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Důvody dlouhodobě nízkých úrokových sazeb České národní banky
Urbanová, Daniela
The bachelor thesis deals with the modification of the reaction function of the Czech National Bank by using modified Taylor rule. This rule was introduced in 1993 by US economist John Taylor as a rule of the interest rate. The financial instability is associated with rapid growth of credit activity and rapid growth of asset prices and the period after financial crisis is associated with the reluctance of banks to provide loans. Besides traditional variables of Taylor rule the instability of credit loans provided by commercial banks was included and the effect of this variable on repo rate of the CNB was examined especially after financial crisis. The observed period is from January 2001 to December 2016. The main part of the theoretical part is dedicated to monetary policy of the Czech National Bank and channels of the transmission mechanism, monetary policy rules, the environment of low interest rates in context of liquidity trap and the financial instability.
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Legal regulation of consumer credit in the Czech republic
Stróžik, Lukáš ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee)
Legal regulation of consumer credit in the Czech republic Abstract This diploma thesis deals with the topic of consumer credit distribution in the Czech Republic. Recently, the European level of regulation of the provision and intermediation of consumer credit has undergone a major change. In connection with that also individual Member States had to transpose the revolutionary Directive 2014/17/EU which extends consumer protection to loans concerning real estate. This was executed in the Czech Republic by the adoption of the Act No. 257/2016 Sb., which came into effect on 1 December 2016. The paper is divided into four parts, in which the author describes and evaluates the current state of consumer credit distribution regulation. For this purpose, the provisions of the Act and their interpretation using accompanying documents are subject to analysis and evaluation of their conformity with the objectives of the regulation. The first part describes the historical context and development of consumer credit from the beginnings of the western civilization to the present state, focusing on the European Union as the originator of our national consumer credit legislation. The second part is devoted to general aspects of consumer credit provision, especially the scope of the Consumer Credit Act and other general...
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The instruments of monetary policy and their legal regulation
Švestka, Vít ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
The instruments of monetary policy and their legal regulation Abstract The goal of this paper was to perform a comprehensive analysis of Monetary Policy Instruments of the Czech Republic and the Eurosystem, including the historical, economic and international aspects of the subject matter. As the topic is significantly overlapping with economic theory, the theoretical grounds were first defined in the parts concerning historical analysis, the scope of the Czech National Bank, monetary policy and economic theory. The legal analysis of the instruments of the Czech monetary policy itself was then carried out especially in a general and special part; a comparative analysis with of the Eurosystem instruments was carried out afterward as well. The purpose of a general analysis of Czech Monetary Policy Instruments was to generalize the findings and the common features of the similar monetary policy instruments and therefore the author chose the procedure consisting in definition of the notion of the monetary policy instrument, the division of the instruments and particular instrument specification. In the following part, the author deals with the legal regime of specified monetary policy instruments. The paper provides concrete insights into the legal regime of individual monetary policy instruments. The research...
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Status of public awareness of the Czech Republic with the new law on consumer credit
BRAŠNOVÁ, Olga
This work examines the consumers' awareness of consumer credit. Consumer debt in the Czech Republic grows. Non-bank institutions were developing along with the debt. Unlike banks, these institutions would provide loans to consumers even without researching the client's solvency. The consumer then ended up in a situation where they did not have a way of paying the debt off (the so called debt trap). This is why the state felt the need to regulate non-bank institutions, leading to the creation of a new consumer credit act. It is act number 257/2016 Coll. The work consists of ascertaining the public awareness of the changes to the new consumer credit act. A questionnaire survey was chosen as the method. Two hundred and ten respondents of various age categories participated in the questionnaire. The questionnaire was evaluated using scientific methods: analysis, deduction and synthesis. The aim of the thesis is to determine the state of awareness of the Czech public about changes in the new Consumer Credit Act.
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Monetary policy approaches at the ZLB to solve post-crisis situation and their effectiveness
Hummelová, Magdalena ; Hlaváček, Michal (advisor) ; Ryska, Pavel (referee)
Monetary policy approaches at the ZLB to solve post-crisis situation and their effectiveness Magdalena Hummelová May 10, 2016 Abstract This thesis describes monetary policy tools implemented by central banks whose main monetary policy rates at some point after 2008 global economic crisis hit the zero lower bound. Central banks considered in this study are the Fed, the ECB, the SNB and the CNB. A smaller ef- fectiveness analysis of the macroeconomic effects using a simple vector autoregressive (VAR) model is provided as well. The model is inspired by similar study of Gambacorta et al. (2012). With the use of monthly data over the sample period, the VAR tries to quantify the impact an increase in a central bank's balance sheet has on the main economic indicators- real output, consumer prices and implied volatility indices in the financial markets. Some of the results are comparable to those of the reference study mentioned above. This applies to the output results in a sense that the balance sheet shock has a slightly significant temporary effect on it. On the contrary, responses of the implied volatility indices and prices are less significant (or insignificant) and not at all comparable with the reference study. With some exceptions, there are no major discrepancies between individual country results in spite of...
