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National Repository of Grey Literature 2 records found  Search took 0.00 seconds. 
Unconventional measures implemented by ECB since the beginning of the last world financial crisis and their impact on the market valuation of the euro area banking sector
 Šumbera, Jan ; Jílek, Josef (advisor) ; Loužek, Marek (referee)
Thesis brings broader picture about the relationship between unconventional measures implemented by ECB and valuation of banking sector in the Eurozone. It also examines implementation of unconventional measures with regard to the three crises, which struggled European economy in the years thereafter the beginning of the last financial crises. Attention is also directed towards factors which have direct impact on the valuation of banks and are influenced by steps adopted by monetary authority. For this purpose two stage dividend discount model, model of economic value added, and price to book ratio model are used. Main tools necessary for the analysis are databases of the platform Bloomberg and statistics gathered by ECB. Hypothesis suggesting the positive relationship between unconventional measures implemented by ECB and valuation of banking sector in the Eurozone is proved for mid-term horizon. In case of immediate reaction of shares the results are divided based on the structure of specific measure and also on the expectations of financial market. Thesis as a whole confirms the positive effects of unconventional measures on the valuation of shares, therefore entice to additional research. In fact sometimes monetary policy might cause distortion in the prices on the financial markets and endanger main goals of central bank.
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COMPARISON OF CAUSES OF ECONOMIC CRISIS USA 2008 - 2009 AND GREAT ECONOMIC DEPRESSION
 Šumbera, Jan ; Johnson, Zdenka (advisor) ; Tajovský, Ladislav (referee)
The main objective of bachelor thesis is to compare the causes of the Great Depression and the financial crisis of 2008 - 2009. First I examine the causes of financial crisis 2008-2009. I referr to the behavior and reactions of financial and non-financial entities and their role in the processes that led to financial crisis. In real estate debt crisis I see initial stage of it, and therefore I emphasize the mechanism of its formation. Second I focus on the causes of the outbreak of the Great Depression. I describe the emergence of the Great Depression with regard to the different monetary structure and its influence on the conduct of businesses. Third I compare causes of both economic crises and define their parallels. The main task is to prove that the Fed's monetary expansion led in both cases to inflate the specific bubble, which resulted directly or indirectly in problems on financial markets.
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See also: similar author names
1 Šumbera, Jiří
2 Šumbera, Josef
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