|
|
Financial intermediaries
Frühauf, Ladislav ; Mejstřík, Michal (advisor) ; Janda, Karel (referee)
This diploma thesis deals with the topic of financial intermediaries. These are specialized agents that enter between investors and borrowers on financial markets and facilitate the exchange of financial assets. Their activity increases savings rate and improves effectivity of allocation of resources and thus has a positive effect on economic growth. Financial intermediaries create no real value in the model of complete markets. Classic theories see their role as alleviating market imperfections and center around informational asymmetries, transaction costs and regulatory barriers. These imperfections diminish over time but intermediaries gain on importance. Classic theories seem not to provide sufficient explanation of current development. Several new approaches to the functioning of financial intermediaries are described in this diploma thesis. Powered by TCPDF (www.tcpdf.org)
|
|
|
Soft Budget Constraint and Financial Crisis
Seifert, Jan ; Janda, Karel (advisor) ; Hlaváček, Michal (referee)
This work attempts to describe the role of soft budget constraint in the mature economies. The main attention is paid to the revival of the notion "soft budget constraint", because we assume that because of the current financial crisis it is important to focus on this problem. This work focuses mainly on the analysis of the U.S. financial sector, because this sector was hit by the financial crisis the most. Our effort is to find out whether the U.S. environment provides sufficient conditions for appearance of the soft budget constraint. We are especially interested in the assumption whether it is relevant to assume the presence of the soft budget constraint in the bank sector and in the consequences of its presence. Here we stress the importance of institutions and the current form of the bank sector. The next step is to analyze if under current conditions there is a positive probability that some U.S. firms do have soft budget constraint. The final part of this work covers the problems of soft budget constraint 5 and financial crisis. We analyzed a few possible solutions for the current financial crisis and compare its effects on soft budget constraint appearance in the U.S. economy.
|
|
|
Thailand in Regional and Bilateral Free Trade Agreements
Rattanaphan, Chalakorn ; Janda, Karel (advisor) ; Benáček, Vladimír (referee)
The Regional Trade Agreements (RTAs) and the bilateral Free Trade Agreements (FTAs) have increasingly been a new wave of international trade around the world. The countries who seek to establish these agreements, be regionally or bilaterally, realize that the trade agreements are in fact tools to increase trade with their trading partners, to extend and expand their foreign markets, as well as to encourage foreign investments but the overall goal is to strengthen economic tie with the trading partners. Thailand is considered a young and new player in free trade agreements. Given the fact that Thai government's trade policy has been quite ambitious and proactive, Thailand has constantly attempted to establish free trade agreements with its important partners around the world. Regarding Thailand's strong support in export-oriented economy, seeking a greater access to foreign markets through free trade agreements is in fact the country's first priority. Thailand's commitment on regional trade agreement under ASEAN Free Trade Area, and bilateral Free Trade Agreements under TAFTA and JTEPA has provided considerable benefits for Thai economy mainly through an increase in export as well as impor. Moreover, the FTAs have proved to increase competitiveness on Thai products which results in an increase of market...
|
|
|
Estimating the Relationship between Food, Fuel and Biofuel Prices
Novotný, Matěj ; Janda, Karel (advisor) ; Khymych, Olha (referee)
Although biofuels have drawn the attention of researchers since its boom, which took place 20 years ago, doubts about benefits which their usage brings in the academic debate. This thesis joins the debate that discusses the impact of biofuels on food prices. The prices of 38 commodities and assets that are related to the biofuels are examined under Minimum Spanning Tree and Hierarchical Tree methods over the years between 2003-2019. The time span is divided into 4 periods, that responds to the development of world food prices. The results show that the relationship between biofuels and their feedstock depends on the overall level of food prices. In the case of higher food prices, the link between feedstock and biofuel is stronger and therefore the price transmission is more likely to happen. With lower food prices, this link is significantly weaker. Furthermore, the development of world food prices does not follow the trend of increasing biofuels production as food prices have become stable in recent periods. Therefore, this thesis does not support the claim that biofuels cause higher prices of food. Keywords biofuels, ethanol, biodiesel, transportation, food price transmission, Minimum Spanning Tree, Hierarchical Tree 1
|
|
|
Measuring corruption in developed countries
Bajzíková, Anna ; Baxa, Jaromír (advisor) ; Janda, Karel (referee)
The complex issue of corruption has attracted much attention over the last 20 years. The problem was analyzed mostly in the context of developing and transition countries, though not only the recent financial crisis showed the severity of corruption also in the world's most developed countries. This thesis analyzes twelve currently available corruption assessments for a cross section of 39 developed countries in the period 2007-2010. The thesis categorizes these assessments into three basic generations and characterizes the weaknesses and limitations of particular methods. The analysis is based on determination of relationship between individual corruption measures and recognizes specific aspects of corruption actually measured by particular indices. With the exception of strictly opinion poll-based corruption indices, the first and the second generation of corruption indices correlate well for a set of developed countries. This indicates that the sector specific indices, e.g. expenditure corruption assessment, are in analyzed countries closely related to the overall political corruption levels. An applied hierarchical cluster analysis gives better picture of otherwise inconsistent developed countries corruption rankings and divides countries into ten homogeneous groups. However, the analysis...
