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Oversight of financial system in the European Union
Thai Viet, Tran ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee)
1 Abstract This master's thesis focuses on the current arrangement of supervision of the financial system of the European Union, with emphasis on supervision performed within the organisational structure of the European System of Financial Supervision (ESFS). The first chapter defines the theoretical basis through the interpretation of key terminology, notably the terms "financial system" and "supervision", including the typology of financial system supervision. The second chapter describes the historical development since 1999 leading to the current supervisory arrangement; the Banking Union and its first two pillars (the Single Supervisory Mechanism and the Single Resolution Mechanism) are also characterised in this chapter as a deeper form of banking supervisory integration. The third chapter explains the current state of the ESFS and its parts at the EU level (EBA, ESMA, EIOPA and ESRB), its objectives, organisational structure, competences and regulatory and supervisory powers. The fourth chapter covers the review of the ESFS, as foreseen by the regulations establishing the ESFS. As outcome of the review, the European Commission issued documents analysing the positives and the negatives of the current arrangement based on the input of the correspondents from both the financial markets participants and...
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Lapse of financial market participants
Zrůst, Lukáš ; Bakeš, Milan (advisor) ; Boháč, Radim (referee) ; Dřevínek, Karel (referee)
The aim of this work was to analyze complexly the failure of financial market entities, with the accent of a banking institution, comparison with the European legal system, but also with the emphasis on solving the financial crisis of the banking system and its ways of resolving or maintaining the activity, possible insolvency of banking entities. At the end of the thesis, the author also deals with practical aspects of selected banks. From the above point of view, three sub-concepts are key to this work, which deserve a brief explanation as they permeate the work and gradually reveal the basic issues of the subject matter, but also their hypotheses outlining the next direction of research, and at the same time offers some legislative guidance material solution of the given issue. The first term is the "starting point". In this work, there is a detailed survey of research to find answers to the question as to what are the basic points of the financial market entities as well as banking institutions, but above all their failure. The hypothesis in this context is the evolutionary development of the areas concerned, in particular financial law in a broad sense, and the extent of its impact on the current legal regulation of financial market participants and the resolution of their failures. The second...
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Changes of financial system in the context of financial crisis
Karan, Boris ; Šíma, Ondřej (advisor) ; Pour, Jiří (referee)
In this paper, we analyse the relation between financial system and financial crises. Our goal is to find how, on the one hand, changes in the financial system affect the prospects for financial crises and, on the other hand, how the occurrence of financial crises shape the core elements of the financial system. We start by defining the financial crisis from three different perspectives. After it, we present the comprehensive history of financial crises that will allow us to continue by drawing some common patterns that are universal. Universal patterns in crises give us the ground for contemplating on some universal policy responses where we again follow different approaches. Taking into account the specifics of modern times and using the young and promising economy based on the blockchain, we are asking the question is this time different?. Analysis of initial development steps in the digital, trustless world gives us the basis for drawing parallels with the reality and the history. Our results suggest that there are many similarities throughout history and between the real and digital world. Instead of providing an exact answer on the question is this time different we conclude that there is a present strong feeling of Deja vu.
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Fiscal Equalization in Germany.
Mynaříková, Romana ; Pešek, Jiří (advisor) ; Mlsna, Petr (referee)
The thesis "Financial Equalization of German Federal States - a Key German Domestic Political Issue of the Turn of the Millennium" describes one of the most important elements of the German financial system, which has been in place since 1950s. It has its constitutional justification in the principle that citizens cannot be treated differently by the government simply because they live in different parts of the federation (article 107 of the German Constitution). The fiscal equalization exists in the form of redistribution of tax revenue (individual and corporate income tax and turnover tax) primarily according to the size of the population in each German state (Bundesland). It takes place vertically between the federation and individual states and simultaneously horizontally among states themselves. The "Länderfinanzausgleich", interstate horizontal fiscal equalization among the Länder, is certainly the main factor of interregional solidarity in Germany. Without central government's intervention, it organizes the horizontal redistribution of fiscal revenues among the Länder, including the five new Länder since 1995. The operating mechanisms are quite complex. Since the amount of money, which the rich states have to pass on to the poorer states, is enormous, the financial equalization became one of...
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Quantitative Easing and its Impact on Wealth Inequality
Lazar, Stefan-Alexandru ; Taušer, Josef (advisor) ; Čajka, Radek (referee)
The aim of this thesis is to show how the unconventional monetary policy rounds of Quantitative Easing introduced in the United States between 2008 and 2014 have led to an increase in wealth inequality. The need for the thesis arises due to the uncharted nature of QE and because of more and more information is surfacing to light which points to this connection. By analysing the distribution of these funds and adding it to the then base distribution of money supply, this study was able to determine a significant 10 % increase in the Gini Index. Furthermore it highlights how a large portion of wealth was transferred from the middle class over to the top 5 % income households. Starting from a set of assumptions the calculation is performed by extrapolating the data required and by isolating the system from any external variables. The result is a theoretical model meant to describe the mechanism that links Quantitative Easing to wealth inequality. Moreover a detailed comparison is provided with the effect of a conventional monetary policy such as Open-Market Operations. Finally solutions to this issue are being discussed from economical, political and fiscal standpoints.
