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Efficiency of regulation models in financial markets in environment of monetary policy changes.
Stehlík, Jan ; Štekláč, Jiří (advisor) ; Titze, Miroslav (referee)
This paper examines models of supervision and regulation over the financial market and their impact on volatility of interest rates according to monetary policy changes. Its goal is to judge if some of these models aren't less effective and cause higher volatility and if the assumption of market stability is provided. It looks into monetary policy changes and their impact on financial market, interest rates and their development in time of these changes. It analyzes correlation of monetary policy and financial market and gives characteristics of each of regulation models. Using the method of graphical analysis, this paper compares reactions of short- and longterm interest rates (Treasury bills and 10years government yields) in relevant countries during monetary change applications. It examines also official offered rate and real interbank rate and its' spreads. As indicator of financial market stress is used Libor-OIS spread. It evaluates the influence of models used in different countries in each given situation.
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Ukraine Financial Markets - The Analysis of Financial Frauds
Melnychuk, Oleksandr ; Taušer, Josef (advisor) ; Žamberský, Pavel (referee)
Ukraine is quite new country, which faces early stages of its development. The financial market of the country has passed through different and challenging times for these 20 years and still has to choose several essential factors for the further development. The existence of financial frauds in Ukraine could be explained by lack of knowledge and information in the country as well as low level of trust to the government. The case of JSC "MMM" and Mr. Mavrodi is the best well-known example of Ponzi scheme in Ukraine and all post-Soviet countries, which gives the possibility to analyze the main features of its consequences.
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public finance and financial markets
Kahoun, Jakub ; Vítek, Leoš (advisor) ; Pavel, Jan (referee)
Bachelor thesis deals with public finance and financial markets. Author analyzes the basic terms of the solved problems in the theoretical part: public finance, public budgets, public revenues, public expenditures, public debt, financial markets and their relations. The analytical part is trying to find an answer to the question, what tools the state have to finance the national debt and how to finance it from the government bond yield.
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Rating process and the role of rating agencies as the part of the financial market
Balážová, Martina ; Blahová, Naděžda (advisor) ; Brada, Jaroslav (referee)
The thesis deals with the rating agencies as the significant and influential subjects on the financial markets. The main aim of the thesis is a description of rating, especially sovereign rating and its impact in international investment environment. The thesis also focuses on individual approaches of agencies in the rating process as well as distinctive legislative framework and efforts to change the regulation of agencies since 2007. The thesis is divided into four chapters. The first chapter deals with the definition and specification of rating and its alternatives. The second chapter deals with the rating agencies as the specific entities, their oligopolistic market position and criteria for awarding rating marks. The third chapter specifies the legislative measures relating to credit rating agencies and the major post-crisis changes. Lastly, the fourth chapter analyzes sovereign rating and its importance in the process of international investment.
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Moral Hazard and Financial Crisis 2008
Košková, Dominika ; Mládek, Josef (advisor) ; Houdek, Petr (referee)
Recent financial crisis, which has its roots in the United States, has affected all advanced economies around the world. The goal of this paper is to analyze its causes while the main attention is devoted to the existence of moral hazard and incorrect incentives within private companies that lead to economic inefficiency. The reasons for the emergence of this phenomenon are found behind the origination of subprime mortgages, the evaluation of its derivatives and the investments in the securitized assets. The following section of the paper proposes possible solutions to alignment of incentives in the financial sector. This paper particularly discusses abolition of the anti-discrimination legislation, reduction of the principal-agent problem by enhancing incentives to internal and external monitoring and adjustment of some aspects of the financial safety net.
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Large banking groups
Bartová, Zuzana ; Blahová, Naděžda (advisor) ; Marková, Jana (referee)
The study is mapping various aspects of the present financial system phenomenon - large international financial and banking groups. It shows how the international community tries to resolve a trilemma which is linked to the existence of the large financial groups. The proposed measures on the global as well as on the European Union levels are assessed. The most efficient ones are those aimed in scaling down of these institutions and in a divestment of their activities as they conditioned the provision of the state aid. The study also evaluates proposals to raise capital adequacy and resolution of the large institutions. It mentions their possible negative impact on the banking sectors of the Czech Republic and Slovakia.
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