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On Supervision of Financial Markets by Czech National Bank
Skácelík, David ; Marková, Hana (advisor) ; Kohajda, Michael (referee) ; Švarc, Zbyněk (referee)
1 Abstract This work deals with the performance of supervision over the financial market and the entities operating in the financial market. Part of the work is devoted to consumer protection in the financial market and compensation systems. Because of the fact that the Czech Republic became a member of the European Union in 2004, this work includes also legislation of regulation and supervision of this level, as this treatment significantly predetermines Czech adjustment. Following questions were examined as an example of protecting the interests of clients of supervised entities: - whether there are any tools to protect the client's interests at the level of supervised entities, - what kind of role the supervisory authority has or may have in relation between a supervised entity and its client, - how are the client's financial interests protected in the event of failure of the supervised entity and whether this protection is de lege lata sufficient. The theoretical part of the work briefly describes the institute of supervision, its assorting and forms. The authority of supervisor is discussed in the next part together with the regulations under which the supervision is conducted. Owing to the fact that the scope of supervisory activity of the Czech National Bank is quite extensive, and the objective of...
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Impact of the CNB's interventions on the economz and comparison with other countries
Pjontek, Matej ; Hlaváček, Michal (advisor) ; Břízová, Pavla (referee)
This bachelor thesis analyzes influence of foreign exchange intervention of CNB on economy and compare it with influences of foreign exchange intervention of SNB and BOI on their economies. At first, we compare foreign exchange interventions and development of economies (banking sector, foreign trade,...) of Czech Republic, Switzerland and Israel. A hypothesis of efficiency of foreign exchange interventions of CNB, SNB and BOI is tested on specific empirical data. The bachelor thesis describes VAR model for given countries with basic macroeconomic variables (GDP growth, money supply, inflation, interest rate, nominal effective exchange rate and balance of current account of balance of payments). The results of model show on relative efficiency of foreign exchange interventions i.e. SNB mitigated influence of appreciation of CHF, CNB supported GDP growth and BOI increased foreign exchange reserves and supported GDP growth.
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A comparison of the legal regulation of the Central Bank in the Czech Republic and selected countries of the European Union
Vojta, Dominik ; Kohajda, Michael (advisor) ; Karfíková, Marie (referee)
DIPLOMA THESIS A comparison of the legal regulation of the Central Bank in the CR and selected countries of the European Union Abstract The aim of this thesis is to analyze and evaluate the central bank legislation in the Czech Republic and in selected countries of the European Union. Major focus is on banks' degree of legal independence from the executive power and from potential negative impact of executive power representatives on governance of the institution as well as on monetary policy decision making. The issue of independence is closely linked to monetary stability, especially to level of inflation, where the politicians' excessive influence may result in undesirable fluctuations in the state's economy. The thesis results in a comparison of the banks' legislation and in a positive assessment on the question of selected banks' affiliation within the category of most appropriately regulated institutions. Initial hypotheses about the privileged status of the central bank of the Federal Republic of Germany and its suitability as a template for banks of central Europe's transition economies in the Nineties of 20th century are also positively evaluated. Apart from the key parts of the thesis, i.e. the introduction of theoretical models and works dealing with measurement of central banks' independence in...
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Legal aspects of the status and activities of the Czech National Bank
Růžička, Roman ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
The aim of this thesis is to describe and analyse the law position and activities of Czech national bank. The content of thesis is composed of three imaginary parts. In first one the historical development of central banking on Czech territory is described. It is devided into four chapters respecting the chronological development. The thesis is focused on a state of current legislation mainly, therefore the second and third part creates a widest portion of the thesis. The second part examines a framework of constitutional relations of Czech national bank and president, Parliament and goverment particularly, and the independency and aim of CNB in 7 chapters. The third part concerns with statutory law and is composed of 7 chapters also. It deals with a variety of activities of Czech national bank. Introduction, conclusion, abstract, key words and source list are drawn in other parts.
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