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Selected problems in the U.S. financial market in the context of the financial crisis
Pittermannová, Eva ; Blahová, Naděžda (advisor) ; Marková, Jana (referee)
This thesis concerned with certain problems in the U.S. financial market during the financial crisis. In the theoretical part of this thesis, I deal with the formation of U.S. banking and regulation and supervision until its present form. In this part of the work are described in detail circumstances that lead to foundation of the Federal Reserve system, and also the origins of Great Depression. The practical part is focused on the analysis of the causes of the global financial crisis. Especially the U.S. real estate market, asset securitization and credit rating agencies. In the final part of this work are described in detail the measures taken by the U.S. government in the form of law "Dodd-Frank Wall Street Reform and Consumer Protection Act".
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The influence of crises on development of credit rating of some specific countries and banks
Ulmanová, Tereza ; Zetek, Pavel (advisor) ; Prokop, Martin (referee)
The aim of this thesis is to generally characterize credit rating. In its analytical part it deals with credit rating development of some specific countries and banks. The aim is to analyse this credit rating development, to find out its causes and consequences and to point to the interconnection between the countries, the parent banks and their subsidiaries. The paper describes the demands placed on credit rating agencies, too, and governments' efforts to control their activities. The paper shows that the trustworthiness of the rating agencies was broken after the global financial crisis came. Since then are the rating agencies more careful and they are not afraid of decreasing the credit rating in countries with problems. During last four years came to the adjustment of credit rating downwards in many countries especially in EU.
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The Importance of Credit Rating and Credit Rating Agencies on the Stability of International Financial Markets
Búry, Jan ; Kalínská, Emílie (advisor) ; Čajka, Radek (referee)
Credit rating agencies judge the creditworthiness of the debtors and debt obligations and the relative probability of their default. Credit rating plays a very important role in the financial markets. It influences the behavior of all participants (investors, debtors and regulators) of the market transactions. The first part of the thesis deals with definition and function of the credit rating. The main controversial points in the activity of the credit rating agencies will be discussed, as well as how the industry is regulated. In the second part it is claimed that the opinions of the credit rating agencies on sovereign bonds (sovereign rating) contribute to the overheating of the economies or to the deeper recession due to procyclicity of the rating. The actual credit rating of the country will be compared with a rating based on a theoretical model designed with publicly available economic data.
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The importance of credit rating and international rating agencies on the stability of global financial markets
Kotková, Jana ; Kalínská, Emílie (advisor) ; Čajka, Radek (referee)
Credit rating agencies (CRAs) play an integral part in today's financial markets. Through ratings they express considered opinion about future creditworthiness of an obligor and thus lower information asymmetry in the capital markets. Recently, CRAs have been brought in the spotlight as they are often blamed for being the triggers of the recent market turmoil. Critics often argue that ratings of tranches of structured finance instruments, backed by subprime mortgages, were unjustifiably high, downgrades were too late and the overall integrity of the rating process was compromised through numerous conflicts of interests CRAs face. However, in this thesis I argue that CRAs were put in this position rather through external factors than their own actions. Massive regulation usage of ratings, rapid growth of structured securities market, overdependence on the rating and the overall ignorance of the meaning of rating itself are the actual causes to blame.
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The current status of the credit rating and credit rating agencies in relation to financial market regulation
Hort, Jan ; Blahová, Naděžda (advisor)
This thesis concerns with the development of regulation of credit rating agencies in the European Union and in the United States of America. It points out the role of credit rating agencies in the US subprime mortgage crisis and also in the European debt crisis. Another part focuses on the major problems of credit rating agencies: conflicts of interest, lack of transparency, limited competition and the quality of rating process. The analytical part is devoted to regulátory approach before and after the financial crisis. The work summarizes the measures taken and evaluates them critically. The last chapter tries to outline other possible solutions that may arise in the near future.
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