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Application of the Consensus OECD in Export Financing
Hofírková, Lucie ; Černohlávková, Eva (advisor) ; Nejedlý, Michal (referee)
This thesis deals with the support of export and export financing, with a focus on international regulation of this area, namely the Consesus OECD, i.e. the Arrangement on Officially Supported Export Credits. The paper describes the general background of this Arrangement and its requirements on the financial terms of provided export credits. The above mentioned is demonstrated on the concrete practice in the Czech Republic. The paper includes a detailed overview of the institutional framework of official support of export credits and the most important export credits parameters are illustrated by concise indicative offer of export financing. This thesis also summarizes the process and possible outcomes of current negotiations concerning the Consensus OECD and possible future cooperation with non-participant countries.
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The Comparison of Sovereign Ratings and Country Risk Classification according to the Arrangement on Officially Supported Export Credits and its Development after Financial Crisis
Vasická, Lucie ; Kalínská, Emílie (advisor) ; Sedláček, Milan (referee)
In the first chapter the paper is focused on sovereign rating, it describes the history and explains the basic characteristics in the context of its usual usage. In the second chapter the basics behind the Arrangement on Officially Supported Export Credits are explained. Because the main purpose of this paper is to compare sovereign rating and the country risk classification based on the Arrangement, the chapter focuses especially on the Knaepen Package that introduced country risk classification to the Arrangement. In the chapter there is also the introduction to the Malzkuhn-Drysdale Package. In the third and fourth chapter sovereign ratings and county risk classifications are compared on theoretical basis. There were used several different criteria, e.g. methodology of rating/classifying, time necessary for adjustment and criteria for evaluation. The fifth chapter is focused on Basel I-III, the connection between Basel capital adequacy and both credit risk evaluation systems is explained. In the following chapter, the question of guilt of rating agencies and their role in the outbreak of financial crisis is discussed. The last chapter is based on the case study that describes the difference between development of financial crisis in Italy and Greece and its impact on rating grades and country risk classification.
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The Comparison of Sovereign Ratings and Country Risk Classification according to the Arrangement on Officially Supported Export Credits
Vasická, Lucie ; Kalínská, Emílie (advisor) ; Sedláček, Milan (referee)
In the first chapter the paper is focused on sovereign rating, it describes the history and explains the basic characteristics in the context of its usual usage. In the second chapter the basics behind the Arrangement on Officially Supported Export Credits are explained. Because the main purpose of this paper is to compare sovereign rating and the country risk classification based on the Arrangement, the chapter focuses especially on the Knaepen Package that introduced country risk classification to the Arrangement. In the third chapter are sovereign ratings and county risk classifications compared on theoretical basis. There were used several different criteria, e.g. methodology of rating/classifying, time necessary for adjustment and criteria for evaluation. The last chapter is based on the case study that describes the changes of rating grades and country risk classification on examples of Visegrád Four - the Czech Republic, Hungary, Poland and Slovakia.
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