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Czech derivative market analysis in comparison with the world market
Beňa, Daniel ; Jílek, Josef (advisor) ; Rybáček, Václav (referee)
The thesis is focused on financial derivatives, their types, development and practical application. The first chapter deals with the definition of derivatives and description of basic types of derivatives and exotic options. The second chapter describes the development of derivatives in Czech Republic in comparison with G10 countries. In the continuous process of derivative products innovation credit, inflation derivatives and derivatives for electricity and weather are developed. The third chapter presents the derivatives in terms of practical application in the form of option structures, which are used for hedging against the currency risk. The structures are applied to the exchange rate development during the financial crisis period and their impact on businesses is analyzed. Then the hedge efficiency of the structures is analyzed due to use of hedge accounting
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The Influence of Monetary and Fiscal Policy on Business Cycle
Pikhart, Zdeněk ; Czesaný, Slavoj (advisor) ; Rybáček, Václav (referee)
The purpose of this diploma thesis is to examine the impact of monetary and fiscal policy upon business cycle and the long term growth on the example of Swiss economy. The research approach is the analysis of monetary and fiscal indicators related with gross domestic product. Theoretical part explains business cycle theories, which consider cause of economic fluctuations in monetary and fiscal policy and further describes stabilization role of this particular policies and develop relevant problems within it. In practical part there is conducted research of monetary and fiscal influence upon Swiss business cycle with eligible indicators. The final part summarizes the most important knowledge and provides appropriate recommendations to reduce cyclical volatility of the product and to create a suitable economic and political framework for a functioning economy in the long term.
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Analysis of chosen saving and investment products on the czech financial market from the household´s point of view
Mošovská, Veronika ; Janáček, Kamil (advisor) ; Rybáček, Václav (referee)
The aim of this thesis is to describe particular financial products and compare them from the evaluation point of view. We also will review these products from the perspective of clients who differ in investment and saving attitude. We will focus on czech households and describe their habits in area of financial products and examine their behaviour during a time period in relation to phases of economic cycles and other exogenous variables. We also will describe functioning of financial system and focus on information asymmetry between houselholds and financial institutions. Further we will look at examples of moral hazard done by financial institutions. The conclusion of this thesis provides recommendations of suitable products for each client.
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Eurozone from the view of OCA theory: conclusion for the Czech Republic
Kovač, Vojtěch ; Czesaný, Slavoj (advisor) ; Rybáček, Václav (referee)
This diploma thesis is concerned with the Robert Mundell's theory of optimum currency area (OCA) and its relation to European monetary union (EMU) or (if you like) Eurozone. The OCA theory belongs to one of the most comprehensive approach to evaluate whether adoption of a common currency by a certain block of countries is beneficial of not. Thus this paper tries to apply OCA theory to the current Eurozone member countries and is focused especially on three main attributes -- the symmetry of economic shocks, the labor market flexibility and the economic integration of international trade between the member states of the euro area. Results of this analysis are then applied to the new member states and the immediate candidate EU member states -- especially to the Czech Republic. The work assesses the feasibility of the OCA theory for classification the candidate countries and their readiness for entering the Eurozone and finally offers alternative criteria by which the readiness for adoption of the Euro should be measured. The text is based on available theoretical and empirical sources supplemented by the author's analyses.
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Indebtedness of households-causes, impacts, comparison
Suchánková, Martina ; Jílek, Josef (advisor) ; Rybáček, Václav (referee)
The thesis will deal with reasons that lead to households becoming in debt on one hand, and on the other hand, the impacts that are caused by this process. Households are the biggest economic subject that create savings. They are also the second biggest debtor of the financial sector. From this point of view, there is an important role for the banks and financial institutions that offer households many kinds of credit products. The role of the central bank and its monetary policy and supervision are also important. In the theoretical part of the thesis some approaches of various economists will be described and monetary policy and defined economic subjects will be explained . In the second part of the thesis, ways that can run people into debt and the evolution of interest rates will be analysed. Focus will be also put on innovation that has arisen in financial markets, that have made credit expansion possible, mainly securitisation. After that an analysis of negative and positive macroeconomic impacts will follow, which are brought on by excessive financing of consumption and housing. The thesis will finish with a comparison of the households' debt in the Czech Republic and in other developed countries.
