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The Czech National Bank Communication and the Yield Curve
Karas, Pavel ; Horváth, Roman (advisor) ; Maršál, Aleš (referee)
This thesis analyzes the effect of the Czech National Bank's (CNB) communica- tion on the interest rate volatility (PRJBOR reference rate). Starting with the literature survey about the central bank communication in the world, I focus on the literature that concerns the CNB. To model the CNB's communication, I use the GARCH(l,1), EGARCH(l,1) and TARCH(l,1) models. I have created a unique data set containing the dummy variables for the CNB communication. The results are as follows: (a) the CNB's communication tends to decrease the volatility, (b) timing of the communication has a key role as the comments closer to the meeting have bigger calming effect, and that (c) there is no clear effect concerning the comments of the Bank Board members in the media. JEL Classification Keywords E43, E44, E52, E58 Czech National Bank, monetary policy signaling, central bank communication, the term structure of interest rates, GARCH analysis Author's email karasp@email.cz Supervisors's email roman. horvath@gmail.com
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Legal regulation of financial markets under the influence of the recent financial crisis
Růžička, Michal ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
The thesis deals with proposed modifications of legal regulation of the financial sector that are currently discussed in the context of the recent financial crisis. It explores both newly proposed procedures and new measures which should ensure a strong and resilient financial sector. It analyzes possibilities and issues connected with implementation of these procedures in practice and also in relation to the Czech financial market. It also evaluates these proposals from the perspective of their applicability and benefit for functioning of financial markets in accordance with intentions to find and implement legislation which prevents future financial crises and their spread to other entities.
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The Czech National Bank, its legal status and scope of activities
Hudcovic, Timoteus Jan ; Bakeš, Milan (advisor) ; Novotný, Petr (referee)
The Czech National Bank, its legal status and scope of activities Abstract The theme of this thesis is the Czech National Bank, its legal status and scope of activities. The aim of the thesis is to describe and analyse the development of central banking and to evaluate current legal status of the Czech National Bank. Due to the volume of the Czech National Bank's activities, the work is focused only on the supervisory activities of the Czech National Bank and on the examination of the functioning of the unified supervision system. The thesis is divided into five parts. The first part deals with theoretical issues of the emergence of central banking and with the functions of central banks. The following part deals with the development of central banking in the Czech lands from the time of the Austrian Empire until the establishment of the independent Czech Republic. The third part of the thesis describes legal status of the Czech National Bank, its establishment in the Constitution of the Czech Republic, its tasks, objectives and its independence. Furthermore, the thesis describes bank's relationship with other constitutional institutions, its organizational structure, management and regulatory activities. The fourth part of the thesis deals with the supervisory activities of the Czech National Bank. At the...
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Comparison of legal status and activities of the Czech and Slovak central banks
Drobná, Tereza ; Bažantová, Ilona (advisor) ; Dupáková, Lenka (referee)
- Comparison of legal status and activities of the Czech and Slovak central banks This thesis describes and compares legal status and activities of two european banks, the National bank of Slovak republic (hereinafter "NBS"), which has became the member of euro area since 1. 1. 2009, and the Czech national bank (hereinafter "CNB"), which has not became the member of this monetary union. The aim of this thesis is to identify identical aspects and different elements in legal status of above mentioned banks and in activites they carry out. Hypothesis of this thesis says that CNB and NBS are very similar in the way of legal regulations but different in activities they carry out. Purpose is to verify this hypothesis and think about possible causes of these similarities and differences in legal status and activities of CNB and NBS. The first part of this thesis deals with the State bank of czechoslovakia which was form in 1950 and which operated in the area of ČSFR just before the establishment of two separate central banks, CNB and NBS. This part is focused on legal regulation which established the State bank of czechoslovakia and which has became an inspiration for these new rising central banks, CNB and NBS. The second part of this thesis targets on the constitutional and legal regulations of CNB and...
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Popularity of Top Politicians - October 2019
Červenka, Jan
In October 2019 the Public Opinion Researcch Centre investigated whether respondents trust to selected top politicians. They were given a list with 30 names of top politicians. In a survey there were included names of membres of government, president, chairmen of Senate and Chamber of Deputies, chairmen of parliamentary clubs of political parties in the Chamber of Deputies, chairman of Constitutional Court, governor of the Czech National Bank, and ombudsman.
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Popularity of Top Politicians - January 2019
Červenka, Jan
In January 2019 the Public Opinion Researcch Centre investigated whether respondents trust to selected top politicians. They were given a list with 30 names of top politicians. In a survey there were included names of membres of government, president, chairmen of Senate and Chamber of Deputies, chairmen of parliamentary clubs of political parties in the Chamber of Deputies, chairman of Constitutional Court, governor of the Czech National Bank, and ombudsman.
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Popularity of Top Politicians - May 2019
Červenka, Jan
In May 2019 the Public Opinion Researcch Centre investigated whether respondents trust to selected top politicians. They were given a list with 30 names of top politicians. In a survey there were included names of membres of government, president, chairmen of Senate and Chamber of Deputies, chairmen of parliamentary clubs of political parties in the Chamber of Deputies, chairman of Constitutional Court, governor of the Czech National Bank, and ombudsman.
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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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