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The impact of the principal-agent problem on the genesis of the global financial crisis
Mach, Milan ; Žamberský, Pavel (advisor) ; Hnát, Pavel (referee)
The core focus of this thesis is the principal-agent problem and its role in the outbreak of the 2007 financial crisis. Analysis of key elements of the problem like moral hazard and adverse selection lays foundations for identifying situations, in which conflict of interests led to negative impacts on the economic performance before and during the financial crisis. This work also studies the influence of factors that are often overlooked by theoretical economists but are still tightly connected to the principal-agent problem, like exogenous incentives based on the mechanism of trust. The author also evaluates mechanisms that have been put into place after the financial crisis and which could help lower agency costs. He also sketches out possible venues of future research in this area.
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Is banking union suitable reaction on recent financial crisis?
Pekárek, Štěpán ; Vondráček, Jan (advisor) ; Ševčíková, Michaela (referee)
In reaction on the financial crisis 2007-2009 was introduced by the European Union a concept of banking union that should prevent similar destabilization of financial markets and readjust supervisory and regulatory mechanisms to reality of the European banking sector. The aim of the master thesis was to assess the concept of banking union as a suitable reaction on current state of the financial sector. The thesis includes historical discourse on banking regulation with an emphasis on institutional framework and requirements on banks. It introduces individual pillars of banking union -- Single Supervisory Mechanism, Single Resolution Mechanism and Single-rule Book. The comparative analysis of selected indicators of each individual Eurozone banking sector proved significant disparities. Based on the proven heterogeneity of banking sectors and institutional shortcomings of the banking union the conclusion was reached, that operation of single supervision and regulation can lead to adverse effects either on banking markets or on economies of member states and therefore it is rendered as an unsuitable reaction on current developments of the European financial markets.
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Analysis of the Basel III banking regulations and their impacts on the Czech banking sector
Waclavek, Rostislav ; Šimíček, Petr (advisor) ; Doležal, Ondřej (referee)
The aim of this thesis is to perform analysis of the state of preparedness of the banking sector in the Czech Republic for the requirements of the new Basel III regulatory measures and to assess which consequences change in the field of regulatory rules could mean for the banking sector in the Czech Republic and for the Czech economy. The main changes which the Basel III regulatory framework has brought with it are examined, this specifically concerning change in the field of capital requirements and introduction of liquidity checks on banks via two new indicators, these being LCR and NSFR. Attention is also paid to introduction of the leverage ratio indicator which is supposed to limit excessive indebtedness on the part of banks. The thesis also concentrates on the indirect consequences of change in the regulatory rules. The Czech Republic is a small open economy which is strongly dependent on economic development abroad, in particular in the countries of the European Union, so the indirect consequences could be relatively significant. A certain influence could also be represented by ownership of several key banks in the Czech Republic by their foreign controlling companies. In terms of this thesis, the issue of bank regulation is also resolved on a general level, whereas the issue of the relationship between liquidity, risk and profitability in the banking sector is also outlined here.
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Nové formy regulace bankovního trhu ve Spojených státech amerických a v Evropské unii
Brychtová, Tereza
The aim of the bachelor thesis is the comparison of regulation in banking sector in the United States of America and the European Union. In two consecutive chapters is discussed in detail the regulation in the European Union, where new institution of banking union was established, and subsequently in the United States of America. In conclusion of the thesis are compared the forms of banking regulation in these formations.
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Změny v regulaci bankovnictví v EU po finanční krizi
Bažík, Martin
The theme of this thesis is to analyse changes regarding bank regulation implemented by the European Union before and after the financial crisis in 2008. The aim of this thesis is to provide a summary of changes in the bank regulation by European Union as a reaction on the financial crisis and most importantly to specify its impact on the systemic risk and on the supervision on national level. The first part focuses on causes of the financial crisis launched in the United States of America, its process and extension to countries of the European Union. The second part consists of a description of the bank regulation before crisis concentrating on the Basel I and Basel II and implementing its arrangements to the legal systems of the member states. In the third part the comparison between the bank regulation before and after the financial crisis and also the future of the European banking system and its regulation is presented. At the conclusion, the possible impact of the regulatory changes is analyzed.
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Dopady přistoupení České republiky k bankovní unii
Havlíčková, Aneta
The bachelor thesis evaluates consequences for CNB, commercial banks, companies and retail clients in case of voluntary accession of the Czech Republic to a banking union. It also evaluates consequences of changes in a banking regulation for members of eurozone which take part in the banking union automatically. In the bachelor thesis, there are also mentioned reasons of creating the banking union, a legislation connected with the banking union and pillars of the banking union. After evaluating consequences of the voluntary accession of the Czech Republic to the banking union a recommendation is formulated.
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Studie zabývající se dopady nové bankovní regulace na cykličnost kapitálových požadavků v České Republice
Bartůsek, Michal ; Chytil, Zdeněk (advisor) ; Tříska, Dušan (referee)
This work focuses on new regulatory proposals, primarily Basel III accords and analyzes its ability to create a buffer for recurrent credit bubbles. This paper follows a research made by Lis, Pagés and Saurina [2000]. Their paper has illustrated the cyclicality of loan growth and GDP growth for Spain. This cyclicality is supported by cyclical Basel II regulation. In this paper is examined the ability of new regulatory proposals such as Basel III, statistical provisions and change in the approach to the probability of default, to cope with recurrent credit bubbles. According to my critical assessment, Basel III may not be able to create sufficient capital buffer for exceptional credit bubbles such as the current one. This buffer suggested by Basel III has several drawbacks which may decrease its functionality. Statistical provision is not an appropriate measure either, because it could weaken the fair and true view of financial statements principle. Change in approach to probability of default seems to be rational and effective. The only issue may relate to its recovery mechanisms. It doesn't support economic growth in time of economic recession. The author's proposal of new countercyclical buffer, which would be based on credit-to-GDP ratio and GDP growth to loan growth gap is introduced at the end of this work. Although this measure may have negative impact on GDP growth, it may create an appropriate buffer to systematic credit risk.
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The bank regulation and control in the Czech Republic after the financial and economic crisis 2007 - 2009
Kasenčáková, Jana ; Koderová, Jitka (advisor) ; Kaimova, Nadira (referee)
The thesis brings self-contained review of the bank regulation and control. The first part deals with the theory of the bank regulation and control and then the regulation and control of the bank sector in the Czech Republic is introduced. Next part deals with the brief analysis of the formation and development of the global financial crisis in the USA and chosen European countries. The last part introduces the changes in the field of the bank regulation and control that arose after the break out of the finacial crisis in the European Union. The conclusion of the thesis to a certain degree includes the attutide of the Czech Government and the Czech National Bank towards the newly introduced arrangements.
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