|
|
|
Bailouts in banking industry : Curse or salvation?
Šolc, Jan ; Janda, Karel (advisor) ; Hedbávný, Petr (referee)
One of questions discussed in the light of current financial crisis is the problem bailouts in banking industry. This thesis contributes to this dispute by studying the relationship between the probability to be bailed out and the risk appetite of particular commercial bank. The aim of this paper is to analyze this relationship in both, theoretical and empirical way, which is still missing in current literature. We work with two hypotheses in this paper. The first one is that there is a positive relationship between the above mentioned variables while the second one suggests that large commercial banks tend to have higher risk appetite. Our first hypothesis is studied in both ways, while the second one is analyzed only in a theoretical way. In the theoretical part we derive the relationships between considered variables under the general equilibrium framework. In our model we work with an economy with four different agents (namely households, firms, commercial banks and central bank). These derived relationships are then analyzed empirically. We work with a panel data dataset considering the data about 500 commercial banks from 70 countries over the 2005-2008 period. The results of empirical analysis suggest that there is a negative relationship between the probability to be bailed out and the risk...
|
|
|
Implications of inflation differentials on the dynamics of GDP
Strecker, Ondřej ; Horváth, Roman (advisor) ; Janda, Karel (referee)
Inflation differentials within a monetary union translate into differentials in real interest rates. Consequently, their effect (either direct or indirect, through the wealth channel) on the GDP is pro-cyclical in the short term. In the long term, accumulated inflation differentials worsen the real exchange rate and so after some time their anti-cyclical effect will prevail. Concerning the dynamics of the GDP, longer and stronger cycles can be expected. After a theoretical description of the mentionned mechanism this paper quantifies individual effects for the EMU. It also deals with expected changes in cycles' properties after the adoption of Euro. GMM and Kiviet estimates of the panel data model generally prove the statistical significance of the considered effects. Subsequent results show positive relationship between the absolute magnitude of the inflation differentials on the one hand and the growth of the amplitude of the cycles, increase in their length and increase in time needed for the economy to return to the equilibrium after a demand shock on the other hand.
|
|
| |
|
|
Debt contracts and stochastic default barrier
Dózsa, Martin ; Janda, Karel (advisor) ; Krištoufek, Ladislav (referee)
This thesis focuses on the theory of asset pricing models and their usage in the design of credit contracts. We describe the evolution of structural models starting from the basic Mertonian framework through the introduction of a default barrier, and ending with stochastic interest rate environment. Further, with the use of game theory analysis, the parameters of an optimal capital structure and safety covenants are examined. To the author's best knowledge, the first EBIT-based structural model is built up that considers stochastic default barrier. This set-up is able to catch the different optimal capital structures in various business cycle periods, as well as bankruptcy decisions dependent on the state of the economy. The effects of an exogenous change in the risk-free interest rate on the asset value, probability of default, and optimal debt ratio are also explained.
|
|
|
Microeconomic modelling of the behaviour on the financial markets - trading with derivatives
Koľová, Viera ; Hlaváček, Jiří (advisor) ; Janda, Karel (referee)
Financial markets represent a large comlex with a lot of factors. What is for the agents, who are trading on the financial markets important, is to set a method of predicting the future spot price of the assets and the risk, resulting from their positions. Financial derivatives are instruments, those trading depends on the future spot prices predictions and are used for speculative purposes or for hedging. Black-Scholes equation implies the option price, but concludes some not real assumptions.The way, how to determine the option price and to avoid the assumptions in Black-Scholes equation, is to start from the option writer' variation of wealth. Powered by TCPDF (www.tcpdf.org)
|
guest ::
RSS feed.