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Mortgage loans and their financing
Kadeřábková, Renata ; Radová, Jarmila (advisor) ; Coufal, Libor (referee)
This thesis deals with the topic of mortgage loans and their financing. The first part of the thesis is devoted to the introduction of the issues and the definition of important concepts. The main part of the thesis is focused on the analysis of the factors that could influence the market for mortgage loans. In total six factors are discussed. The last part of the thesis is devoted to resources that banks use to finance mortgage loans. Here I focused on the issue of mortgage bonds.
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Impacts of monetary policy of the ECB on the financial stability of individual eurozone countries
Bohatec, Martin ; Pfeifer, Lukáš (advisor) ; Štěpánek, Pavel (referee)
This work makes an effort to find main causes of recent crisis in the countries of Eurozone with regard to Austrian Business Cycle Theory. This work stands critical towards integrated monetary policy of the European Central Bank which through unitary interest rate for heterogenous economics facilitated excessive amount of loans for countries like Spain or Irleand, which according to Austrian theory led into economic recession. Chosen countries are subjected to closer analysis of economic indicators for entire period in the monetary union.
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Analysis of Mortgage Market in the Czech Republic
Malý, Vratislav ; Votava, Libor (advisor) ; Marek, Svatoslav (referee)
1. This work should focus at the progress of mortgages in the Czech republic. In the teoretical part is possible to focus on the specifics of the mortgage compared with other loan priducts. 2. In the practical part is possible to follow on the progress of mortgage market in time and in quantities. Also is possible to follow the progress of other characteristics as interest rate, assessment of client and so on. 3. In the practical part is also possible to compare mortgage products in some banks. The work can show some of the differences between the banks on a practical example.
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The evolution of Spanish Real Estate Market
Forejtová, Tereza ; Stuchlíková, Zuzana (advisor) ; Procházková Ilinitchi, Cristina (referee)
This work describes the evolution of Spanish Real Estate Market between the years 2000 and 2010. The construction sector contributed significantly on the GDP, it created new jobs and it was even called the engine of whole Spanish economy. Initially, the work focuses on main causes of the market growth. Further, there is an analysis of the evolution of interest rates which partially explains the evolution of mortgage market. Following part concerns construction itself and the growth of the prices on this market. The conclusion describes the formation of the speculative bubble on Spanish Real Estate Market and the situation emerged after its explosion.
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Evaluation of the previous policy of the ECB in terms of its impact on national economies of the eurozone
Kleštinec, Ivan ; Mandel, Martin (advisor) ; Brůna, Karel (referee)
The ECB was established during the third phase of the economic and monetary union and its activities launched on 1. 7. 1998. It has become a new independent institution whose primary task became the conduct of monetary policy for countries that have accepted the euro currency. This bachelor thesis examines the impact of monetary policy in selected countries of the euro area. ECB affects individual national economies using its strategies and instruments, such as interest rates, minimum reserve requirements or change over the amount of money in circulation, whether through expansive or restrictive policy. It tries to act counter-cyclically to stabilize the price level and economic growth or to promote it. Monetary policy is the same for all countries, although the results are different because every country in the euro zone determines its own fiscal policy.
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The monetary policy of the European Central Bank
Šebestová, Kateřina ; Neumann, Pavel (advisor)
The objective of this thesis is to analyse and to evaluate the monetary policy of the European Central Bank (ECB) since the establishment of the European monetary union until the financial crisis in 2008. The thesis is divided into three parts. The first part introduces operating principles of monetary policy, which types of monetary policy exist and which instruments it uses. The second part deals with the process of its establishment and its formal requirements. In the third part, the analytical one, is presented the ECB's monetary policy implementation scheme and the single periods of reducing/raising of key ECB interest rates depending on economic and monetary developments in the euro area are analysed. By virtue of the analysis the ECB's monetary policy efficiency is being evaluated in author's view. The conclusion of this part contains changes in monetary policy instruments during the financial crisis.
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Development of the euro exchange rate in relation to the ECB interest rates
Houštecký, Martin ; Kalínská, Emílie (advisor) ; Čajka, Radek (referee)
The first part of this bachelor thesis describes the monetary policy of the ECB. This chapter is linked together with the second chapter, where the analysis of the development of the interest rates of the ECB is carried out. The third chapter tries to fulfil the main objective of this thesis - the empirical analysis of the relationship between the exchange rates of the euro against four different currencies, US dollar, British pound, Swiss franc and Czech crown, and the interest rate differential of the interest rates of relevant central banks. The last chapter shortly illustrates the impacts of the euro exchange rates development on companies in the euro area.
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Failure of government regulations on housing markets in the U.S..
Brečka, Peter ; Chytil, Zdeněk (advisor) ; Jaklín, Jiří (referee)
In my thesis I want to focus on the mortgage crisis in the U.S. and the reasons for its formation. I will turn my attention to Fed policy. I will examine the consequences of policy practiced by the Fed - whether it was a "boom" in the housing market and subsequent crisis in the financial markets. Also, I will pay companies Fannie Mae and Freddie Mac, which have a share in the current state of the mortgage market. I will try to compare the bubble in mortgage markets in the U.S. and compare with the bubble in selected European countries. The analysis will be based primarily on a comparison of growth in house prices in recent years before the crisis. That growth, I will compare with interest rate and try to get a result on how much was overdeveloped growth of house prices and how big bubble could develop in the market. Finally, my work should be a summary of the main factors that triggered this crisis.
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Interest Rate Models
Haško, Miroslav ; Pígl, Jan (advisor)
Práce se zabývá modelováním úrokové míry v diskrétním čase a představuje verze nejznámějších modelů úrokové míry ve spojitém čase. První část práce obsahuje úvod do problematiky nutný k pochopení následujících kapitol. V druhé části práce se nachází přehled jednofaktorových modelů a je nastíněn dvoufaktorový model. Dále je zde podrobně vysvětlena problematika budování úrokového stromu (interest rate tree) pro model Black-Derman-Toy a model Hull-White. Ve třetí ? analytické části ? je vybudován úrokový strom pro sazby mezibankovního trhu a také pro české jednoroční bezrizikové sazby. Tento strom jednoročních sazeb je poté použit na ukázku ocenění opce na dluhopis amerického i evropského typu.
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