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Theory of Sovereign Bankruptcy
Štekláč, Jiří ; Ježek, Tomáš (advisor) ; Munzi, Tomáš (referee)
The bankruptcy is examined insufficiently in spite of the fact of its significancy. The aim of this diploma thesis was to define the bankruptcy, examine the economic possibilities of its settlement, analyse causes and consequences of the bankruptcy and find prevention and treatment. The thesis distinguishes bankruptcy of private subject and sovereign bankruptcy. The paradox of the monetary system is shown as primary cause of both private and state bankruptcy. Debt fiat money is created throughout credit expansion which generates malinvestments (Austrian economic theory of monetary cycles) and causes bankruptcies. On the other hand, financial system is based on necessity of permanent harmful issuance of credit fiat money which is issued by commercial banks (not by central banks). Furthermore, diploma thesis uses the criteria of Moody's rating agency as appropriate approximation of secondary causes of sovereign bankruptcy. The next part evaluates the impacts of bankruptcy (sovereign and private) on global financial markets and monetary unions. Credit freeze, run on banks, panics and collapse of the financial system are shown as the most substancial consequences of bankruptcy. In globalized world, the state bankruptcy is not isolated event. Financial institutions in other countries can be possible holders of devaluated (government) bonds. This study evaluates the impact of the bankruptcy on the monetary union. Currency devaluation is a common instrument of facing the consequences of bankruptcy which is not applicable in case of membership in monetary union. So, the bankruptcy of one member affects entire monetary union. In the next step, the study aims to examine topic of institucional solution of sovereign bankruptcy. Thesis uses private bankruptcy law (specifically Czech Insolvency Act) to formulate the possibilities of state bankruptcy settlement. Bankruptcy (In Czech: Konkurz), Reorganization (In Czech: Reorganizace), Debt clearance (In Czech: Oddlužení), Restructuring (In Czech: Restrukturalizace) and Fusion-acquisition (In Czech: Akvizice a fúze) are analyzed as options of sovereign bankruptcy solution. The instances of some threaten European countries are analyzed in the last part of thesis.
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Forex trading and comparison of selected trading platforms
Kovářová, Petra ; Sedláček, Jiří (advisor) ; Slaba, Jiří (referee)
This thesis deals with the Forex and trading on it. The aim of this work is to evaluate the possibility of trading primarily for retail investors, for which this financial market is becoming increasingly popular. In the first two chapters, Forex, its characteristic and information about trading are presented. In the next chapter, analysis of exchange rate development is described , both fundamental and technical. More attention is paid to technical analysis. The demonstration of application of technical analysis is presented. The last chapter deals with comparing the selected trading platforms in terms of availability, technical analysis and trading opportunities.
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The causes of the current economic crisis and its impact on the world economy
Rýdl, Filip ; Jílek, Josef (advisor) ; Mládek, Josef (referee)
The work seeks to analyze the causes and impacts of the current financial crisis. It deals with the theoretical view and definition of financial crisis, along with a brief historical excursion. A significant part of the work is devoted to describe the financial crisis in the United States and in selected, economically important, countries. In the context of the causes of and solutions to the current crisis period are remembered views of different economic schools, which are very different. A significant part is devoted to the description of institutional architecture and function of the financial system. Important part is the description of the functioning of lending money (such interest and regulatory policy), because the author sees in it a long series of "unhealthy" factors, which helped the emergence of a financial crisis. The aim of this work is to give a komplete, non-ideological coloring, look at the biggest financial crisis in modern history.
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An Analysis of Hedge Fund Strategies
Deckert, Gabriel ; Ježek, Tomáš (advisor) ; Mládek, Josef (referee)
This diploma thesis deals with hedge funds' strategies' analysis. First part is about an introduction into collective investment schemes, shares funds and investment funds. The reader can find the pros and cons of collective investment schemes in the next part. The second section focuses on investment approaches of four hedge fund strategies: global macro, directional, event-driven and relative value, whereby the strategies' classification corresponds with the most common databases of financial providers. They are divided into subcategories and each strategy is characterized by its principle. Special attention is paid to a specific kind of a hedge fund, the so called Fund of Funds. The strategies' rates of return in different market conditions are compared in the conclusion.
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The Role of the Czech National Bank in the Field of Financial Markets Regulation and Supervision
KLEČKOVÁ, Petra
Bachelor thesis is focused on the evaluation of impact of financial markets integration under the Czech national bank supervision, which was implemented on 1st April 2006. The theoretical part deals with general characteristic of financial market, function of financial dealers, creation, development, classification and supervision of regulation systems and modern approaches to this regulation. Then I concetrated on comparison of regulation and supervision systems in European Union and in the world, where I mentioned the Great Britain system as an example. In Great Britain, the supervision is intergated to one supervisory authority analogous with the system in the Czech republic. I outlined the situation in the Czech republic before integration where there were 4 supervisory authorities. Then I described approaches of integration under the supervision of Czech national bank. At the end of the theoretical part some activities that Czech national bank took over are described. The practical part is aimed at the evaluation of integration impact and whether the integration is efficient and conducts to saving expenses. Then number of chosen subjects on financial markets in 2005 and at present is compared and analysed.
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Comparison of crisis in Czech Republic in years 1997/1997 and crisis in USA in years 2008/2009
Bolehovský, Petr ; Pichaničová, Ludmila (advisor) ; Maleček, Petr (referee)
This bachelors work compares the crisis in Czech republic in years 1997/1998 and crisis in USA in years 2008/2009. It firstly focuses on theoretical concept of financial markets and monetary policy. Then it describes Taylor rule, political cycle and money aggregates. Next chapter focuses on the causes of crisis in Czech republic and on factors that to started and prolonged this crisis. Next chapter focuses on the causes of crisis in USA and on factors that started and prolonged this crisis. This work points to differences and common signs of them. In the end it explains some mistakes that government and central banks should avoid in their policies.
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The impact of the euro adoption on securities markets in the Czech Republic
Wartlik, Tomáš ; Brada, Jaroslav (advisor)
The acceptation of a single currency has an influencial impact on the economy of the country, especially on its financial market. This work examines all parts of finacial market of the Eurozone, assesses their state of development and compares it with the situation in the Czech Republic. The work also tries to estimate the impacts, that the acceptance of a single currency will bring to Czech financial market, and where it is possible, it uses the experience of Slovenia, which has adopted euro in 2007 and its economy is very similar to that of Czech Republic. The work finds out that the Eurozone has achieved a significant progress in the integration of its financial market, an improvement in its liquidity, costs of security issues and other aspects as well. Adoption of the euro in Slovenia has been successfull and it was not accompanied by substantial problems, except for an increase in inflation. However, the expected progress in the development of financial market is not observable yet, althought this fact may be attributed to many other external reasons, too. Finally the conslusion of this work implicates, that the Czech Republic has the oportunity to benefit from participating in a large integrated financal market and achieve a progress, that would never be possible if it remained separate.
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