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Indikátory finanční nestability v USA a EU
 Glovčík, Michal
The diploma thesis deals with financial stability and its indications. In the theoretical part is firstly described the evolution of theory of money in order to clarify the role of money in financial stability. After that the financial instability is defined according to the authors Borio and Lowe (2002) as a rapid credit expansion combined with strong growth in asset prices. The mutual relationship of credit and asset prices is examined, especially how the credit creation of money can contribute to the creation of asset price bubbles. Empirical part analyses the possibility to use volumes of credit and asset prices to indicate financial instability. The empirical analysis is performed on the time series of the volume of credit, residential property prices and stock indices for the USA and the Eurozone. At first the tightness of relationship of credit and asset prices is examined by the rolling correlations and it is followed by testing Granger exogeneity to reveal causal links. Based on the results of the empirical analysis the recommendation for monetary authorities is made regarding the indication of financial instability.
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