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Financing government deficits by emission of government bonds
Schiller, Jan ; Radová, Jarmila (advisor) ; Málek, Jiří (referee)
The aim of this thesis is to point out recent development in the field of debt creation, its concordance with academic practice and to outline feasible utilization of financial modeling in the area of government deficits. The effort is to put institutional operation of debt management into context of recent history of financial markets and to verify its success. The process of debt portfolio management with use of advanced financial tools is shown on the sample of Czech debt manager. From the observation of the overall environment we can state the effort to develop efficient domestic debt market and the conception of long-term strategies based on risk management principles and to draw a set of specific recommendations applicable both to local and general conditions.
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The use of derivatives in public debt management
Polesný, Michal ; Dvořák, Petr (advisor) ; Daňhel, Jaroslav (referee)
The thesis analyses several ways to use financial derivatives in public debt management. It mainly focuses on the manager's motives to use derivatives, associated risks and other fundamental aspects, including the known examples of a questionable use of swaps. In the last chapter the thesis also uses historical data to determine whether the use of derivatives can have a positive effect on the Czech republic's interest expenditures.
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The analysis of development of the Austrian capital market and its monetary consequences (in the period before 1918)
Čajka, Martin ; Brada, Jaroslav (advisor) ; Jančík, Drahomír (referee) ; Pavlát, Vladislav (referee)
The dissertation thesis is considered with the development of capital markets in Austria before 1918. The Austrian capital market originated during the 18th century as the place for distribution of government securities. In 1771 the Vienna Stock Exchange was established as the first organized place for securities trading in the former Austrian Monarchy. The government securities remained the major investment instrument traded till 1918. In primary decades the Austrian capital market was nearly connected with the development of Austrian currency especially in times before the Austrian state bankruptcy in 1811 and then in times of the following effort of the Austrian government aiming the correction of Austrian currency. This aiming culminated in establishing of the Privileged Austrian National Bank as the first central bank in the former Austrian Monarchy. From about 1830 private securities were traded in the Vienna Stock Exchange as well. In primary decades these private securities were especially represented by equities and bonds of railway companies. The peak of private emissions related to the Austrian capital markets could be documented round 1870 in the framework of the so called founder times. These founder times were ended in Mai 1873 by the crisis on the Vienna Stock Exchange. After 1873 the Austrian capital market went back to the situation from the early 19th century, i.e. it can be seen the dominant role of government securities connected with the decrease of importance of the Austrian capital market as the place for company finance funding. After 1880 there is the origin of the very strong connection between the industrial companies on the one side and the banking sector on the other side which was typical not only for the former Austrian -- Hungarian Monarchy but also for German Empire and for other Middle European countries. The decrease of importance of the private securities was also caused by the nationalization of the Austrian railway companies after 1879. During the World War I the Vienna Stock Exchange as well as other stock exchange in the Monarchy was out of business. During this time the Austrian public debt was multiplied and the Austrian currency under strong inflation. After 1918 the Vienna Stock Exchange lost much from its former importance to the prejudice of the Prague Stock Exchange above all.
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The Fiscal Debt of the Czech Republic: Growth, Sustainability, Redeemability
Jaroš, Pavel ; Potužák, Pavel (advisor) ; Janíčko, Martin (referee)
The aim of this paper is to clarify the state and development of public debt in the Czech Republic. The paper is organized as follows: In the first (theoretical) part (Chapters 1 -- 4.2) a definition of debt issues, differences between public debt and government debt from the sight of various accounting methods, methods of calculating the debt and a definition of sustainability are discussed. In the second part (Chapters 4.3 -- 9), the paper focuses on the application of a real data, evolution, real state and sustainability of debt and deficits from several points of view, and possibilities of redeeming the debt. The paper also discusses in part the issue of optimal indebtedness, redeeming and consequences of the existence of an outstanding debt. An application of the most contemporary data is emphasized.
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Kiršbaum, Jan ; Urbánek, Václav (advisor) ; Maaytová, Alena (referee)
Diplomová práce se zabývá analýzou vývoje mandatorních výdajů, zejména sociálních transferů v období po vstupu České republiky do Evropské unie. V první části detailněji analyzuje vývoj a strukturu mandatorních a quasi mandatorních výdajů a krátce se věnuje i teoriím růstu veřejných výdajů. Ve druhé kapitole je podrobněji rozpracován jejich vývoj v období 2004 -- 2008 s důrazem na schválená legislativní opatření společně s jejich důsledky. Závěrečná kapitola se věnuje vývoji nejvýznamnějších položek mandatorních výdajů se vztahem k lidskému kapitálu, zejména dávkám důchodového pojištění.
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State debt of the Czech Republic
Blažková, Gabriela ; Izák, Vratislav (advisor) ; Blažek, Petr (referee)
This bachelor thesis deals with the state debt and it is divided into two parts. The first chapter includes differences between state and public debt, way of debt financing or methods of its measurement. The development of czech state debt is described at the end of this chapter. The second chapter treats of upcoming pension reform, there are introduced current characteristics of pension system and its upcoming changes. The aim of this thesis is to find out the impact of reform measures on the state debt. The end of second chapter deals with public attitudes to the pension reform.
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Comparison of central govenrment debt in the Czech Republic and Slovakia
Gajoš, Martin ; Izák, Vratislav (advisor) ; Blažek, Petr (referee)
The subject of this thesis is to compare the long-term fiscal imbalances in the Czech Republic and Slovak Republic. This thesis is focused on the comparison and trend analysis of central govenrment debt in the Czech republic and Slovakia, including the structure of government debt, according to several criteria. The goal of this thesis is to find different trends in the mentioned countries, and if possible, to identify its causes. There is also an introduction to the issue, including the definition of basic concepts. For this purpose resources are used mainly from Internet sources, such as sites of finance ministries and statistical offices.
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Using financial derivatives in government debt risk management
Kučera, Lukáš ; Blahová, Naděžda (advisor) ; Brůna, Karel (referee)
This diploma thesis deals with possible usage of financial derivatives in context of government debt risk management, mainly in the Czech Republic. After the opening analysis of government debt development, the thesis describes risks, which are involved in government debt management. After that it handles with quantification of those risks and of their possible securing, especially with respect to financial derivatives usage. This thesis tries to answer the question, whether using financial derivatives in government debt management is reasonable. To solve this I used an analysis of 2010 data, in which I compare profitability of emission of classical bonds compared to emission of so called structured instruments, i.e. joint of classical bond and financial derivative. In conclusion of thesis there is usage of financial derivatives confronted with their negative characteristics as well as with cases of their abuse.
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State treasury in the Czech Republic
Žák, Čestmír ; Izák, Vratislav (advisor) ; Blažek, Petr (referee)
This diploma thesis is supposed to bring an overall summary of knowledge regarding State treasury in the Czech Republic. It is meant to be a tool which will help both academics and specialists get sufficient information on this project whose purpose is to raise efficiency of public funds in the Czech Republic. Besides bringing the topic of State treasury in the Czech Republic into context with the situation in surrounding countries in the European Union brings this diploma thesis also the economic and investment point of view. It offers some arguments of the critics, too, because author of this diploma thesis is convinced that projects of such a huge range and influence have to be widely discussed amongst both political parties and academics or skilled experts from the public.
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