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Sovereign entities - financing, credit risk and rating
Navrátil, Jan ; Blahová, Naděžda (advisor) ; Gevorgyan, Kristine (referee)
The echoes of Eurozone debt crisis brought into question the sovereign risk of advanced economies. Understanding factors that influence this risk is key to avoid similar crisis of public debt financing in the future. The main aim of this thesis is to identify which factors influence sovereign entity financing and how the problems of public debt financing arise. This is reached through analysis of debt crisis development and its causes in the GIPS economies.
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Financing of fiscal deficits in the Eurozone
Hrušková, Karolína ; Izák, Vratislav (advisor) ; Klazar, Stanislav (referee)
This diploma thesis focuses on fiscal deficits in the Eurozone and possible consequences of their existence. The current state of public finances caused by insufficient fiscal responsibility of member states is discussed in the context of the debt and finance crisis, and related actions of the European Central Bank. The economic stability of the Eurozone is assessed in accordance with the theory of optimal currency areas. Using a monetary approach, the thesis presents circumstances that allow for a rise in inflationary pressures, also as a possible consequence of a debt monetization. The possible development of the indebtedness in the Eurozone and the critical points of public finance sustainability are discussed in the final part.
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Výhody a nevýhody snižování nákladů na financování skrze společenskou odpovědnost
Bandžak, Richard ; Klosová, Anna (advisor) ; Tong Clark, Junie (referee)
The dissertation thesis investigates the relationship between corporate social responsibility (CSR) and financial performance (FP) on the sample of 51 Eurozone banks over the period from 2008 to 2014. The investigation is based on a panel data regression analysing the financial data from Bankscope and the social performance data from CSRHub. Return on assets and the ratio of non-performing loans to total loans represent the measures of financial performance and are used as dependent variables. The results of this model have shown a positive and statistically significant CSR-FP relationship. It is argued that even though the results show statistical significance, they do not necessarily include such a strong informational value. This is caused by methodological limitations, such as potentially biased data on CSR, as well as by the theoretical ones. The main theoretical concern, detected in the dissertation thesis, is a need for redefinition of the banks' driving motives of engaging in CSR activities. Banks engaging in CSR activities for merely strategic reasons should be analysed separately on a firm-level as they may otherwise bias the empirical results. Another important aspect of the work was an argument that banks benefit from CSR mainly through the product differentiation. This could not have been tested empirically, but it is assumed that the product differentiation, for example through reputation enhancement, may play a significant role in boosting bank's profits.
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Eurozone debt crisis
Kricner, Jakub ; Vostrovská, Zdenka (advisor) ; Ježek, Tomáš (referee)
European integration is a unique project, based on which, after centuries of war, Europe commenced economic and political cooperation. However, as it is shown particularly in recent years, European diversity, either in terms of language, cultural background or economic development, is so present, that what is beneficial for some Member States of the European Union, may not necessarily be beneficial for all Member States of the European Union. After less than 20 years since the establishment of the European Union, we are witnessing the convergence process, which is far from finished, nevertheless it already encountered problems that will be faced many more years. While the most developed and the richest Member States continuously contribute to the EU budget, the other Member States, especially in southern Europe, they are still in the position of recipients of financial help. The recent development shows that the process of catching up is not as fast as expected, but it is very expensive. The introduction of economic and monetary union, on such a large and diverse territory proves to be short-sighted, mainly due to the absence of sufficient coordination of the fiscal policies executed by each of the Member States.
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Public debt of France during the economic crisis in the period of 2008 – 2012
Štefan, Vojtěch ; Karpová, Eva (advisor) ; Řehořová, Veronika (referee)
The objective of the thesis is to analyze the accumulated public debt of France including its structure during the financial and economic crisis between 2008 and 2012 with possible short-term and medium-term scenarios for the future. The thesis is divided into three chapters. The first chapter describes the development of the French economy and the main macroeconomic indicators from 1991 until 2012. The second chapter deals with the accumulated public debt of France, its development in the past, structure of the debt and debt of French municipalities. The last chapter is dedicated to the possible scenarios for the development of French public debt and public debt problems with specific options for their removal. The next section describes the attitude of the French government toward the debt crisis in the eurozone.
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The impact of the implementation of competitiveness strategies on the course of the debt crisis in EU
Vojtovičová, Anna ; Bič, Josef (advisor) ; Jeníček, Vladimír (referee)
The main approach to the solution of the debt crisis, which started in EU in 2010, was the adoption of measures focusing on fiscal consolidation. But despite them it is still not possible to claim that the debt crisis has been resolved, and the economic stagnation of EU continues. This thesis follows alternative approach to the solution of debt crisis, specifically the measures revolving around fostering of economic growth. It looks into how different extent of implementation of competitiveness strategies, whose goal together with the improvement of country competitiveness is to also improve economic growth, influenced the impact of debt crisis on selected countries. Based on this analysis we draw a conclusion whether or not measures focused on the economic growth could be a more effective solution of the debt crisis.
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Co způsobilo vzestupy a pády úrokových měr státních dluhopisů během evropské dluhové krize?
Václavíček, Tomáš ; Chytil, Zdeněk (advisor) ; Kovář, Kamil (referee)
This study examines the determinants of government bond spreads vis-a-vis Germany for eleven EMU member countries in the period 2000Q1 to 2013Q3 with a special focus on the European Debt Crisis. The aim of the thesis is to test whether selected financial, fiscal and macroeconomic variables have an impact on government bond spreads. A novel contribution is testing whether there has been a significant change of government bond spread determinants following the ECB interventions in summer 2012. Variables reflecting the sustainability of public finance, liquidity of government bonds, risk aversion and competitiveness of a particular country were found to be significant determinants of government bond spreads, unlike banking sector indicators. Government bond spreads thus increase in response to rising debts and deficits and the loss of international competitiveness. No significant change in the composition of government bond yield determinants as a whole was found for the period after the ECB interventions, despite changes in several variables. Results of the thesis suggest that it is important to follow a sound fiscal policy and to prevent a deterioration of a country's international competitiveness in order to keep government bond spread of a particular country low.
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Sustainability of public finances in Greece
Ježek, Dominik ; Maaytová, Alena (advisor) ; Klazar, Stanislav (referee)
In this work, I covered the sustainability of public finances in Greece, reachability of target values of debt to GDP ratio, analysis of impacts of the debt crisis in a political and social context, structure of the state budget and an evaluation of the implemented reforms. On the basis of technical publications, examples of debt crises in Asia and Latin America and recommendations from OECD, EC, NERV and IOBE I summarized the reform directions and steps to reach a sustainable state of public finances in Greece.
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Reaction of EU countries to the debt crisis
Cerman, Ivo ; Němcová, Ingeborg (advisor) ; Střecha, Michal (referee)
Bachelor thesis deals with the debt crisis in European Union. Its content is an analysis of mainly public debt in selected countries of the Union which are comparable considering performance of their economic systems. Chosen are states with different causes of their debt crisis development, namely Ireland, Greece and Portugal. Conclusions of this thesis show that Ireland on the basis of its economy adjustment is able to generate economic growth again. On the other hand, factors of crisis in Greece and Portugal were not removed and are causing additional problems to their contemporary progress.
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