similarities in their economic development their paths diverged after the bust, and Ireland has been given as an example for successful austerity. This thesis presents key determinative factors which differentiated Spain from Ireland in the reviving processes to discuss the hypothesis that the Irish recovery was generated solely by the implemented countermeasures and that it can therefore be considered a model for future crisis management. The objective of this thesis is to address this assertion and to evaluate its correctness using a detailed overview of structural specificities of the economies, as well as of the...
|
|
|
Ideal Crisis Management Mechanism for Credit Institutions and Investment Firms in the European Union
Kropjok, Vít ; Kohajda, Michael (advisor) ; Vybíral, Roman (referee) ; Radvan, Michal (referee)
Ideal Crisis Management Mechanism for Credit Institutions and Investment Firms in the European Union Abstract: The 2007-8 financial crisis brought about the most severe economic contraction since the Great Depression. Regulators on both sides of the Atlantic were taken aback and soon realized that they had no tools to deal with distressed banks and other financial services firms, failure of which could undermine financial stability not only within individual states, but also on a global scale. As a result, central banks of in particular the United States and the Eurozone became the most important actors in the fight against the unfolding crisis and de facto the only "governmental agencies" capable of swift and decisive measures. Their timely and vigorous reaction most likely warded off the collapse of the global financial system, though it was not without controversies. These controversies are analyzed in this dissertation in order to find out what role should central bank have during financial crisis. Governments followed central banks with massive bank bailouts. In many countries, governments went beyond liquidity provision and nationalized their banks, which threatened their own solvency. Although the global financial system has been largely restored in the last decade, it has been achieved at huge...
|
|
|
The impacts of financial crisis on exports of Central and East European countries
Zhang, Wen ; Semerák, Vilém (advisor) ; Paulus, Michal (referee) ; Radošević, Slavo (referee)
Finanční krize, která začala v roce 2008, ovlivnila nejen finanční sektor, ale i zbytek ekonomik mnoha zemí světa. Země střední a východní Evropy (SVE) zažily především negativní externí poptávkový šok. Tato dizertace analyzuje, zda exporty zemí SVE odpovídají změnám HDP a zda finanční krize měla na obchod zemí SVE dlouhodobé dopady. Analýza využívá data za období 2000-2018 za 12 zemí SVE v roli exportérů a celkem 198 importérů. Je založena na strukturálním gravitačním modelu využívajícím Baier & Bergstrandovu (2009) "Bonus Vetus" metodu doplněnou o roční dummy proměnné a vybrané párové dummies pro vybrané páry zemí. Výsledky v první řadě ukazují, že v souladu se základní logikou gravitačních modelů jsou vzdálenost a HDP vývozců a dovozců významnými determinantami exportů. Výsledky dále ukazují na přítomnost dalších efektů, tj. že obchod se během krize změnil více, než by odpovídalo čistě změnám HDP. Dummy proměnné vztažené k citlivosti na HDP a k úrovňovému efektu ukazují na dlouhodobé dopady krize na obchod. Pokud jde o další vlivy, členství v EU a přítomnost plovoucího kurzu může exportům napomoci, zatímco vliv členství v Eurozóně byl nevýznamný. Kvůli přítomnosti trvalejších efektů dále analyzujeme data na sektorové úrovni. Dopady se týkaly všech sektorů, ale příčiny a velikost se lišily. I...
|
|
|
Essays in Empirical Financial Economics
Žigraiová, Diana ; Jakubík, Petr (advisor) ; Witzany, Jiří (referee) ; Teplý, Petr (referee) ; Gächter, Martin (referee)
This dissertation is composed of four essays that empirically investigate three topics in financial economics; financial stress and its leading indicators, the relationship between bank competition and financial stability, and the link between management board composition and bank risk. In the first essay we examine which variables have predictive power for financial stress in 25 OECD countries, using a recently constructed financial stress index. We find that panel models can hardly explain FSI dynamics. Although better results are achieved in country models, our findings suggest that financial stress is hard to predict out-of- sample despite the reasonably good in-sample performance of the models. The second essay develops an early warning framework for assessing systemic risks and predicting systemic events over two horizons of different length on a panel of 14 countries. We build a financial stress index to identify the starting dates of systemic financial crises and select crisis-leading indicators in a two-step approach; we find relevant prediction horizons for each indicator and employ Bayesian model averaging to identify the most useful predictors. We find superior performance of the long-horizon model for the Czech Republic. The theoretical literature gives conflicting predictions on how bank...
