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The Czech Republic's Debt Financing: Causes and Risks of the Current Situation on the Bond Markets
Švadleňák, Michal ; Pavelek, Petr (advisor) ; Pekárek, Štěpán (referee)
This thesis is focused on the comparison of methods of financing budget deficits and national debt management in the Czech Republic with other OECD countries in the context of the current situation on the global financial market. The first part describes the methods of financing budget deficits in the Czech Republic which are compared with selected OECD countries. The second part is aimed at the impact of foreign exchange interventions of the Czech National Bank on the domestic bond market and it is compared with negative interest rates policy. The last part analyses the impact of the Public Sector Purchase Programme on the Czech Republic's bond market. The thesis implies that besides other factors, foreign exchange intervention of the Czech National Bank have an impact on the current situation on the bond market. While the impact of the programme PSPP has not yet proved.
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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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Public debt management in the Czech Republic - alternatives, comparison
Kípeť, Ondřej ; Brůna, Karel (advisor) ; Blaheta, Petr (referee)
This thesis describes the actual trends of accumulation of the public indebtedness and the various views on the existence of fiscal deficit and public debt. The main purpose of the thesis is to analyze the public debt management - its objectives, operations and organisation. The quantitative criteria for debt portfolio determined by the Ministry of Finance of the Czech Republic are analyzed and compared with the development and structure of the czech central government debt. The analytical part of the thesis includes the rules for issuance of the government bonds, the analysis of the interest costs and the thoughts about the sustainability of the czech central government debt.
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Public debt and capital market in Czech Republic
Lošková, Žaneta ; Vítek, Leoš (advisor) ; Pavel, Jan (referee)
The Bachelor thesis deals with the public debt. It describes the basic features of government bonds and treasury bills and their primary issue. It investigates the basic principles of sovereign debt management in the world and examines in detail the process of debt management and risk management in the Czech Republic. The analytical part examines instruments in terms of yield and demand. It evaluates the development of trade volume in the bond market in recent years and about which instruments are most in demand in the market. Finally, examines the risks associated with debt instruments through the CDS.
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Government debt management practice in Central Europe
Martinec, Jan ; Brůna, Karel (advisor) ; Štork, Zbyněk (referee)
The purpose of this thesis is to verify that the practises of debt management agencies in Poland, Hungary and Czech Republic are in accordance with the best practice based on international guidelines for public debt management. On the sample of Central European economies we can perceive new trends in public debt management that were enforced by growing public indebtness and its implications on fiscal health. These trends are particularly demonstated through proces of devoting the debt management institutions from the traditional position in the Ministry of Finance, through emphasis on achieving development of effective domestic securities market and the conception of long-term strategies based on risk management principles. From the comparison of the debt management practices in the selected countries it was possible to put forward a set of specific recommendations aplicable both to local and general conditions.
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