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Důsledky kvantitativního uvolňování v Evropě a USA
Kocveldová, Gabriela
This thesis investigates consequences of quantitative easing in Euro area and in the USA, especially for the fixed-income market. Empirical part of the thesis is split into the analysis of individual phases of quantitative easing in the USA and into the evaluation of consequences on chosen macroeconomic indicators. Same procedure is applied for the Euro area.
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Buybacks to Bailouts: Firm Behavior and Implications for Financial Instability
Curran, Kevin ; Baxa, Jaromír (advisor) ; Dědek, Oldřich (referee)
Share repurchases reached a decade-high level in 2019, just as US equity indices reached a historical zenith, a move in tandem that supports more than merely a correlative relation. However, this relationship moves beyond that of just a close tandem move in indices alongside share repurchases, but to the behavior of firms which began to leverage themselves in order to promote the evermore profitable strategy of large buyback programs. Those repurchases indicate an idiosyncratic and procyclical leveraging that, while much smaller in scope and less combustible by lack of derivative amplification, led to the gorging on unsustainable debt described by Hyman Minsky and experienced in the Great Financial Crisis in the banking industry. In this case, the 'Minsky moment' that may have inevitably popped the self-promotion bubble came in the form of the 'black swan' event of the coronavirus outbreak. This paper aims to historically frame the issues, with delimitation of the effect of buybacks from 2009 to early 2020 with scant reference to historical factors influencing the increased usage of share repurchase programs. The analysis within this historical scope will reflect empirical measures on the market-wide level of share buybacks and debt levels alongside the concurrent equity index acceleration....
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Monetary policy of the U.S. central bank and its impact on U.S. economy
Pozděchová, Lenka ; Koderová, Jitka (advisor) ; Dohányos, Vojtech (referee)
The aim of this thesis is monetary policy of the Federal Reserve during the global financial crisis and its impact on the U.S. economy. Intensively carried out the financial crisis in 2007 - 2009. At that time, the Fed has created several tools to support liquidity of depository institutions and primary dealers, which are represented mainly by investment banks and other businesses, such as money market funds. The balance sheet of the central bank has fundamentally transformed. Securities accepted in open market operations have expanded and amount of the balance sheet has increased several times. Operations that change size of liabilities and composition of assets are called quantitative easing. After the interventions of the U.S. central bank the financial markets stabilized and Fed set aside some of the new tools. From December 2007 to June 2009 was the U.S. economy officially in recession. Since then has economic activity been growing but only very slowly.
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