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Evidence Based Policy
Petrová, Zuzana ; Lipka, David (advisor) ; Rybáček, Václav (referee)
This thesis refers to the Evidence Based Policy and Regulatory Impact Analysis. Both of them are important instruments for creating the economic policy. Evidence based policy is based on the collection and evaluation of the relevant data concerning the realization of either government or non-government programs. There are different methods for evaluating. Methods for the evaluation and the process of the evaluation are contained in the first part of this thesis. The second part is related to Regulatory Impact Analysis, which is linked to the production of the better regulation. Evolution of the RIA in the European union and Great Britain, analysis of the quality of the RIA and assessment of the implementation of the RIA into the legislative procedure is the main body of this thesis. The third part is dedicated to the RIA in the Czech Republic. The integration of the RIA into the legislation and the rules for the assessment of the impacts caused by the regulation are described in this part. This part also includes several RIAs analysis. The weak side of the RIA is described as well in the last part.
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Aspects of financing the LBO acquisitions
Durdil, Lukáš ; Jílek, Josef (advisor) ; Rybáček, Václav (referee)
This diploma thesis deals with the acquisition of companies by means of the Leveraged Buyout (LBO) method. This method differs in many respects from the standards M&A. This work examines the specific features of the given business transactions from the viewpoint of the target companies, procedures and entities involved in these transactions. As the key element of the LBO method is the debt financing of the acquisition, the work also deals with this aspect and evaluates the positions of the creditors from the viewpoint of the influence on the stability of the financial system. The thesis further analyses the question whether the LBO method has an effect leading to an increased effectiveness of processes in a company, or whether, conversely, the proceeds of acquisition investors are a consequence of a transfer of values from other entities. The text is based on available theoretical and empirical sources which are supplemented by the author's analyses.
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Central Bank Independence in the EU, CR and Russia
Ovečka, Jan ; Rybáček, Václav (advisor) ; Jílek, Josef (referee)
Náplní této práce je srovnávání míry nezávislosti centrálních bank ve třech různých státech či soustátí ? v Evropské unii, České republice a Ruské federaci. V teoretické části jsou rozebrány jednotlivé nástroje centrální banky, teoretické zdůvodnění existence centrálních bank, včetně negativního pohledu a náplň činnosti centrálních bank. Druhá část pojednává o nezávislosti centrálních bank, o důvodech pro větší či menší nezávislost a o možnostech měření nezávislosti na základě právní a skutečné nezávislosti. Závěrečná část se zabývá porovnáváním centrálních bank výše zmíněných států či státních uskupení z hlediska jejich historie a transparentnosti a především z hlediska nezávislosti na státní moci. Na konci je provedeno závěrečné zamyšlení nad zjištěnými poznatky o problematice nezávislosti centrálních bank aplikované na zmíněné tři banky.
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Indebtness of Households and Financial Markets Stability
Uhlík, Jan ; Rybáček, Václav (advisor) ; Kuhn, Petr (referee)
During last 20 years there was huge boom in the financial markets thanks to increase of household indebtness. This work studies acceleration of consumer and mortgage debt in EU, USA and Czech Republic during 1990 -- 2007. Due to liberalization and interest rate volatility there was an unprecedented increase of indebtness thanks to very low mortgage interest rates. Goal of this work is to analyze situation in countries, compare developments between them and find similarities which are typical for them. This works also focuses on financial stability in Czech Republic and influence of eventual insolvency on this stability. Besides households there is description of financial markets with mortgage securities and its possible threats.
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Racial Discrimination in the Labour Market in the Czech Republic
Vojtěšková, Markéta ; Rybáček, Václav (advisor) ; Krebs, Vojtěch (referee)
Práce se zabývá rasovou diskriminací na trhu práce v České republice. Nejdříve je vysvětlen pojem diskriminace. Přestože je to termín v poslední době velmi často používaný, řada lidí neví, co přesně znamená. V další části popisuji situaci na trhu práce v České republice, zejména pak špatné postavení romské menšiny. Na to upozorňuje také řada mezinárodních organizací a Česká republika je za svůj přístup k Romům kritizována. Situace Romů na trhu práce je charakterizována vysokou a dlouhodobou nezaměstnaností, která ovšem není důsledkem jenom rasové diskriminace, ale také jejich nízkým vzděláním a kvalifikací. Vztah majoritního obyvatelstva České republiky a romské menšiny je plný konfliktů a neporozumění, často vznikajících z nepochopení odlišnosti našich kultur. Nutné je proto nejen potírání rasové diskriminace a zlepšení zaměstnanosti Romů, ale také jejich začlenění do společnosti.
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