|
|
|
The impacts of the global financial crisis on the banking centres of Europe according to the main European macro-regions
Hejnová, Tereza ; Blažek, Jiří (advisor) ; Ježek, Jiří (referee) ; Buček, Ján (referee)
The current era of intensive globalisation, digitisation and expansion of FinTech companies and latter the impacts of a recent global financial crisis support further concentration processes within the banking sector. This dissertation thesis explores the impacts of global financial crisis on the European banking centres on the level of major banking centres and tiny banking centres with special regard on the development in three main European macroregions - Western Europe, Southern Europe and Central and Eastern Europe. The banking centres were analysed according financial indicators of banks headquartered in particular banking centre in the indicators capturing size, profitability and the level of risk during the period 2004-2015. Counterintuitively, the European leading banking centres (London, Paris and Frankfurt), despite their extensive exposure to capital markets, dispay a high level of resilience, which contrasts with the evolution of the other major Western European centres, which clearly lagged behind the European leaders. From a macro-regional perspective, banking centres in Western Europe exhibited the first signals of both the crisis and the recovery, which were subsequently diffused across Europe. Surprisingly, the profitability of low-ranking banking centres in Central and Eastern...
|
|
|
Vliv finanční krize na úvěry v selhání bankovního průmyslu
Koňaříková, Zuzana
This diploma thesis discusses how bank specific determinants and macroeconomic determinants influence non-performing loans in the banks of the G12 and in the Czech Republic in 2000 - 2013, i.e. before and after the financial crisis. The empirical analysis works with a regression model of fixed-effects panel data and uses a sample of 11,386 banks from the Bankscope database. The final results are used to establish recommendations for economic policy makers. The results have shown that non-performing loans for larger and more profitable banks are less susceptible to changes in determinants.
|
|
|
Determinanty výnosov nemeckých dlhopisov
Jágriková, Veronika
Jágriková, V. Determinants of German bond yields. Diploma thesis, Brno: Mendel University, 2017. The master's thesis identifies the determinants of German bond yields during the financial and debt crisis. First part of the thesis focuses primarily on the financial and debt crisis and the resulting changes on the bond markets. The determinants influencing the bonds yields are examined subsequently. Second part of the thesis addresses testing of significance and influence of the determinants on German government bond yields. Empirical analysis has been conducted for bonds with different maturities in order to determine whether the impact intensity of individual determinants will change. Results of the conducted analysis are interpreted.
|
|
|
Zhodnocení finančního zdraví komerčních pojišťoven v rámci seskupení G8 a Evropské unie
Hrabalová, Eliška
The diploma thesis explores assessing financial soundness of insurance companies present on the insurance markets of the European Union and G8. The aim of this thesis is to evaluate financial performance of selected insurance companies in a selected time period 2004 - 2014 by using ratio analysis. The thesis focuses on life insurance companies and development of insurance markets as a consequence of the financial crisis. In connection to the development of insurance markets the thesis examines the financial crisis and its impacts as a regulation of the selected formations, mainly through regulatory framework Solvency II. Development of insurance markets is demonstrated by the indicator of return on assets. At the end of the diploma thesis, a discussion with experts on this issue is included and an overall evaluation of financial soundness is provided as well.
|
|
|
Vklady a úvěry v českém bankovním sektoru
Adamová, Gabriela
Adamová, Gabriela. Deposits and loans in the Czech banking sector. Bachelor thesis. Brno: Mendel University, 2017. This bachelor thesis analyzes development of deposits and loans, specifically within banking sector of Czech republic between years 2002 and 2015, conside-ring bank´s size and type. For this purpose, clients' deposits / total assets and loans to clients / total assets ratios are examined. The work also focuses on the as-sessment of the risk development of loans using the NPL indicator / loans to clients. The impact of the financial crisis is taken into account. The power of linear dependence between deposits and loans is tested using correlation analysis.
|
guest ::
