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Importance of sources of central bank liquidity during the financial crisis. The development of the lender of last resort function
Laga, Václav ; Brůna, Karel (advisor) ; Šíma, Ondřej (referee)
The aim of this thesis is to document the importance of liquidity resources of central banks during banking panics and financial crises and analysis of the development of LLR function. We examined three historical examples: the banking panic of 1866, the Great Depression and the current financial crisis, and we focused on the interaction between the demand for liquidity on the one hand and the supply of liquidity by central banks on the other. On the wide historical background we also analysed the changes in the function of LLR. We present that a restrictive monetary policy during financial market distortions may lead to further disturbances and cause serious recession. The analysis of the BoE during 1866 and of the FED between 2007 and 2009, on the contrary shows that the expansionary stance and considerably endogenous liquidity supply are able to reduce financial market's distortions and mitigate possible recession. Analysis of FED's reaction also indicated that should the LLR remain efficient, central banks must expand their instruments portfolio.
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Monetary policy in context of global imbalances in the world economy
Keveš, Ondřej ; Hnát, Pavel (advisor) ; Jiránková, Martina (referee)
The diploma thesis analyzes monetary policy in relation to the global imbalances in the world economy. The first chapter deals with historical development of the international monetary system and with effectiveness of monetary policy in the current monetary system. Chapter two defines global imbalances and focuses on their development and specifics. It also examines their connection to the monetary policy of the most important countries in the world economy. The last chapter discusses objectives of monetary policy in the modern world and suggests possible measures to reduce the global imbalances.
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Comparison of Speculative Bubbles in the American Stock Markets During 1920s and 1990s.
Hrúz, Dušan ; Johnson, Zdenka (advisor) ; Chalupecký, Petr (referee)
The objective of this bachelor thesis is comparison of speculative bubbles in 1920s and 1990s. The first part of the thesis is analysing the period before the burst of speculative bubble in view of situation on stock markets, development of monetary policy and real economy. The midsection parses causes of speculation bubbles which were similar in technological and financial area. The differences were in political sphere, which had influenced stock prices mostly in 1920s . The final part maps consequences of the great crash and burst of dot.com bubble on stock markets, real economy again and precautions taken by Fed, which didn't act against crisis in first years of Great Depression unlike the situations during early 2000.
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The Finance Crisis in U.S. and its consequences
Křesinová, Dominika ; Žamberský, Pavel (advisor) ; Bartušková, Hana (referee)
The topic of this bachelor thesis "The Finance Crisis in U.S. and its consequences" is to analyze the causes and connections that led to the beginning of U.S. mortgage crisis which has become the global financial crisis. The aim of this thesis is to focus on the causes and consequences of this crisis which influenced the U.S. economy in view of the fact that this situation was caused by Fed's policy to a certain extent. I have chosen this topic because this crisis is today still topical and some states are contending whit this crisis. The introductory theoretical part of the thesis focuses on the characterization of the crisis from a general point of view. The next point is summary of the facts about the important crisis which has influenced U.S. in the past -- Great Depression. The main part of thesis deals with the particular causes and reaction on these ones, the sequential course, solving and consequences of this crisis. The main question of this thesis refers to the end of this crisis -- whether the finance crisis which started in 2007 in U.S. is over or continues. And whether due to this crisis it gets in U.S. to the next bursting of bloated bubble and to the new crisis which will be caused by solving current crisis.
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Response of the Federal Reserve System to the current financial crisis
Zelba, Michal ; Koderová, Jitka (advisor) ; Dohányos, Vojtech (referee)
Objective of this paper is to assess efficacy and feasibility of measures undertaken by the Federal Reserve system during the financial crisis that erupted in the year 2007. Firstly, origin of central banking in USA is described, then structure and mandate of Fed. Discussion of causes of the financial crisis follows. This work sheds light on policies of Fed after the beginning of the crisis and analyzes their efficiency and suitability. The biggest focus is on quantitative easing and on its effects on long-term interest rates.
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Mortgage crisis in the USA and Europe and impact of ABS, MBS and GSE on the crisis
Malakjan, Stiv ; Brada, Jaroslav (advisor) ; Osička, Štěpán (referee)
This thesis charts the evolution of US Housing financial system and housing market. The goal is to create a complex picture about wider circumstances and causes of the mortgage crisis. The first part describes the history of US mortgage market and institutions that operate on the market. The second part focuses on the securitization and entities that are in this process participating. It also explores the connections between individual participants. Thirt charter looks at the causes and entities that caused the mortgage market meltdown and examines thein motivation. The final part looks at the situation that occured after the bubble burst. Explores the trend of future regulation and mortgage market evolution.
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Comparison of the activities of the Fed and the ECB
Khakimova, Nurgul ; Blahová, Naděžda (advisor) ; Marková, Jana (referee)
This bachelor thesis is devoted to the activities of the Federal Reserve System and European Central Bank. It is consistent with the historical development since the FED and ECB came into existence. The aim of the thesis is to compare these two central banks. The first chapter describes the history of the FED, its' organizational structure and the tasks that it is responsible for, as about second part, it deals with the historical development of the European central bank, its' structure and tasks and third chapter focuses directly on a comparison of activities of the FED and ECB, particularly of their monetary policies. This part compare FED and ECB in terms of independence, accountability and transparency. The last chapter tries to analyse the economic developments in the USA and euro area and the answer to the question what the role FED and ECB plays in managing the economy.
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Causes and Contexts of the Financial Crisis in the USA
Křížová, Eliška ; Loužek, Marek (advisor) ; Mládek, Josef (referee)
The diploma thesis investigates causes and progression of the financial crisis beginning in 2007 in the United States and leading in the economic recession. Theoretical part of the thesis describes business cycles and their explanations in accordance with the Austrian theory of the business cycle and other theories. Analytical part of the thesis explores the period before the crisis and significant events relevant to it. The main subject of the thesis are institutions and regulatory measures that have major importance for the U.S. real estate market -- including monetary and intervenionist policy of Fed, Community Reinvestment Act, government sponsored enterprises and three major rating agencies. The goal of the work is to provide a comprehensive view of the financial crisis and analyse main factors that influenced its creation -- credit expansion, mortgage market, Fed's monetary policy, bank behavior, etc. This thesis tries to demonstrate an inaccuracy of state inteventions and their impacts on the economy and market system.
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Comparison of Fed monetary policy in the thirties of the 20th century and in the current global financial crisis
Keveš, Ondřej ; Pavlík, Zdeněk (advisor) ; Sedláček, Jiří (referee)
The bachelor thesis analyzes the monetary policy of the Federal Reserve System in the Great Depression in the thirties of the 20th century and in the current global financial crisis. The first chapter describes the creation of the Federal Reserve System and its traditional instruments of monetary policy and organizational structure. The second part of the thesis addresses the causes of the Great Depression and shows its history with focus on the monetary policy of the Federal Reserve System. The third chapter defines the causes of current global financial crisis and describes its course and Federal Reserve's reaction to it. Finally, it was made a comparison and evaluation of monetary policy in both periods
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