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Analysis of Particular Aspects and Risks of Financial and Monetary System of the People's Republic of China
Veitz, Lukáš ; Ševčíková, Michaela (advisor) ; Pekárek, Štěpán (referee)
This thesis analyzes the development of financial system of the People's Republic of China in the period from 1995 to 2015. The thesis is solved in the continuing process of Chinese economy liberalization. Main goal of the thesis is to analyze particular aspects of Chinese financial and monetary system and point out its potential risks as well. To achieve this goal the method of analysis has been chosen, especially system analysis and sector analysis. The thesis shows that one of main risks of the liberalization of Chinese financial sector is especially growing loans volume in its economy which is connected in growing rate of non-productive loans respectively. Next risk is the structure of investors in capital market. Based on findings it is able to say the highest risk of banking sector is connected with growing shadow banking as the alternative financing method. The thesis finds the completing of capital account liberalization and interest rate liberalization to be important too. Main benefit of the thesis except of Chinese financial sector analysis is comparison of different point of views about forecasting of future of the Chinese economy.
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How informatics, science and technology affect our society
Marek, Filip ; Pavlík, Ján (advisor) ; Sigmund, Tomáš (referee)
My final thesis "How informatics, science and technology affect our society" deals with an often ignored topic of the impact technology on our society. The thesis analyzes all possible positive and negative aspects of technological progress. The threats are described as social dependence on the machines and as well as the gradual moving out people from jobs. The existing system of capitalism below this technology cannot resist pressure and the pressure is a threat of his crash. The question remains to what kind of system should our civilization has to survive. Here come to the word famous futurologists, economists, sociologists, psychologists and architects. These groups of people are trying to sketch a rough draft feature of the future system. The threat of collapse of civilization can be averted. Unfortunately, each of them has their own vision and mostly of them work individually on their projects of new world. My task was to unify visions and to create a realistic vision of the whole society. The second part of my work describes the vision of these famous people and tries to find their mutual consistency. All of the visions have some deficiencies, or they are not well thought out in all aspects, so my other goal was to try to eliminate these defects or minimize them. The task for this thesis is to unite the ideas of contemporary visionaries and convince conservatives that it is not only possible to create a new social system, but rather also necessary.
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Using of Macroprudential Policy and Risk Indicarors for Financial Markets Regulation
Šimáček, Milan ; Daňhel, Jaroslav (advisor) ; Musílek, Petr (referee) ; Řežábek, Pavel (referee)
This dissertation provides a complex study of systemic financial risk and its quantification. In the first part, the paper summarizes the main assumptions and tools of macroprudential policy, which became an important regulatory policy after the financial crisis of 2007-2009. The main parts of the paper deal with the construction of indicators of financial systemic risk and stress, where the paper distinguishes the quantitative expression of the contemporaneous financial stress from the continually developing systemic risk. The paper analyzes several methods of financial stress index construction, whose main task is to identify the contemporaneous rate of risk in different sectors of financial system using market prices of assets. The outcome of the paper is the identification and historical description of periods of heightened financial stress and the recognition of a regional character of the periods of stress. Apart from the index of the contemporaneous stress of financial system, the paper brings a systemic risk indicator, which captures the development of systemic risk in time, and which is a suitable leading indicator for the identification of periods of financial stress. The systemic risk indicator has identified, with a lead of two to three years, the increasing risk of the banking sectors of the countries in the region before the onset of the financial crisis of 2007-2009. In the conclusion, the paper points out the suitability of both indicators for the calculation of the amount of countercyclical capital buffer used in the new Basel III measures.
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Gold significance in 21st century
Vahalová, Mariana ; Štěrbová, Ludmila (advisor) ; Müller, David (referee)
This thesis propose unconventional look upon gold in actual finantial system. This system, where currency is just paper money base solely on the belief use money users, finds itself on the edge of sustainibility. The thesis examine development of gold and explains its undeniable importance in ages of crisis, thus the contemporary one. First part engage in history of gold. It illuminates how gold represent natural barier against autoritative maniplation and control of kings and later governments and central banks. Second part talks about last decade and development of the price of gold and its causes, relationships and interconnection of the whole system, including actual happenings, development and strategies. Last part examines existing investment possibilities in field of paper money and gold. It is concluded by a deeper analysis of chosen investments.
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